Steve Jobs' Son Starts Cancer Research Firm 12 Years After His Father Succumbed To The Disease
12 years after losing his father to cancer, Apple co-founder Steve Jobs’ son, Reed Jobs, has announced that he is starting a venture capital firm to fund and research new treatments against cancer.
His firm, which started this month itself, has already raised $200 million from investors, including venture capitalist billionaire John Doerr, Memorial Sloan Kettering Cancer Center, The Rockefeller University, and M.I.T.
Steve Jobs' Son Starts Cancer Research Firm
The cancer research and treatment firm, called Yosemite, is an offshoot of Emerson Collective, a hybrid investment, social impact, and philanthropic firm the late Steve Jobs’ wife, Laurene Powell Jobs, founded in 2004.
According to a Forbes report, Yosemite derives its name from Yosemite National Park, where Reed's parents, Steve and Laurene, got married, according to the New York Times. Yosemite will run a for-profit business but also maintain a donor-advised fund in the hopes that, once a project is successful, it will become a benefactor of other promising ideas.
"I had never ever wanted to be a venture capitalist," Reed Jobs told the New York Times’ Dealbook. "But I realized that when you’re actually incubating something and putting it together, you can make a tremendous difference in what assets are part of that, what direction it’s going to take, and what the scientific focus is going to be."
"My father got diagnosed with cancer when I was 12," Reed said, adding that this led him to begin focusing on oncology, starting with a summer internship at Stanford when he was 15.
Steve Jobs' wife, Powell Jobs, has a net worth of $14.3 billion, according to the latest Forbes valuation.
His Wife & Son's Efforts Towards Cancer Research
This is not the first or only step taken by the late Steve Jobs' family towards cancer treatment.
Steve Jobs' wife, Laurene Powell Jobs, founded Emerson Collective in 2004, and put a large chunk of the billions of dollars of stock in Apple and Disney she inherited from her late husband into the venture after he died in 2011 of pancreatic cancer at age 56. As per a Forbes report, Reed Jobs is the health managing director at Emerson Collective after dropping out of pre-med school, where he was studying to become an oncologist.
Reed's new cancer research and treatment firm will incorporate a dual structure model of a for-profit business and a donor-advised fund, which will provide grants to scientists, who can then use the grants for their research and then go back to Yosemite for venture funding.
According to the Times, Reed Jobs said that his new role at his firm will help scientists build and focus their research.
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