Meet the Harvard professor who seeded venture capitalism

Nicholas Carlson · 04/04/08 10:40AM

Between 1970 and 2005, U.S. venture-backed companies created 10 million jobs and produced almost 17 percent of the country's GNP, and according to BusinessWeek editor Spencer Ante, one man is largely responsible for all of that. He is former Harvard Business School professor and "founder of the modern VC industry" Georges Doriot, the subject of Ante's new book Creative Capital. "[Doriot] was the first one to believe there was a future in financing entrepreneurs in an organized way," Lehman Brothers banker Arnold Kroll told Ante. Doriot's disciples went on to found or help run Greylock Partners, Fidelity Ventures and Kleiner Perkins. So now we know whom to blame. Photos from the Creative Capital book launch party held in New York last night, below.

Maggie · 12/06/07 02:30PM

"The Coast Guard has reeled in a record 355,000 pounds of cocaine over the past year... the street value of the drugs seized or removed last year by the Coast Guard equals roughly half the agency's total annual budget, said Commandant Adm. Thad Allen." Which explains why the fine commandant will be selling back the 50 kilos hidden on various parts of his person to some Columbian friends of his later today. Still, it's pretty impressive, given that the Coast Guard basically has no working boats and an inability to purchase working communications systems. [CNN]