Doriot Quote Of The Day

technology has proved a rewarding field for American Research and Development and is particularly well suited to creative capital investing

From Doriot’s "Creative Capital" speech in Chicago in March 1961 (five months before I was born)

One of Doriot’s great contributions to the practice of venture capital was showing which kinds of companies were well suited to it and which were not. When ARD got started, they invested in stuff like tuna fishing and oil exploration. When the ARD employees left to start their own firms in the mid 60s (most notably Greylock), they were pretty much focused on technology oriented businesses because they’d learned this lesson that Doriot lays out in this quote.