We have previously isolated and characterized a multipotent precursor cell (termed SKPs for SKin-derived Precursors) from both rodent and human skin, and have shown that these stem cells share many characteristics with a multipotent stem cell that is found in the embryo termed a neural crest stem cell. Here I will discuss our current work with regard to the basic biology of these stem cells, with a focus on the what, where and why, and on their therapeutic potential with specific regard to the nervous system.