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,
I discovered that having a running instance of Docker on my machine (OSX) prevented the Android Emulator from running (see Android Studio Unable to run AVD)
Previously, my emulator would appear to start, then fail before any device window was shown.
I also had to use 'kill -9' (as per @MarkDubya ) to get Android Studio to connect to the virtual device.