I recently updated to Android Studio 2.3, and now when I try to run the application, the emulator does not come online. It times out after 300 seconds.
Additionally,
Another case is Android Emulator should be reinstalled. This can happen, when you install a higher version of Android Studio, then update SDK for it, and go back to previous one.
Tools - Android - SDK Manager - SDK Tools - Android Emulator - uncheck, apply, check, apply
Disable Docker app if you have it (Mac users).
Restart emulator:
Tools - Android - AVD Manager (or kill adb process in task manager).