SXSW: A University's Role in Funding Startups
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The document discusses the role of universities in funding startups. It describes the NYU Entrepreneurial Institute and its Innovation Venture Fund, which provides funding, resources and support to NYU startups. The fund has invested over $1 million in 10 companies across various sectors. It helps startups get to key milestones and leverage co-investments from other funds. While money is important, the institute focuses more on educating and connecting entrepreneurs through various programs. The goals are to promote entrepreneurship university-wide and generate returns to support more innovation.
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SXSW: A University's Role in Funding Startups
- 1. @NYUEntrepreneur A University’s Role in Funding Startups Frank Rimalovski Executive Director, NYU Entrepreneurial Institute Managing Director, NYU Innovation Venture Fund March 13, 2015
- 2. @NYUEntrepreneur Topics ! About me ! About Entrepreneurship @ NYU ! Why funding is important? ! How do we do it? ! What have we accomplished? ! What else? 3
- 10. @NYUEntrepreneur About the Entrepreneurial Institute ! Grew from Innovation Venture Fund in 2010 ! Lead NYU-wide initiative to accelerate pace of tech commercialization & startup activity ! Separate, but work closely with tech transfer office (Office of Industrial Liaison) ! Dedicated team of startup experts offering resources, programs, events & staff to help NYU startups start up 11
- 11. @NYUEntrepreneur Early Experience: 2010-12 ! Lot’s of interest, but few investment- ready ventures ! Tapping into small percent of NYU ! Disconnected from NYC ecosystem ! Common needs across sectors, schools & students/faculty ! Mythology & misinformation abounds 12
- 12. @NYUEntrepreneur Classic Blunders ! Confusing vision with product/business ! “If you build it they will come” ! Trying to be all things to all people ! Hiring “code monkey” to build your app ! Relying on TTO to find a CEO/funding ! Fund Build Customers 13
- 14. @NYUEntrepreneur Vision Create a culture that values, promotes & facilitates technology-based entrepreneurship university-wide
- 15. @NYUEntrepreneur Mission Creating an entrepreneurial ecosystem that serves the entire NYU community providing inspiration, education, networking, acceleration & funds
- 18. @NYUEntrepreneur Our Playbook 19 • Celebrate role models • Speakers • Events • Incentives • Classes • Workshops • Bootcamps • Handbooks & Guides • Internships • Clubs & orgs • Showcases • Meetups • Social media • Collaborative workspaces • Coaches & Mentors • Pitch Events • Competitions • Accelerators • I-Corps • Prototype funds • Non-dilutive fund “training” • Venture Funds • Gap/POC funds Inspire Educate Connect Accelerate Fund
- 20. @NYUEntrepreneur Fund Overview ! Philanthropic seed fund ! Evergreen: NYU sole “LP” ! Active diligence ! Help build smart syndicates ! $100-200k direct investments ! Converts, Series Seed & A ! Board observer seats ! Opportunistic follow-ons 21 I V F
- 21. @NYUEntrepreneur Checks & Balances Pitch to IVF Prelim Diligence Pitch to IRB Diligence & Syndicate Building Memo for IRB Approval SVP/GC/ CFO Approve CFO Signature 22
- 24. @NYUEntrepreneur By the Numbers 25 Investments 10 Sectors Info Tech: 7* Life Sci/Health: 4* NYU Founders (School) CAS: 2 Medicine: 6 Eng: 1 Stern: 5 Dentistry: 2 Law: 1 Courant: 1 NYU Founders (Type) Students: 8 Faculty: 8 Researcher: 2 IT Investments Hardware: 2 Software: 5 Invested Capital Invested: $1,125,000 Value: $1,289,309 Female Cofounders 40% Total Capital Raised $20,490,000 (>18x) '
- 25. @NYUEntrepreneur Why this investment model? ! Participate in larger rounds to achieve meaningful milestones & value inflection ! Invest as part of a larger syndicate o Leverage diligence, expertise & connections o Follow-on financial support o Co-investors to serve on boards ! Other sources exist in/outside NYU to fill pre-VC needs 26
- 26. @NYUEntrepreneur Critical Role of the Fund ! Return on investment ! Demonstrates University commitment & importance of entrepreneurship ! Raises NYU's profile amongst peer institutions & government agencies ! Credibility & bridge building with NYC investor community ! A catalyst for entrepreneurship within NYU 27
- 27. @NYUEntrepreneur Money not 1st item in critical path 28
- 28. @NYUEntrepreneur Our Playbook 29 Inspire Educate Connect Accelerate Fund
- 29. @NYUEntrepreneur Other Sources of Startup Funding for NYU Entrepreneurs 30
- 30. @NYUEntrepreneur Startup Funding Lifecycle 31 Discovery Validation Customer Creation 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: startupcompass.co
- 33. @NYUEntrepreneur
- 35. @NYUEntrepreneur36Confiden1al' $200k NYU Entrepreneurs Challenge
- 38. @NYUEntrepreneur Institute & Fund Goals ! Make entrepreneurship a campus-wide, multi-disciplinary experience ! Bring more NYU innovations to market ! Compete for top students, faculty & research funding ! Generate return on investment ! Create generation of entrepreneurs to inspire & support NYU for years to come 39