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 4

Venture Capital Leadership Activities 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

• NYU/ NYU-Poly • University of Toronto • University of Warwick • CUNY • IIT-Bombay • Carnegie Mellon University

National Laboratories

• Lawrence Livermore • Los Alamos • Sandia • Brookhaven

Industrial Partners

• IBM • Microsoft • Xerox • Cisco • Con Edison • Lutron • National Grid • Siemens • AECOM, Arup, IDEO

City & State Agency Partners

        • The City of New York Buildings City Planning Citywide Administrative Services Design and Construction Economic Development Environmental Protection Finance       Health and Mental Hygiene Information Technology and Telecommunications Parks and Recreation Police Department Sanitation Transportation Fire Department • 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 static and mobile sensors Internet of things

Global network traffic, 30% CAGR

Source: www.intel.com

How to instrument a city?

Infrastructure Environment People Condition, operations Meteorology, pollution, noise, flora, fauna 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 30 million commercial surveillance cameras 4,214 red-light cameras 761 speed trap 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 ft 2

leased in 1 MetroTech

150,000 ft 2 + 40,000 ft 2

incubator post-2017 at 370 Jay Street At full length, CUSP ’s funding is projected be some

$70 million/yr

CUSP Projects

The Noise Project

0 50 t.) . F /Sq 0 40 (kBtu ty nsi te y In 0 30 erg En urce 0 d So 20 lize rma No er 0 th 10 ea t W rren Cu 0

The Building Energy Usage Project 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

    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 Bold = New Programs in 2013

     Day 1 Expos Entrepreneurs Network

Faculty Entrepreneurs Dormcubator Leslie eLab

     Varick Street Incubator DUMBO Incubator

CoFounders Lab Events NYU-Poly Greenhouse

ACRE/

Urban Future Lab

         Technology Venture Competition Venture Fellows

Founders Forum NSF I-Corps Summer Launchpad

   Changemaker Challenge Inno/Vention New/Social Venture Competitions Sounding Board/Help Desk/EIRs Venture Mentor Network

Studio BE PowerBridge

  Innovation Venture Fund

Prototyping Fund

    ARSF Grants Green Grants NCIIA E-Team Grants

TAC Awards

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 Stern

NYC CDO

Jack Dorsey

Twitter &

Herb Kelleher

Southwest

Dan Porter

Zynga/ & Ground Report Square Airlines OMGPOP

Venture Capital Sponsors Alex Douzet

TheLadders

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 15–17 th o o

Collaboration Fund 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 ENIAC Ventures, Jim Pallotta, Larry Lenihan & others • 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

2004

Timeline

Opened the Brooklyn Enterprise for Science and Technology on the Metrotech Campus 2009 2012 Opened two incubators in Hudson Square, Manhattan • “Varick Street Incubator” • “NYC ACRE” (Accelerator for a Clean and Resilient Economy) 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 jobs

The average graduate of an NYU Poly incubator makes

$72.230

Former and current members contributed roughly

$31.4 million

in tax revenue from ‘09 to ‘12 ● ● ●

3. Capital Raised

Current tenants expect a funding growth rate of

147%

graduate from the time they enter the incubators until they 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.