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December 20, 2004
The First Venture Capitalist
Continuing my "casual reading" list, I recently picked up a copy of "The First Venture Capitalist" - a collection of historical materials on General Doriot edited by Udayan Gupta. For those not familiar with General Doriot, he was a professor at HBS who started the first institutional venture fund called ARD (American Research and Development).
His most successful deal was DEC. He provided a seed round of $70,000 (yes you read it right, seventy thousand dollars) to Ken Olsen and the rest as they say is history. General Doriot was a true gentleman. He never collected fees or carry on his funds and actually never made money on DEC himself. He believed that the process of funding innovative companies and creating jobs was patriotic and was its own reward.
In these days of Billion dollar funds and executive pay gone crazy, thank you General Doriot for thinking big and thinking long term. Your legacy lives on . . .
Posted by Venky Ganesan at 10:47 PM in Books | Permalink
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