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Metropolis Desk-
The attention is now on Reed Jobs, the eldest child of billionaire Laurene Powell Jobs and Apple co-founder Steve Jobs. According to the New York Times’ Dealbook, the 31-year-old is starting Yosemite, a venture capital firm that will fund innovative cancer cures. After the Apple co-founder passed away in 2011 from pancreatic cancer-related difficulties, he informed the outlet that his father served as his inspiration for starting the fund.
In his first interview with a news organization, Mr. Jobs told DealBook, “My father was diagnosed with cancer when I was 12.” He explained that as a result, he started concentrating on oncology, beginning with a summer internship at Stanford when he was 15 years old.
According to the New York Times, venture capitalist John Doerr and medical institutions like Memorial Sloan Kettering Cancer Center, The Rockefeller University, and M.I.T. have each contributed $200 million to Yosemite, which was named after the national park where his parents were wed.
The new business Reed Jobs is starting will expand on the work he did before as managing director at the Emerson Collective, his mother’s mission-driven company.
The company will utilize a dual structure approach that combines a for-profit company with a donor-advised fund that will award grants to scientists who can use the funds for their study before returning to Yosemite for venture capital.
Mr. Jobs reportedly stated that his new position at his company will aid scientists in organizing and concentrating their research. “I had never wanted to be a venture capitalist,” he claimed. “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,” the 31-year-old continued.
Source- NDTV
