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@NYUEntrepreneur
A University’s Role in
Funding Startups
Frank Rimalovski
Executive Director, NYU Entrepreneurial Institut...
@NYUEntrepreneur
Topics
!  About me
!  About Entrepreneurship @ NYU
!  Why funding is important?
!  How do we do it?
!  Wh...
@NYUEntrepreneur4
@NYUEntrepreneur5
@NYUEntrepreneur6
@NYUEntrepreneur7
@NYUEntrepreneur8
@NYUEntrepreneur9
Insert'airplane'photo'
@NYUEntrepreneur10
@NYUEntrepreneur
About the Entrepreneurial Institute
!  Grew from Innovation Venture Fund in 2010
!  Lead NYU-wide initiat...
@NYUEntrepreneur
Early Experience: 2010-12
!  Lot’s of interest, but few investment-
ready ventures
!  Tapping into small ...
@NYUEntrepreneur
Classic Blunders
!  Confusing vision with product/business
!  “If you build it they will come”
!  Trying ...
@NYUEntrepreneur
Helping startups start up
@NYUEntrepreneur
Vision
Create a culture that
values, promotes & facilitates
technology-based entrepreneurship
university-...
@NYUEntrepreneur
Mission
Creating an entrepreneurial ecosystem
that serves the entire NYU community
providing inspiration,...
@NYUEntrepreneur
Our “Customers”
17
Students
Faculty
PhDs/
Researchers
@NYUEntrepreneur
Our Focus
18
Information
Technologies
Life
Science/
Healthcare
Physical
Science/
Energy
@NYUEntrepreneur
Our Playbook
19
•  Celebrate
role models
•  Speakers
•  Events
•  Incentives
•  Classes
•  Workshops
•  B...
@NYUEntrepreneur
NYU Innovation Venture Fund
@NYUEntrepreneur
Fund Overview
!  Philanthropic seed fund
!  Evergreen: NYU sole “LP”
!  Active diligence
!  Help build sm...
@NYUEntrepreneur
Checks & Balances
Pitch to
IVF
Prelim
Diligence
Pitch to
IRB
Diligence
&
Syndicate
Building
Memo for
IRB
...
@NYUEntrepreneur
Fund Portfolio
23
@NYUEntrepreneur
Select Co-Investors
24
@NYUEntrepreneur
By the Numbers
25
Investments
10
Sectors
Info Tech: 7*
Life Sci/Health: 4*
NYU Founders (School)
CAS: 2 M...
@NYUEntrepreneur
Why this investment model?
!  Participate in larger rounds to achieve
meaningful milestones & value inflec...
@NYUEntrepreneur
Critical Role of the Fund
!  Return on investment
!  Demonstrates University commitment &
importance of e...
@NYUEntrepreneur
Money not 1st item in critical path
28
@NYUEntrepreneur
Our Playbook
29
Inspire Educate Connect Accelerate Fund
@NYUEntrepreneur
Other Sources of Startup
Funding for NYU Entrepreneurs
30
@NYUEntrepreneur
Startup Funding Lifecycle
31
Discovery Validation
Customer
Creation
Company
Building
Test
assumptions
abo...
@NYUEntrepreneur
NYU Prototyping Fund
@NYUEntrepreneur33
NYU Green Grants
@NYUEntrepreneur
@NYUEntrepreneur35
@NYUEntrepreneur36Confiden1al'
$200k NYU Entrepreneurs Challenge
@NYUEntrepreneur
NYU Summer Launchpad
@NYUEntrepreneur38
@NYUEntrepreneur
Institute & Fund Goals
!  Make entrepreneurship a campus-wide,
multi-disciplinary experience
!  Bring mor...
@NYUEntrepreneur
Questions?
entrepreneur@nyu.edu
@nyuentrepreneur
nyu.edu/entrepreneur
nyuentrepreneur.com
16 Washington P...
@NYUEntrepreneur
Helping startups start up
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SXSW: A University's Role in Funding Startups

A University's Role in Funding Startups

Presented at the SXSW, March 15, 2015.

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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
  3. @NYUEntrepreneur4
  4. @NYUEntrepreneur5
  5. @NYUEntrepreneur6
  6. @NYUEntrepreneur7
  7. @NYUEntrepreneur8
  8. @NYUEntrepreneur9 Insert'airplane'photo'
  9. @NYUEntrepreneur10
  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
  13. @NYUEntrepreneur Helping startups start up
  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
  16. @NYUEntrepreneur Our “Customers” 17 Students Faculty PhDs/ Researchers
  17. @NYUEntrepreneur Our Focus 18 Information Technologies Life Science/ Healthcare Physical Science/ Energy
  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
  19. @NYUEntrepreneur NYU Innovation Venture 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
  22. @NYUEntrepreneur Fund Portfolio 23
  23. @NYUEntrepreneur Select Co-Investors 24
  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
  31. @NYUEntrepreneur NYU Prototyping Fund
  32. @NYUEntrepreneur33 NYU Green Grants
  33. @NYUEntrepreneur
  34. @NYUEntrepreneur35
  35. @NYUEntrepreneur36Confiden1al' $200k NYU Entrepreneurs Challenge
  36. @NYUEntrepreneur NYU Summer Launchpad
  37. @NYUEntrepreneur38
  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
  39. @NYUEntrepreneur Questions? entrepreneur@nyu.edu @nyuentrepreneur nyu.edu/entrepreneur nyuentrepreneur.com 16 Washington Place 40
  40. @NYUEntrepreneur Helping startups start up

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