Leave of Absence to start working on a startup

[jchan10]

I am currently an MS2, but have been working on a project for the last few months and I really think I could get it off the ground soon. I had a few questions about the whole LOA process and what it entails for residency.

I have no academic problems or penalties on my profile, and am in good standing with the school.
I am hoping to take some time off school now to start my business since we just started MS2, but I had a few questions.

1) How would it look on my residency application?
2) Do schools often let students take time off for business ventures? and does anyone have any suggestions on convincing a school board to allow a LOA for such a venture?
3) Does anyone have any exp with taking a LOA and the effect it has on loss of knowledge? since I'll be doing it before step 1 and i would only have MS1 year under my belt.

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[Oso]

I don't know much about this...

But what I would recommend is to do it after M3 year. I know of people who did this and went to do things like start ups, consulting, and other random things. Taking a LOA after only M1 seems weird to me.

At the very least do it after M2 year after you've taken step 1.

 

[AMEHigh]

I took a leave of absense to work in public health overseas. It was pretty easy to set up/discuss with my school.

I did it between 3rd & 4th year and I thought that was the best time. I took step 2 when I got back a couple months before restarting 4th year so that helped my knowledge come back. I was a tad nervous restarting but once I was on the floors also working with 3rd years, I realized I didn't lose all my knowledge and was still ahead of the game.

If one has a choice I personally would only take a loa after 3rd year as the first option and after 2nd year as the second option.

It didn't seem to be a problem when I applying to residency for me.

 

[OneTwoThreeFour]

I am currently an MS2, but have been working on a project for the last few months and I really think I could get it off the ground soon. I had a few questions about the whole LOA process and what it entails for residency.

I have no academic problems or penalties on my profile, and am in good standing with the school.
I am hoping to take some time off school now to start my business since we just started MS2, but I had a few questions.

1) How would it look on my residency application?
2) Do schools often let students take time off for business ventures? and does anyone have any suggestions on convincing a school board to allow a LOA for such a venture?
3) Does anyone have any exp with taking a LOA and the effect it has on loss of knowledge? since I'll be doing it before step 1 and i would only have MS1 year under my belt.

Not me personally but had several friends take time off at various points of med school. These are all my opinions/2nd hand info so take with a grain of salt.

1) Assuming your project is medicine related (whether research or bioengineering or w/e) it will be seen largely as a positive. You were able to develop a unique and independent passion in the field which is what PDs want from their residents.
2) Depends what you mean by business ventures. I had classmates who left to help develop other med school curricula, do consulting, get MBAs, etc. Nobody left to go do IBanking for a year. I think I went to a pretty forward-thinking med school when it came to business relations so none of them had particular trouble convincing the administration but there were hoops they had to go through which is where you're going to get ensnarled...
3) The only people I know who were allowed a LOA after first year were students who needed a break from school for personal or medical reasons. They had projects they set up largely through the med school (research). Everyone who did the above projects did it either after M2 and passing step 1 or after M3 (and passing both step 2's). That was a requirement from the school.

Ultimately it is up to your school's policy as to what they let you do. You have to convince them that your project contributes to medicine and will make you a better physician. That your project is so great that it'll be put on the pamphlets and talked about to pre-meds applying to your program. Basically you have to sell it.

 

[jchan10]

Thanks for the advice! I see I was hoping most schools would allow an MS1 to take a LOA but it makes sense to do it after M2/M3.

It is a medically related business venture that would scale nicely so it could be very good publicity for the school if it works out.
I see what you mean that I have to sell it to them.
What hoops are you talking about? They wouldn't be asking for stake in my project or anything right?

 

[814965]

I don't know much about this...

But what I would recommend is to do it after M3 year. I know of people who did this and went to do things like start ups, consulting, and other random things. Taking a LOA after only M1 seems weird to me.

At the very least do it after M2 year after you've taken step 1.

Wait you can do things like consulting as a med student?

 

[OneTwoThreeFour]

Wait you can do things like consulting as a med student?

Some schools have specific agreements set up for it!
One place that does a bunch is Sinai:
McKinsey | Icahn School of Medicine
Deloitte | Icahn School of Medicine