How We Do Startups & Entrepreneurship at NYU

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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

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Why do so many startups fail?

#nyuef

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Why do so many startups fail?

#nyuef

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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