Spencer Trask & Co.

Spencer Trask & Co.
Industry Financial services
Headquarters Greenwich, CT, United States
Key people
 Kevin Kimberlin
(Chairman)
William Clifford
(CEO)
Services Build advanced technology companies
Website spencertraskco.com

Spencer Trask & Co. is a privately held advanced technology development company. The firm works with entrepreneurs, CEOs, corporate partners, venture firms and high net worth individuals to start and grow high impact ventures.

Members and affiliates of Spencer Trask & Co. are founders of, advisors to, and investors in private and public companies through direct investments, a brokerage affiliate and numerous limited liability companies.

Spencer Trask & Co., has been instrumental in the formative stage of companies that pioneered many technological and scientific advances, including: genomics with Myriad Genetics,[1] healthcare reform with Health Dialog,[2] patent development with Intellectual Ventures,[3][4] the Internet with Ciena,[5] cloud computing infrastructure with Aperture,[6] and open innovation with Innocentive[7][8] and inno360 (in partnership with P&G, and the Air Force Research Labs.[9]

Several Spencer Trask-backed technologies and companies have been acquired recently, including OpenTable ($2.6 billion), Prolor (stock swap worth $1.2 billion), ImThera Medical ($225 million), El Super (more than $1 billion in revenues) and Prospect Medical ($363 million).

Open Innovation and Cognitive Intelligence

Spencer Trask & Co. pioneered the field of open innovation with InnoCentive and its corporate partner Eli Lilly. Together, they developed the first online open innovation platform into the market leader in prize-based innovation challenges. InnoCentive guided the federal government’s open innovation policy with several of its models featured by the first White House Chief Technology Officer, Aneesh Chopra. The InnoCentive experience led Spencer Trask to push the boundaries of global collaboration by building the innovation software firm inno360, which then partnered with IBM Watson to combine cognitive intelligence with open innovation.[10]

Demonstrating the strength of their partnership, inno360’s CEO was a keynote speaker at the IBM Watson 2015 Conference. He was introduced by Lauri Saft, VP of IBM Watson Ecosystems with, “We have one of our partners with us who has been leading an effort, specifically around getting to this deep research, really helping connect professions with this range of information.”

Legacy

The firm is the legacy of Mr. Spencer A. Trask who financed Thomas Edison and was founding trustee of the predecessor to General Electric, the president of the first electricity firm, Consolidated Edison, and chairman of the New York Times.

References

  1. ↑ online.wsj.com/news/articles/SB10001424127887323582904578487511358752662
  2. ↑ http://thehill.com/blogs/congress-blog/healthcare/328057-is-the-affordable-care-act-affordable
  3. ↑ https://books.google.com/books?id=8fxgwKYR1I8C&pg=PA55&lpg=PA55&dq=Marshall+phelps+burning+down+the+ships&source=bl&ots=E5BNNG0v3F&sig=cHXKX1nSjG3MJ1S8CsCScRXWSqE&hl=en&sa=X&ei=4yvaVM-fHu78sATqiICADg&ved=0CDAQ6AEwAg#v=onepage&q=Intellectual%20Ventures&f=false
  4. ↑ https://www.youtube.com/watch?v=XT-eaATuUpI
  5. ↑ https://www.wsj.com/articles/SB897010328374193000
  6. ↑ http://www.businesswire.com/news/home/20080326005020/en/Spencer-Trask-Announces-Sale-Leading-Data-Center#.VNoyY0Ljjds
  7. ↑ http://content.time.com/time/health/article/0,8599,1721082,00.html
  8. ↑ http://santarosa.towns.pressdemocrat.com/2011/11/news/in-calistoga-dr-salks-son-seeks-help-to-finish-off-polio/
  9. ↑ https://www.bloomberg.com/apps/news?pid=newsarchive&sid=afV3UARIR4xo
  10. ↑ https://www.youtube.com/watch?v=Z68OGci_Zfo&feature=youtu.be&t=22m37s

Further reading

This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.