University Venturing and New Realities Dr. Shelley A. Harrison October 16, 2013 Personal Journey (Credentials) Harrison Enterprises, Inc. PolyVentures I and II, L.P. 1 Education and Research 2 Entrepreneurs hip,Science & Technology 3 Venture Capital Leadership Activities 4 Board Member and Strategies Consultant 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 Partnership University Partners • • • • • • National Laboratories NYU/ NYU-Poly University of Toronto University of Warwick CUNY IIT-Bombay Carnegie Mellon University • • • • City & State Agency Partners Industrial Partners • • • • • • IBM Microsoft Xerox Cisco • National Con Edison Grid • Siemens Lutron • AECOM, Arup, IDEO Lawrence Livermore Los Alamos Sandia Brookhaven • The City of New York Buildings City Planning Citywide Administrative Services Design and Construction Economic Development Environmental Protection Finance Fire Department Health and Mental Hygiene Information Technology and Telecommunications Parks and Recreation Police Department Sanitation Transportation • Metropolitan Transit Authority • Port Authority of NY & NJ A diverse set of other organizations have expressed interest in joining the partnership. Big Cities + Big Data • • The world is urbanizing Cities are the loci of consumption, economic activity, and innovation Cities are the cause of our problems and the source of the solutions • • All cities must be better for global issues Individual cities need to be “best” for competitiveness in talent, capital, … o Be efficient, resilient, sustainable o Address citizen quality of life, equity, engagement Big Cities + Big Data • Informatics capabilities are exploding o Storage, transmission, analysis • Proliferation of • Global network traffic, 30% CAGR static and mobile sensors Internet of things Source: www.intel.com How to instrument a city? Infrastructure Environment Condition, operations Meteorology, pollution, noise, flora, fauna People Relationships, location, economic /communications activities, health, nutrition, opinions, organizations, … Properly acquired, integrated, and analyzed, data can • • • • Take government beyond imperfect understanding o Better (and more efficient) operations, better planning, better policy Improve governance and citizen engagement Enable the private sector to develop new services for citizens, governments, firms Enable a revolution in the social sciences Looking South from the Empire State Building Manhattan in the Thermal IR 199 Water Street Built 1993 :: 998,000 sq ft electricity, natural gas, steam LEED Certified Photo by Tyrone Turner/National Geographic Other synoptic modalities: Hyperspectral, RADAR, LIDAR, Gravity, Magnetic, … Some Sensor Stats: United States 1/3 of large police forces equip patrol cars with automatic license plate readers that can check 1,000 plates per minute ~ 400,000 ATMs record video of all transactions 4,214 red-light cameras 761 speed trap cameras 30 million commercial surveillance cameras 300 million mobile phones 494,151 cell towers Source: Wall Street Journal (January 3, 2013) – “In Privacy Wars, It’s 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 world’s leading authority in the emerging field of “Urban Informatics.” CUSP’s Scale Research Education Commerci alization Located 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, CUSP’s funding is projected be some $70 million/yr CUSP Projects 01 8 tnecreP 6 4 2 0 005 The Noise Project 004 003 002 001 ).tF .qS/utBk( ytisnetnI ygrenE ecruoS dezilamroN rehtaeW tnerruC The Building Energy Usage Project 0 The 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 Ecosystem Inspire Educate Connect Accelerate Fund Entrepreneurs Festival Entrepreneurs Speaker series MadebyNYU Handbook Scientist’s Guide Website & news Startup Bootcamps LLP Educators Grants Day 1 Expos Entrepreneurs Network Faculty Entrepreneurs Dormcubator Leslie eLab Technology Venture Competition Venture Fellows Founders Forum NSF I-Corps Summer Launchpad Innovation Venture Fund Prototyping Fund ITP Women Entrepreneurs Festival Multiple speaker series Incubator Internships Startup Job Expo Entrepreneurship Classes Biotech Internship Innovation