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How We Do Startups & Entrepreneurship at NYU

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How We Do Startups & Entrepreneurship at NYU

  1. @NYUEntrepreneur How We Do Startups & Entrepreneurship at NYU Frank Rimalovski Executive Director, Entrepreneurial Institute Managing Director, Innovation Venture Fund Adjunct Faculty, Polytechnic School of Engineering May 21, 2015
  2. @NYUEntrepreneur Made in NYC 2
  3. @NYUEntrepreneur3
  4. @NYUEntrepreneur4
  5. @NYUEntrepreneur 75% of startups fail to return investors capital Shikhar Ghosh Harvard Business School #nyuef
  6. @NYUEntrepreneur So why do so many startups fail? #nyuef
  7. @NYUEntrepreneur “More startups fail from a lack of customers than from a failure of product development.”
  8. @NYUEntrepreneur Top 12 Reasons Startups Fail #nyuef
  9. @NYUEntrepreneur Top 12 Reasons Startups Fail 42% #nyuef cite lack of market need
  10. @NYUEntrepreneur Why do so many startups fail? #nyuef
  11. @NYUEntrepreneur Why do so many startups fail? #nyuef
  12. @NYUEntrepreneur Why do so many startups fail? #nyuef
  13. @NYUEntrepreneur Why do so many startups fail? #nyuef
  14. @NYUEntrepreneur Why do so many startups fail? #nyuef
  15. @NYUEntrepreneur Classic Blunders u  “If you build it they will come” u  Trying to be all things to all people u  Hiring an MBA or “business guy” to write a business plan u  Waiting for tech transfer to find a CEO & funding u  Fund ➨ Build ➨ Customers 15
  16. @NYUEntrepreneur Helping startups start up
  17. @NYUEntrepreneur Vision Create a culture that values, promotes & facilitates technology-based entrepreneurship university-wide 17
  18. @NYUEntrepreneur Our “Customers” 18 Students FacultyResearchers
  19. @NYUEntrepreneur19 1. Multi-disciplinary Secrets of Startup Success
  20. @NYUEntrepreneur20 2. In and of the City Secrets of Startup Success
  21. @NYUEntrepreneur21 3. Experiential learning Secrets of Startup Success
  22. @NYUEntrepreneur The Playbook Inspire Educate Connect Accelerate Fund
  23. @NYUEntrepreneur Insert Festival Video 23
  24. @NYUEntrepreneur24
  25. @NYUEntrepreneur
  26. @NYUEntrepreneur #n yu ef Lean Launchpad with Steve Blank August 24-28th In the Classroom
  27. @NYUEntrepreneur Startup Funding Lifecycle 27 ① Discovery ② Validation ③ Customer Creation ④ Company Building Test assumptions about customer needs/problem & develop MVP Seek Validation that people are interested in your product/ service Begins to build demand & improve efficiency of customer acquisition Drive growth aggressively 
 & execute business model Invention & ideation Grants, Crowdfounding Competitions Founders + Credit cards Crowdfounding I-Corps Accelerators SBIR/STTR + Friends & family Angels Seed funds Venture capital fundsValuation* Source:
  28. @NYUEntrepreneur Prototyping Fund
  29. @NYUEntrepreneur
  30. @NYUEntrepreneur $200k Entrepreneurs Challenge
  31. @NYUEntrepreneur Summer Launchpad 31
  32. @NYUEntrepreneur Innovation Venture Fund u  Philanthropic seed fund u  Help build smart syndicates u  $100-200k direct investments u  Converts, Series Seed & A u  Board observer seats u  Opportunistic follow-ons 32 I V F
  33. @NYUEntrepreneur Innovation Venture Fund 33
  34. @NYUEntrepreneur Innovation Venture Fund 34 Investments 11 Sectors Info Tech: 7 Life Sci/Health: 4 NYU Founders (School) CAS: 2 Medicine: 6 Eng: 1 Stern: 5 Dentistry: 2 Law: 1 Courant: 2 NYU Founders (Type) Students: 9 Faculty: 8 Researcher: 2 IT Investments Hardware: 2 Software: 5 Invested Capital Invested: $1,325,000 Value: $1,480,309 % w/ Female Cofounders 36% Total Capital Raised $30,490,000 (>23x)  
  35. @NYUEntrepreneur Selected Co-Investors 35
  36. @NYUEntrepreneur
  37. @NYUEntrepreneur37 September 16: Open for Business!
  38. @NYUEntrepreneur Leslie eLab Metrics: Sep 8-May 10 u  >20,000 total visits! u  4,485 unique visitors (~4.5, trending up) u  20 NYU schools/colleges represented u  200+ different areas of study u  74% undergrad & 26% grad students u  42% female u  250+ Events hosted u  120+ Institute led/driven u  Guest speakers u  Workshops/bootcamps u  40 faculty-led classes/events u  100+ student club-led events u  Extended daily hours to 10pm M-F 38 Weekly Visits (excl holidays) Medicine Abu Dhabi Law Silver School of Social Work College of Nursing Special Sessions Graduate School Arts & Science Faculty of Arts and Science Wagner SCPS Engineering Tisch Gallatin Steinhardt Stern CAS Total Visitors by School
  39. @NYUEntrepreneur Leslie eLab Facts: Sep 8-May 10 u  100 students visited 30+ times u  683 room reservations u  250 Prototyping Lab reservations u  201 EIR/Lab manager student meetings u  >7,000 cups of coffee served 39
  40. @NYUEntrepreneur What’s happening at the Leslie eLab? 40
  41. @NYUEntrepreneur Full house for a mid-day workshop 41 Bootcamps, Speakers & Workshops
  42. @NYUEntrepreneur42 Hackathons
  43. @NYUEntrepreneur43 Prototyping
  44. @NYUEntrepreneur Students & Faculty Collaborating
  45. @NYUEntrepreneur Alumni Entrepreneur Meetups
  46. @NYUEntrepreneur46Confiden(al   Startup Coaches
  47. @NYUEntrepreneur VC Pitchfest
  48. @NYUEntrepreneur Institute & Fund Goals u  Make entrepreneurship a campus-wide, multi-disciplinary experience u  Bring more NYU innovations to market u  Compete for top students, faculty & funding u  Generate return on investment u  Create generation of entrepreneurs to inspire & support NYU for years to come 48
  49. @NYUEntrepreneur Questions? @nyuentrepreneur 16 Washington Place 49
  50. @NYUEntrepreneur Helping startups start up