Reed Jobs, son of Apple co-founder Steve Jobs, has announced the creation of a new $200 million venture fund to support cancer research. The Yosemite Fund will invest in early-stage startups discovering novel cancer medicines. Keep reading to know more about the same.
The Inspiration Behind The VC Firm
Reed Jobs was an undergraduate student pursuing a career in medicine at Stanford University at the time. After learning of his father’s passing, Reed Jobs transferred his major from oncology to history.
In 2014, Reed Jobs earned honors degrees in history and international security from Stanford University. But after earning his master’s degree, he returned to work and became the head of Emerson’s healthcare division.
Since Jobs’ passing, Reed has invested more time in the tech sector. He previously worked as a product manager at Facebook and Google. Additionally, he is a co-founder of Initialized Capital, a venture capital firm.
Reed Jobs’ team advanced the discovery and translation of cancer research with a single-minded emphasis on oncology to better improve and empower the lives of patients.
After his father passed away from pancreatic cancer in 2011, the 31-year-old, who has a personal connection to cancer, said he was motivated to start Yosemite. He claimed that after personally witnessing the devastation that cancer can cause in families, he sought to develop a treatment that could help rescue many more cancer patients and their families.
Yosemite VC Business
Yosemite VC business, named after the national park where Reed’s parents got married, has now been established by Reed. The business has raised $200 million from various backers and organizations, including MIT, Memorial Sloan Kettering Cancer Center, and John Doerr, a venture capitalist.
I had no desire to work in venture capital. But I understood that when you are actually putting something together and incubating it, you can significantly influence the assets that are a part of it, the course that it will take, and the scientific focus it will have.
DealBook claims that Yosemite will operate a for-profit company while also managing a donor-advised fund. The purpose is to foster innovation. Lisa Brennan-Jobs, Eve Jobs, and Erin Siena Jobs are Reed’s three sisters.
Moreover, Reed Jobs is a passionate investor in startups and philanthropy. His philanthropy includes several competitive grant programs with leading US and UK research organizations. In addition, he is working to establish a nonprofit foundation that would store patient genetic and clinical data that has been generously given and will be made available to researchers across the US upon request.
In conclusion, Yosemite’s debut coincides with increased interest in cancer research. Significant progress has been made in the creation of novel cancer medicines in recent years, including gene and immunotherapy. The funding provided by Yosemite could hasten the creation of these novel treatments and increase patient access to them.
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