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-- may soon be giving Silicon Valley run for its money New York university's throwing its hat into the start up game with a new tech fun.
Joining us now for a check Tuesday segment is frank -- a -- skating is managing director of -- NYU innovation.
Venture fund congratulations on the job they -- hear from the and we should mention you have a solid background is adventure cap.
-- yeah I've been actually.
Actively working and creating new ventures in the form spinoff from corporations for the last twelve years initially inside -- bell labs more recently -- it at.
For my helped co found a new venture partners we've worked with British Telecom Phillips about seven million bucks worth of ventures are a lot of interest -- -- a lot of success a lot of -- OK so.
What is what is NYU trying to because I know they have had a history spinning off businesses that were started on campus so what is this new fund about.
That the fund is really an effort to accelerate.
That that track record over the past twenty years new and why you have actually launch over fifty spin outs across the life sciences -- like -- -- Which -- which is good but we believe that there's a lot more opportunity there and unlike Silicon Valley in Boston where the the venture capital community is really tightly interwoven into near the in my case -- the -- of the world.
It's not as as part of the connection here in New York.
Not within the -- -- great research institution such as and NYU Columbia and others.
But the fund and my role is really to accelerate that and bring.
The university the entrepreneurial community.
-- of the venture community together in an effort to really help accelerate that say cinema student with an idea for a better mousetrap or some what do -- do.
You can go to the website submit an application can call me you can email me whatever we get together we talk about what you do and if we think there's something there and then we start to really dig in in the ventures that have been done I know you just came on you're not -- you're not a historian -- those funds in the past but.
Are they are they joint projects between students and professors people work and at the university absolutely and in many cases the faculty.
Do not actually going to support the venture in terms of the an ongoing role other than as an advisor with the truth is typically -- -- I try to take a cut of an act of the action if it's very successful.
Well actually the fact we do get to the principal investigators behind whether their student or faculty do get to share in the upside potential through royalties or or in the equity value created through that.
But in many cases it is a a graduate student post -- -- in some cases even an undergraduate who actually goes on and take that that.
That aren't true but -- and then runs with it and really what I'm trying to do is to identify those early and home nurturing and shape them and bring.
The -- in new York and the surrounding communities to help.
Help them become great business and then to bring in more more venture capital as well in absolutely this is not something that we're trying to do -- -- road -- actively going to be.
Partnering with other Angel investors the -- -- funds in the New York area and and the country or for that matter.
To help fun -- -- selective but I thought the -- is called the NYU innovation venture fund.
Frank Beamer -- a -- she can guide you through the process if you think you have a good project.
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