Reed Jobs, son of Apple cofounder, launches VC fund for cancer treatments.
Reed Jobs, son of Apple cofounder, launches VC fund for cancer treatments.
Reed Jobs Launches Yosemite, a VC Firm with a Twist
Reed Jobs, the oldest son of the late Steve Jobs and philanthropist Laurene Powell Jobs, has announced the launch of Yosemite, a venture capital firm. The main focus of the firm will be investing in new and innovative cancer treatments. Inspired by his father’s battle with pancreatic cancer, Reed aims to make a difference in the fight against this devastating disease.
Yosemite has already raised an impressive $200 million through investments from major medical institutions such as Memorial Sloan Kettering Cancer Center, The Rockefeller University, and M.I.T. In addition, prominent venture capitalist John Doerr has also contributed to the fund. Reed Jobs plans to raise a total of $400 million for the company’s initial fund, which is about ten times the average size of new venture capitalists’ funds last year.
What sets Yosemite apart from other venture capital firms is its unique dual structure model. It operates both as a for-profit business and a donor-advised fund. This means that in addition to providing venture funding, the firm will also offer grants to scientists conducting research in the field of cancer treatment. Scientists can utilize these grants to further their research and then seek additional funding from Yosemite. This innovative approach aims to support researchers in their pursuit of groundbreaking discoveries.
Reed Jobs brings with him valuable experience from his previous role as a managing director at the Emerson Collective, a mission-driven corporation founded by his mother. During his time at Emerson, Reed led investments in healthcare enterprises such as ElevateBio, a gene therapy startup, and GetLabs, an at-home diagnostics collector. He is also bringing at least three high-ranking members of Emerson Collective with him to Yosemite, emphasizing the continuity of his work in the healthcare space.
Interestingly, Reed Jobs never envisioned himself as a venture capitalist. However, he realized that by incubating and nurturing ideas and projects, he could make a significant impact on scientific research. His motivation comes from the personal tragedy of his father’s death, which deeply affected him during his college years at Stanford University. Reed originally aspired to become a doctor to directly cure people but found it challenging after his father passed away.
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Although Reed did not study business or medicine, he learned valuable lessons from his father’s mentoring. Before college, Steve Jobs took his son on a business trip to Hawaii to expose him to industry leaders and high-level tech moguls, including Apple executives. This early exposure to the business world left a lasting impression on him.
The launch of Yosemite carries immense potential in the fight against cancer. Reed Jobs’ dedication to continuing his father’s legacy and his passion for supporting scientific research are commendable. With significant investments and a unique approach, Yosemite has the resources and vision to drive innovation and make a lasting impact on the field of cancer treatment.
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