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NY STATE GOVERNOR 2011 ECONOMIC DEVELOPMENT INTIATIVE. $ 785 Million NY State Grants, Regional Economic Development Council program Meager Funds for Tech!!!!! ! NYC Seedstart Accelerator LLC : supports new technology companies

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$785 Million NY State Grants, Regional Economic Development Council program

Meager Funds for Tech!!!!!!

NYC SeedstartAccelerator LLC : supports new technology companies

Catholic Health Care System : grant for e-medical records training

NYIT: grant to expand industry-academic partnerships

Accelerate Long Island: supports start-up technology firms

regional priorities
Regional Priorities

Source: Green Establishment Database and National Establishment Time-Series Analysis: Collaborative Economics.

polaris overview
Polaris overview

1996

  • FOunded

17 Polaris-founded companies · 475%IRR

18medical products approved · 80million lives touched

From 25Universities/Institutes/Teaching Hospitals

$3.5B

UnDER Management

6

  • DIVERSIFIED FUNDS
  • Pioneering companies
    • Akamai (MIT)
    • deCODE Genetics (Beth Israel/Harvard)
    • WordPress (Automattix)
    • Alnylam (MIT & Max Planck)
    • AdiMAB (Dartmouth)
polaris access unparalleled university connections
Polaris access: Unparalleled university connections

4.5x

176%

  • Return
  • IRR

23 companies

161% IRR

46

$900

13 companies

222% IRR

Returned to LPs

Companies spun out of academia

Pervasis

6 companies

105% IRR

slide8

VISTERRA

Ram

Crane/Bitterman

GENOCEA

Xtuit

Sinclair

Bitterman

CERULEAN

Langer/Jain

Ram

Crane/Bitterman

Crane

AERO DESIGNS

PULMATRIX

McGuire

McGuire

Edwards

Edwards/

Langer

SEVENTH SENSE

ATYR

SIRTRIS

Crane

Langer

Yang/Watkins

Nashat

Sinclair/Westphal

Crane/

Bitterman

MICROCHIPS

ARSANIS

AVITIDE

ADIMAB

SUSTAINX

KREOGENE

Langer/Cima

McGuire

Gerngross

Gerngross

Gerngross

Gerngross

Hutch

McGuire

McGuire

McGuire

McGuire

McGuire

ALNYLAM

Schimmel/Sharp

SELECTA

Farokhzad/

Langer

Nashat

TRANSFORM

Cima/

Langer

McGuire

GLYCOFI

Gerngross/Hutch

McGuire

KALA

PERVASIS

ACUSPHERE

Langer

Hanes

Nashat

McGuire

Edelman/

Langer

Bitterman

CUBIST

Schimmel

McGuire

Polaris Family Tree

Polaris Family Tree

TARIS

Bitterman

Cima/

Langer

SUSTAINX

Hutch

McGuire

ARSENAL

Langer/

Whitesides

McGuire

480

McGuire

MOMENTA

Langer/

Whitesides

Crane

Ram/

Langer

T2

BIND

AIR

Nashat/

Crane

Jacks/

Cima

Nashat

Edwards/

Langer

McGuire

Farokhzad/

Langer

Westphal

105% IRR

56% IRR

46% IRR

Proprietary and Confidential 8

slide9

En

Polaris Family Tree

Polaris Dartmouth Family Tree: Potential Lives Touched

ARSANIS

Infectious Diseases > 50M

AVITIDE

Protein Therapeutics >1B

SUSTAINX

Energy Storage >2B

ADIMAB

KREOGENE

Cancer & autoimmune disorders > 100M

GLYCOFI

Protein drugs > 1B

105% IRR

Proprietary and Confidential 9

asee edi conference

ASEE EDI Conference

Habib Kairouz

Managing Partner

Rho Capital Partners

rho ventures
Rho Ventures
  • 30 year old Venture Capital Firm
    • Evolved from a family office to an institutional manager in 1993
    • Principal activities: Rho Ventures and Rho Fund Investors
  • Stage and Sector Agnostic Investment Strategy
    • Seed to Growth Equity; average cumulative investment of $25mm
    • Information Technology, New Media, Communication, Alternative Energy, Biotech
    • Offices in New York, Palo Alto and Montreal
    • 6 US Funds and 2 Canadian Funds
    • Latest Funds: RV VI: $500mm in the US and RC II: $100mm in Canada
  • Habib Kairouz
    • Managing Partner
    • 20 years with the firm
    • Focus on IT, New Media and Communication
    • Select Past NY Transactions: iVillage, Tacoda, OMGPOP, Intralinks, EverydayHealth
our experience with universities
Our Experience with Universities
  • Overall limited, and mostly in Biotech and Alternative Energy
  • In Information Technology and New Media, mostly working with students launching ideas post graduation rather than with the university itself
    • Tripod: Williams
  • Select Deals:
    • Anacor: Penn State and Stanford
    • Solarbridge: University of Illinois
    • Enerkem: University of Sherbrooke
    • Nuventix: Georgia Tech
current experience with east coast universities
Current Experience with East Coast Universities

Encouraging Signs

Frustrations

Still too many binders of research and patents vs business plans

Most business plans driven by graduating students vs university initiatives

Seeing more commercial facing initiatives out of business schools than engineering schools

