University Venturing and New Realities

Dr. Shelley A. HarrisonOctober 16, 2013

Personal Journey (Credentials)

1 2 3 4

Education and Research

Entrepreneurship,Science &

Technology

Venture Capital Leadership Activities

Board Member and Strategies

Consultant

Harrison Enterprises, Inc.

PolyVentures I and II, L.P.

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

A diverse set of other organizations have expressed interest in joining the partnership.

National Laboratories

• Lawrence Livermore• Los Alamos• Sandia• Brookhaven

Industrial Partners

• IBM• Microsoft• Xerox

• AECOM, Arup, IDEO

University Partners

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

University

City & State Agency Partners

• The City of New York

• Metropolitan Transit Authority• Port Authority of NY & NJ

Big Cities + Big Data

•All cities must be better for global issues• Individual cities need to be “best” for

competitiveness in talent, capital, …o Be efficient, resilient, sustainableo Address citizen quality of life, equity, engagement

• 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

Big Cities + Big Data

•Informatics capabilities are explodingo Storage,

transmission, analysis

•Proliferation of static and mobile sensors

•Internet of things

Global network traffic, 30% CAGR

Source: www.intel.com

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

Environment

Meteorology, pollution, noise, flora, fauna

People

Relationships, location, economic /communications activities, health, nutrition, opinions, organizations, …

Infrastructure

Condition, operations

How to instrument a city?

Looking South from the Empire State Building

Photo by Tyrone Turner/National Geographic

Other synoptic modalities: Hyperspectral, RADAR, LIDAR, Gravity, Magnetic, …

Manhattan in the Thermal IR

199 Water StreetBuilt 1993 :: 998,000 sq ft

electricity, natural gas, steam

LEED Certified

300 million mobile phones494,151 cell towers

30 million commercial surveillance cameras

4,214 red-light cameras761 speed trap cameras

~ 400,000 ATMs record video of all transactions

1/3 of large police forces equip patrol cars with automatic license plate readers that

can check 1,000 plates per minute

Some Sensor Stats: United States

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

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

The Noise ProjectThe Building Energy Usage Project

The Staten Island Balloon Project

University Venturing at New York University

NYU Entrepreneurial Institute

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

Vision

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 PowerBridge

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 NYUo 5 Founder Keynoteso 6 Entrepreneur Panelso 24 Startup Roundtableso 6 Venture Workshopso 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

RachelStern

NYC CDO& Ground

Report

JackDorseyTwitter &Square

HerbKelleher

SouthwestAirlines

DanPorterZynga/

OMGPOP

AlexDouzet

TheLadders

NYU Alumni Keynote Speakers

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

•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)

Acquired byAcquired by

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 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”

Timeline

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 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

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.