Reed Jobs, the son of Apple co-founder Steve Jobs, has announced the launch of a new venture capital firm called Yosemite. The firm aims to fund innovative treatments for cancer, the disease that claimed the life of Reed's father. Yosemite has already raised $200 million from investors, including prominent venture capitalist John Doerr, Memorial Sloan Kettering Cancer Center, The Rockefeller University, and M.I.T.
Yosemite is a spin-off of Emerson Collective, a hybrid investment, social impact, and philanthropic firm founded by Steve Jobs' wife, Laurene Powell Jobs, in 2004. The name Yosemite was chosen as a tribute to the national park where Steve and Laurene got married.
While Yosemite will operate as a for-profit business, it also plans to maintain a donor-advised fund. This fund will allow successful projects to become benefactors of other promising ideas in the future, according to the New York Times.
Reed Jobs, who is the health managing director at Emerson Collective, initially had no interest in becoming a venture capitalist. However, he realized the significant impact he could make by incubating and shaping projects in the field of cancer research.
Laurene Powell Jobs, with a net worth of $14.3 billion, has invested a substantial portion of her inherited stock in Apple and Disney into Emerson Collective. After Steve Jobs' death from pancreatic cancer in 2011, Powell Jobs has been dedicated to advancing innovative solutions in the fight against cancer.
Reed Jobs dropped out of pre-med school, where he was studying to become an oncologist, to join Emerson Collective. His new role at Yosemite allows him to continue his passion for cancer research and make a difference in the field.
This announcement has garnered significant attention, highlighting the ongoing commitment of the Jobs family to fighting cancer. With the impressive amount of funding already secured, Yosemite has the potential to drive transformative advancements in cancer treatment and prevention.