  • Growing interest and initiatives from universities:
    • Cornell campus in NY
    • Columbia and NYU Business Plan competitions
  • Rising student interest fueled by:
    • Tough job market
    • Renewed enthusiasm for startups
    • Declining capital requirement to launch a startup
  • This conference
recommendations and wish list based on numerous meetings with individuals in universities
Recommendations and Wish ListBased on Numerous Meetings with Individuals in Universities
  • Initiative has to come from the top: The Dean’s Office
  • University and Faculty buy-ins are critical
  • Faculty and Students need to follow a structured research path towards commercialization with spinout and funding as objectives
  • Licensing office should be very efficient
  • Business Schools students should be involved to turn deep science/research into business plans with a value proposition towards addressing large markets and … attracting VC funding
  • Present VCs actual business plans vs patents, through structured events and forums

THIS IS A RHO WISH LIST. NO SIZE FITS ALL.

slide15

Somak Chattopadhyay, Partner

April 16, 2013

ASEE Meeting New York City

TVP is an early-stage venture capital firm that partners with world class entrepreneurs in New York leveraging emerging technologies and business models to create and disrupt huge markets.

information technology innovation from core tech to applied tech
Information Technology Innovation: From Core Tech to Applied Tech

2010s Mobile, Cloud, SaaS, Social

2000s Internet, E-commerce 1.0

1990s Client/Server

1980s Personal Computers

1970s Minicomputers

1960s Mainframe

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tech innovation and academia ny metro vs silicon valley and boston
Tech Innovation and Academia: NY metro vs. Silicon Valley and Boston
  • Numerous market leading tech companies emerged out of Boston and SV university ecosystems
    • Boston: Teradyne, DEC, Akamai
    • Silicon Valley: Google, Sun, HP, Yahoo
  • NYC tech exploding but most startups do not come out of university ecosystem
    • Corporate drop-outs, spin-outs, incubators
    • Industries in contraction influencing more people to start their own companies
    • Clusters of innovation much more fragmented and occur around industries (finance, media, advertising) vs. university labs
    • Not concentrated geographically in same way as Silicon Valley or Boston
  • In Silicon Valley and Boston, engineers who come out of university often start businesses and recruit business people later. In NY, it’s reverse (huge opportunity for engineering schools)
  • Innovation in NYC tech is often in application, content, data layer vs. core tech that is more reliant on university IP (storage, hardware, medical devices, natural language search)
challenges with today s engineering schools in nyc
Challenges with Today’s Engineering Schools in NYC
  • Tech entrepreneurship has not (until recently) been a major focus
    • Major employers who have hired grads in NYC historically came from legacy industries (media/publishing, finance, etc).
  • No culture of collaboration between depts or coordinated outreach with industry.
    • Lots of fiefdoms and bureaucracy
    • Very little knowledge sharing and cross-pollination of ideas among schools
  • Universities marketing “entrepreneurship” as a strong focus vs. actually investing in space
  • Cost of tuition has skyrocketed over last 10 years – very difficult for students to take plunge with soaring student debt
  • Local schools doing inadequate job of training engineers for tech startups
    • Gap starting to be filled by accelerators and tech schools like General Assembly
  • Over-reliance on traditional programs in classroom vs. other programs (online, on-site)

18

human capital challenges and opportunities for engineering educators
Human Capital Challenges and Opportunities for Engineering Educators
  • Technical Co-founders –most common complaint of any NYC tech entrepreneurs
    • Universities could play a key role in helping connecting students/alumni
  • Few technologists trained in key skills needed for startup tech leadership
    • Knowledge of agile software development techniques
    • Thinking architecturally -how decisions impact UX, scalability
    • Recruiting/managing/retaining engineers
    • Communicating with non-tech business leaders or investors
      • How do you translate business requirements into roadmap
      • How do you make case for key product decision by communicating business value vs. technical mumbo jumbo or focusing on features?
    • Understanding startup career paths– sales, prod mgmt., CTO, as well as career progression/comp (what are stock options, how is startup wealth created?)
  • Why are there not more programs focused on engineering practice school like those that exist at MIT/Stanford– merging academic theory with real-life experience in larger and smaller tech companies?

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my wish list for engineering educators
My Wish List for Engineering Educators
  • Spend more time with local tech companies to understand key hiring needs and invest more in courses and faculty that will offer students practical experience (ex. Practice School)
  • Sponsor internships at local tech companies (ex. Turing Fellows Program or HackNY)
  • Help those of us in industry better understand how to use university resources for our own companies –Encourage knowledge-sharing across departments and between undergrad/grad
  • Help us connect our companies with university technical talent of all levels –students, alumni, faculty. Provide better ways of identifying top startup talent –decoupling credentialing from learning
  • Teach students key skills outside of engineering theory
    • Communications, Design, Management
    • Business Plan Competitions – great opportunity to collaborate across schools
    • Understanding of key tech industries in NY – advertising, fin tech, healthcare IT, e-commerce
  • Offer cost-effective corporate training for engineers ( similar to General Assembly or via MOOCs)
  • Invest in multiple sources of instruction -online, offline, group collaboration and find ways to keep tuition costs low. Price to value of undergrad, grad or executive education is not sustainable - forcing many students to avoid startup careers

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