Setting up a new lab can be a time-consuming and often technically involved task. While most labs start with the budget and space being known ahead of time, it can be a daunting task to allocate the available resources effectively. Whether it is setting up a lab in an academic setting, or for a new start-up, similar questions emerge. How should you prioritize equipment purchases? How do you select your first hire and decide when to expand your lab group? Is the provided lab space suitable for experiments immediately, or are structural changes necessary? What institutional facilities can you access? The panel will address these concerns, and many more.