“...I want money to do things that have never been done before,” proclaimed Georges Doriot, almost 75 years ago. His was an era where venture capital (VC) had not yet been defined as an asset class, the world was recovering from the war and backing unprofitable companies seemed like an insane idea. Yet the relatively unknown creator of VC and one of the founding fathers of INSEAD took his risks and laid down the tenets of early-stage investing as we know it today by setting up the “American Research and Development Corporation (ARD)” in 1946, technically the first VC firm. How does the world today match up to the principles of the first venture capitalist?
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