how we do startups & entrepreneurship at nyu
TRANSCRIPT
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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
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Made in NYC
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75% of startups fail to return investors capital Shikhar Ghosh Harvard Business School
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So why do so many startups
fail?
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“More startups fail from a lack
of customers than from a
failure of product
development.”
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Top 12 Reasons Startups Fail
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Top 12 Reasons Startups Fail
42%
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cite lack of market need
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Why do so many startups fail?
#nyuef
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Why do so many startups fail?
#nyuef
@NYUEntrepreneur
Why do so many startups fail?
#nyuef
@NYUEntrepreneur
Why do so many startups fail?
#nyuef
@NYUEntrepreneur
Why do so many startups fail?
#nyuef
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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
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Helping startups start up
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Vision
Create a culture that values, promotes & facilitates technology-based entrepreneurship university-wide
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Our “Customers”
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Students
Faculty Researchers
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1. Multi-disciplinary
Secrets of Startup Success
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2. In and of the City
Secrets of Startup Success
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3. Experiential learning
Secrets of Startup Success
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The Playbook
Inspire Educate Connect Accelerate Fund
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Insert Festival Video
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http://bit.ly/1PQT6nI
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Lean Launchpad with Steve Blank
August 24-28th
In the Classroom
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Startup Funding Lifecycle
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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 funds Valuation*
Source: startupcompass.co
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Prototyping Fund
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$200k Entrepreneurs Challenge
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Summer Launchpad
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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
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I V F
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Innovation Venture Fund
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Innovation Venture Fund
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Investments
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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)
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Selected Co-Investors
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September 16: Open for Business!
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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
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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
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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
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What’s happening at the Leslie eLab?
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Full house for a mid-day workshop
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Bootcamps, Speakers & Workshops
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Hackathons
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Prototyping
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Students & Faculty Collaborating
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Alumni Entrepreneur Meetups
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Startup Coaches
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VC Pitchfest
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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
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Questions?
[email protected] @nyuentrepreneur nyu.edu/entrepreneur nyuentrepreneur.com 16 Washington Place
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Helping startups start up