Lab Lean Startup Bootcamp R.E.A.L. Workshops Varick Street Incubator DUMBO Incubator CoFounders Lab Events NYU-Poly Greenhouse ACRE/Urban Future Lab Changemaker Challenge Inno/Vention New/Social Venture Competitions Sounding Board/Help Desk/EIRs Venture Mentor Network Studio BE ARSF Grants Green Grants NCIIA E-Team Grants TAC Awards Bold = New Programs in 2013 Entrepreneurs Festival • • • • 2-day celebration of history of Entrepreneurship at NYU o o o o o 5 Founder Keynotes 6 Entrepreneur Panels 24 Startup Roundtables 6 Venture Workshops 1 Giant Party All speakers & panelist are NYU alumni/faculty >750 paid attendees from 13 different NYU colleges Great participation & support from NYC startup community NYU Alumni Keynote Speakers Rachel Jack Herb Dan Alex Stern Dorsey Kelleher Porter Douzet NYC CDO Twitter & Southwest Zynga/ TheLadders & Ground Square Airlines OMGPOP Report Venture Capital Sponsors NYU Entrepreneurs Network • • • • Multi-disciplinary collaborative of >20 entrepreneurship & innovation clubs Participation from 10 NYU schools Facilitates coordination between students organizations, faculty & staff, alumni & the NYC startup community Organizes NYU-wide events & programs: o Hackathon – November 15–17th o Collaboration Fund o Entrepreneurs Festival $200k Entrepreneurs Challenge • • • • • NYU-wide, 8-month long startup challenge Bootcamps, workshops, coaching, pitch practics, etc. $200,000 across 3 tracks: New, Social & Technology Ventures 500 participants, 170 teams, 13 NYU schools/colleges ‘13-14: Leveraging Lean Launchpad methodologies Innovation Venture Fund • $20 million seed fund • Formed in 2010 to • • • • accelerate technology commercialization & new venture creation $100-250k direct investments in NYU startups Connection to service providers & other resources Syndicate building 7 investments to date Growing portfolio •Social-mobile app for bite-size reviews •Acquired ENIAC Ventures, Jim Pallotta, Larry Lenihan & others by •Gauri Manglik (CAS '10) & Orion Burt (CAS '12) •Next generation sports analytics •RRE, David Tisch, Penny Black & others •Sean Weinstock (Law '12) •Crowdsourced workflows for metadata creation •Mike Priest, Michael Solomon, Phil O’Brien & others •Professor Panos Ipeirotis (Stern) •Next generation, compact vending system •Joanne Wilson, Brad Feld, David Tisch & others •Brian Shimmerlik (Stern ‘13) & Abuhena Azad (Poly ‘13) Growing portfolio •POC diagnostic test for active tuberculosis (TB) •Originate Ventures & Ben Franklin Tech Partners •Profs Suman Laal (Med), Susan Zolla-Pazner (Med), Dan Malamud (Dentistry & Med) & Bill Abrams (Dentistry) •Developing oral RORɣt inhibitors for treatment of psoriasis + •BioMotiv •Prof Dan Littman (Med) & Dr. Jun Huh (Med) •Interactive, medically accurate virtual 3D anatomy •FirstMark Capital, Nat Turner, Zach Weinberg & others •Research Profs John Qualter (Med) & Aaron Oliker (Med) NYU-Poly Incubators NYU-Poly Incubators Timeline 2004 Opened the Brooklyn Enterprise for Science and Technology on the Metrotech Campus 2009 Opened two incubators in Hudson Square, Manhattan • “Varick Street Incubator” • “NYC ACRE” (Accelerator for a Clean and Resilient Economy) 2012 Opened third incubator in DUMBO, Brooklyn • “DUMBO Incubator” NYU-Poly Incubators 1. Economic Impact • Through both direct and indirect job creation, taxes and spending, the joint economic impact of the incubators has been $251.2 • million By 2015, the impact is projected to be $719.8 million 2. Strong Job Creation ● Since 2009 NYU-Poly Incubators have created 900 Jobs ● By 2015 the incubators will have created nearly 2,600 ● The average graduate of an NYU Poly incubator makes $72.230 ● Former and current members contributed roughly jobs $31.4 million in tax revenue from ‘09 to ‘12 3. Capital Raised 147% from the time they enter the incubators until they ● Current tenants expect a funding growth rate of 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 sword…VCs might fund entrepreneurs who could disrupt the institution’s business model, such as Coursera.” - James Mawson, Global University Venturing July 2013 Issue Perhaps 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.