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 advancements, 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]), through Spencer Trask & Co. affiliate, Spencer Trask Collaborative Innovations (STCI). STCI facilitates collaborative innovation on a massive scale.[10] Collaboration, which is the foundation of STCI’s focus, has been described as transforming the world from "mass production to mass collaboration" by top thinkers such as visionary and STCI board member Don Tapscott.[11]

Several Spencer Trask-backed technologies and companies have been acquired recently, including OpenTable ($2.6 billion), Prolor (stock swap worth $1.2 billion), El Super (2013 revenues topped $1.1 billion) and Prospect Medical ($363 million).

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.

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 InnoCentive – 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 Assistant to the President (and the first White House Chief Technology Officer), Aneesh Chopra as part of President Obama’s Strategy for Innovation.[12] The InnoCentive experience led Kimberlin and Spencer Trask Chief Operating Office Mike Turillo to recruit the management team for Spencer Trask Collaborative Innovation (STCI) to push the boundaries of global collaboration. STCI started this push by building the innovation software firm inno360, which then partnered with IBM Watson to combine cognitive intelligence with open innovation The leadership team for Spencer Trask CI includes Jeff Joerres, Gerard Mooney, Irving Wladawsky-Berger, Larry Huston, Don Tapscott and Michael J. Turillo. Spencer Trask hired Mike Turillo from IBM where he held several leadership positions at IBM, including senior advisor to IBM’s Software Group. Prior to that, Mr. Turillo was a partner at KPMG. He is currently: President and Secretary of Spencer Trask CI and Chairman of its member firm VenCorps; CEO of Spencer Trask Innovations LLC; Chief Operating Officer at Spencer Trask & Co. where he oversees operations and fund raising for inno360 and Spencer Trask CI.

With guidance from the former IBM executives – Turillo, Wladawsky-Berger and Mooney – Spencer Trask CI developed a strong partnership with IBM Watson subsidiary inno360. Demonstrating the strength of that 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.”[13]

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. ↑ http://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. ↑ http://www.bloomberg.com/apps/news?pid=newsarchive&sid=afV3UARIR4xo
  10. ↑ http://spencertraskco.com/stci/spencer-trask-collaborative-innovation/
  11. ↑ http://www.slideshare.net/gcahill/don-tapscott-at-net-change-week-2010
  12. ↑ Chopra, Aneesh, EXECUTIVE OFFICE OF THE PRESIDENT, NATIONAL SCIENCE AND TECHNOLOGY COUNCIL, WASHINGTON, D.C. 20502, 1 February 8th, 2012, MEMORANDUM FOR THE NATIONAL SCIENCE & TECHNOLOGY COUNCIL COMMITTEE ON TECHNOLOGY; Aneesh Chopra, US Chief Technology Officer and Associate Director for Technology, Office of Science & Technology Policy. http://fedscoop.com/in-parting-shot-chopra-unveils-open-innovators-toolkit/
  13. ↑ https://www.youtube.com/watch?v=Z68OGci_Zfo&feature=youtu.be&t=22m37s

Further reading

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