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University Venturing and New Realities

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. 2. 3. 4. Education and Research. Entrepreneurship,Science & Technology. Venture Capital Leadership Activities.

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University Venturing and New Realities

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  1. University Venturing and New Realities Dr. Shelley A. Harrison October 16, 2013

  2. Personal Journey (Credentials) Harrison Enterprises, Inc. PolyVentures I and II, L.P. 1 2 3 4 Education and Research Entrepreneurship,Science & Technology Venture Capital Leadership Activities Board Member and Strategies Consultant

  3. Where to go now?

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

  5. The CUSP Partnership University Partners National Laboratories • NYU/ NYU-Poly • University of Toronto • University of Warwick • CUNY • IIT-Bombay • Carnegie Mellon University • Lawrence Livermore • Los Alamos • Sandia • Brookhaven • 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 Industrial Partners City & State Agency Partners • IBM • Microsoft • Xerox • AECOM, Arup, IDEO • The City of New York • Metropolitan Transit Authority • Port Authority of NY & NJ • Cisco • Con Edison • Lutron • National Grid • Siemens A diverse set of other organizations have expressed interest in joining the partnership.

  6. 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, … • Be efficient, resilient, sustainable • Address citizen quality of life, equity, engagement

  7. Big Cities + Big Data Global network traffic, 30% CAGR • Informatics capabilities are exploding • Storage, transmission, analysis • Proliferation of static and mobile sensors • Internet of things

  8. Source: www.intel.com

  9. 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 • 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

  10. Looking South from the Empire State Building

  11. Manhattan in the Thermal IR Photo by Tyrone Turner/National Geographic Other synoptic modalities: Hyperspectral, RADAR, LIDAR, Gravity, Magnetic, … 199 Water Street Built 1993 :: 998,000 sqft electricity, natural gas, steam LEED Certified

  12. 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”

  13. 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.”

  14. CUSP’s Scale Research Commercialization Education • Located in Downtown Brooklyn with • 60,000 ft2leased in 1 MetroTech • 150,000 ft2 + 40,000 ft2incubator post-2017 at 370 Jay Street • At full length, CUSP’s funding is projected be some $70 million/yr

  15. CUSP Projects The Noise Project The Building Energy Usage Project The Staten Island Balloon Project

  16. University Venturing at New York University

  17. NYU Entrepreneurial Institute Vision Create a culture that values, promotes & facilitates entrepreneurship campus-wide.

  18. Entrepreneurial Ecosystem Inspire Educate Connect Accelerate Fund Bold = New Programs in 2013

  19. Entrepreneurs Festival NYU Alumni Keynote Speakers Rachel Stern NYC CDO& GroundReport JackDorseyTwitter &Square HerbKelleherSouthwest Airlines DanPorterZynga/OMGPOP AlexDouzet TheLadders Venture Capital Sponsors • 2-day celebration of history of Entrepreneurship at NYU • 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

  20. 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: • Hackathon – November 15–17th • Collaboration Fund • Entrepreneurs Festival

  21. $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

  22. 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

  23. Growing portfolio Acquired by • 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)

  24. 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)

  25. NYU-Poly Incubators

  26. NYU-Poly Incubators Timeline

  27. 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% 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

  28. NYU-Poly Incubators

  29. New Realities

  30. 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.

  31. “…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.

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