University Venturing and New Realities

Dr. Shelley A. HarrisonOctober 16, 2013

Personal Journey (Credentials)1234Education and ResearchEntrepreneurship,Science & TechnologyVenture Capital Leadership ActivitiesBoard Member and Strategies ConsultantHarrison Enterprises, Inc.

Where to go now?

What is CUSP?CUSP was announced by Mayor Bloomberg as part of the NYC Applied Sciences Initiative on April 23, 2013.

The CUSP PartnershipA diverse set of other organizations have expressed interest in joining the partnership.

Big Cities + Big DataAll cities must be better for global issuesIndividual cities need to be best for competitiveness in talent, capital, Be efficient, resilient, sustainableAddress citizen quality of life, equity, engagement

The world is urbanizingCities are the loci of consumption, economic activity, and innovationCities are the cause of our problems and the source of the solutions

Big Cities + Big DataInformatics capabilities are explodingStorage, transmission, analysisProliferation of static and mobile sensorsInternet of things

Source: www.intel.com

Properly acquired, integrated, and analyzed, data can Take government beyond imperfect understandingBetter (and more efficient) operations, better planning, better policyImprove governance and citizen engagementEnable the private sector to develop new services for citizens, governments, firmsEnable a revolution in the social sciences

How to instrument a city?

Looking South from the Empire State Building

Photo by Tyrone Turner/National GeographicOther synoptic modalities: Hyperspectral, RADAR, LIDAR, Gravity, Magnetic, Manhattan in the Thermal IR

300 million mobile phones494,151 cell towers30 million commercial surveillance cameras4,214 red-light cameras761 speed trap cameras~ 400,000 ATMs record video of all transactions1/3 of large police forces equip patrol cars with automatic license plate readers that can check 1,000 plates per minuteSome Sensor Stats: United StatesSource: Wall Street Journal (January 3, 2013) In Privacy Wars, Its iSpy vs. gSpy

The CUSP Vision The Center for Urban Science and Progress (CUSP) is a unique public-private research center that uses New York City as its laboratory and classroom to help cities around the world become more productive, livable, equitable, and resilient. CUSP observes, analyzes, and models cities to optimize outcomes, prototype new solutions, formalize new tools and processes, and develop new expertise/experts. These activities will make CUSP the worlds leading authority in the emerging field of Urban Informatics.

CUSPs ScaleLocated in Downtown Brooklyn with 60,000 ft2 leased in 1 MetroTech 150,000 ft2 + 40,000 ft2 incubator post-2017 at 370 Jay Street

At full length, CUSPs funding is projected be some $70 million/yr

CUSP ProjectsThe Noise ProjectThe Building Energy Usage ProjectThe Staten Island Balloon Project

University Venturing at New York University

NYU Entrepreneurial Institute

Vision

Create a culture that values, promotes & facilitates entrepreneurship campus-wide.

Entrepreneurial EcosystemInspireEducateConnectAccelerateFundBold = New Programs in 2013

Entrepreneurs FestivalEntrepreneurs Speaker seriesMadebyNYUHandbookScientists GuideWebsite & newsStartup BootcampsLLP Educators GrantsDay 1 ExposEntrepreneurs NetworkFaculty EntrepreneursDormcubatorLeslie eLabTechnology Venture CompetitionVenture FellowsFounders ForumNSF I-CorpsSummer LaunchpadInnovation Venture FundPrototyping FundITP Women Entrepreneurs FestivalMultiple speaker seriesIncubator InternshipsStartup Job ExpoEntrepreneurship ClassesBiotech InternshipInnovation LabLean Startup BootcampR.E.A.L. WorkshopsVarick Street IncubatorDUMBO IncubatorCoFounders Lab EventsNYU-Poly GreenhouseACRE/Urban Future LabChangemaker ChallengeInno/VentionNew/Social Venture CompetitionsSounding Board/Help Desk/EIRsVenture Mentor NetworkStudio BEPowerBridgeARSF GrantsGreen GrantsNCIIA E-Team GrantsTAC Awards

Entrepreneurs Festival2-day celebration of history of Entrepreneurship at NYU5 Founder Keynotes6 Entrepreneur Panels24 Startup Roundtables6 Venture Workshops1 Giant PartyAll speakers & panelist are NYU alumni/faculty>750 paid attendees from 13 different NYU collegesGreat participation & support from NYC startup communityRachelSternNYC CDO & Ground ReportJack Dorsey Twitter & SquareHerb Kelleher SouthwestAirlinesDan Porter Zynga/ OMGPOPAlex DouzetTheLaddersNYU Alumni Keynote SpeakersVenture Capital Sponsors

NYU Entrepreneurs NetworkMulti-disciplinary collaborative of >20 entrepreneurship & innovation clubsParticipation from 10 NYU schoolsFacilitates coordination between students organizations, faculty & staff, alumni & the NYC startup communityOrganizes NYU-wide events & programs:Hackathon November 1517thCollaboration FundEntrepreneurs Festival

$200k Entrepreneurs ChallengeNYU-wide, 8-month long startup challengeBootcamps, workshops, coaching, pitch practics, etc.$200,000 across 3 tracks: New, Social & Technology Ventures500 participants, 170 teams, 13 NYU schools/colleges13-14: Leveraging Lean Launchpad methodologies

Innovation Venture Fund$20 million seed fundFormed in 2010 to accelerate technology commercialization & new venture creation $100-250k direct investments in NYU startupsConnection to service providers & other resourcesSyndicate building7 investments to date

Growing portfolioSocial-mobile app for bite-size reviewsENIAC Ventures, Jim Pallotta, Larry Lenihan & othersGauri Manglik (CAS '10) & Orion Burt (CAS '12)

Next generation sports analyticsRRE, David Tisch, Penny Black & othersSean Weinstock (Law '12)

Crowdsourced workflows for metadata creationMike Priest, Michael Solomon, Phil OBrien & others Professor Panos Ipeirotis (Stern)

Next generation, compact vending systemJoanne Wilson, Brad Feld, David Tisch & others Brian Shimmerlik (Stern 13) & Abuhena Azad (Poly 13)

Growing portfolioPOC diagnostic test for active tuberculosis (TB)Originate Ventures & Ben Franklin Tech PartnersProfs Suman Laal (Med), Susan Zolla-Pazner (Med), Dan Malamud (Dentistry & Med) & Bill Abrams (Dentistry)

Developing oral RORt inhibitors for treatment of psoriasis + BioMotivProf Dan Littman (Med) & Dr. Jun Huh (Med)

Interactive, medically accurate virtual 3D anatomyFirstMark Capital, Nat Turner, Zach Weinberg & others Research Profs John Qualter (Med) & Aaron Oliker (Med)

NYU-Poly Incubators

NYU-Poly IncubatorsTimeline

2004 Opened the Brooklyn Enterprise for Science and Technology on the Metrotech Campus2009Opened two incubators in Hudson Square, Manhattan

Varick Street Incubator

NYC ACRE (Accelerator for a Clean and Resilient Economy)

2012Opened third incubator in DUMBO, Brooklyn

DUMBO Incubator

NYU-Poly Incubators1. Economic Impact Through both direct and indirect job creation, taxes and spending, the joint economic impact of the incubators has been $251.2 millionBy 2015, the impact is projected to be $719.8 million2. Strong Job CreationSince 2009 NYU-Poly Incubators have created 900 Jobs By 2015 the incubators will have created nearly 2,600 jobs The average graduate of an NYU Poly incubator makes $72.230Former and current members contributed roughly $31.4 million in tax revenue from 09 to 123. Capital RaisedCurrent tenants expect a funding growth rate of 147% from the time they enter the incubators until they graduate Incubator graduates have substantially higher funding/revenue upon graduation More than $65 million in total has been raised by incubator companies to date

NYU-Poly Incubators

New Realities

The University-Industry Liaison

Creates a reciprocal ecosystem of human capital and R&D for both corporations and universities.

Develops a localized global network of opportunities and partnerships.

Empowers new waves of entrepreneurs with resources and experience.

Double-edged swordVCs might fund entrepreneurs who could disrupt the institutions business model, such as Coursera.

- James Mawson, Global University Venturing July 2013 IssuePerhaps the best response to this challenge equal universities reinvent selves.

Assets: experts in full range of liberal, scientific, technologic, career oriented knowledge engaged in continuous research and teaching.

University Goal: Life-long provision of the best range of knowledge, creative thinking, career, social interaction and societal well-being in most suitable delivery modalities and affordable costs!

Hopefully we are open to further discussions over panels, dinners and beyond.

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***360 tickets sold to students, faculty, staff & alumni from 13 NYU schools!$42,000 raised in sponsorship from top VCs, law firms, etc. (3x last year!)

*EH: 1500 distributed, 1150 downloads (vs 1750 for all last year)SGS: 1000 distributed, 650 downloads

** Varick Street - Fosters: Adtech, cyber security, financial tech, information tech and social media startups - Current tenants: 30 - Graduates: 26 NYC ACRE

Fosters: Clean tech and green energy startups Current tenants: 10 Graduates: 8

DUMBO - Fosters: digital media, mobile and gaming startups Current tenants: 19 - Graduates: 1

There is a niche market for human and intellectual capital flow between universities and companies. Avoid going solo rather find local agencies to help. A shared resource pool consists of high volume of commericializable research, eminent access to ventures and sustainable long-term relationships with multiple parties. Higher education has trouble nurture successful entrepreneurs, largely due to failure of providing practical experiences. University venturing is a great vehicle to connect those entrepreneurs with mentorship and networks.