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40Years of Innovation Shaping the Future 40 Years of Innovation If you want to succeed, you should strike out on new paths rather than travel the worn paths of accepted success. John D. Rockefeller, Sr. In the 1930’s, Laurance Rockefeller pioneered early-stage financing by investing in the entrepreneurs of Eastern Air Lines and McDonnell Aircraft. In 1969, Venrock was founded to continue this program of investment and building entrepreneur-backed companies. The legacy of Laurance Rockefeller and Venrock is reflected in 40 great entrepreneurial companies that were built over the past 40 years. These enterprises are shaping how we live today, creating products and services that represent major advancements in technology, healthcare and energy. From companies that created semiconductors and personal computers, secured information technology infrastructure, pioneered on-line advertising and browsers, to biotech firms that charted new advancements in cancer, anti-infectives and auto-immune therapies, to producers of alternate energy, Venrock companies continue to innovate and shape our future. WHAT THEY DO Intel, the world leader in silicon innovation, develops technologies, products and initiatives to continually advance how people work and live. MILESTONES Sector: Semiconductors Founded: 1968 Venrock Funded: 1969 IPO (INTC): 1971 Market Cap as of 12/31/08: $81.5B Number of Employees as of 12/31/08: 83,000 Headquarters: Santa Clara, CA Left to right; Bob Noyce, Gordon Moore Intel’s first 106 employees, 1969 Left to right; Gordon Moore, Bob Noyce in Fab 14 003 _ Intel Gordon Moore Co-founder, former CEO, Chairman and Chairman Emeritus Intel started out looking at just changing the way memories were done in computers. But what really made it revolutionary was the microprocessor. The microprocessor was kind of a lucky break. We were working on making calculator chips for a Japanese company. They wanted us to make several complex custom chips, which was more than our engineering group could handle. One of our engineers saw that we could do all of these calculators with a general purpose computer architecture and it wouldn’t be much more complex than the memories we were making. That was really the breakthrough insight that got us going on the microprocessor. Suddenly, computers weren’t those things stuck in glass rooms that you looked at and that were attended to by some kind of ‘priest’. Shaping the Future, 40 Years of Innovation 15 WHAT THEY DO Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Today, Apple continues to lead the industry in innovation with its award-winning computers, OS X operating system and iLife and professional applications. Apple is also spearheading the digital media revolution with its iPod portable music and video players and iTunes online store, and has entered the mobile phone MILESTONES market with its revolutionary iPhone. Sector: Computers Founded: 1977 Venrock Funded: 1978 IPO (AAPL): 1980 Market Cap as of 12/31/08: $75.9B Number of Employees as of 9/27/08: 32,000 Headquarters: Cupertino, CA Apple Goes on Tokyo Stock Market Mike Markkula with Apple II Left to right; Mike Markkula, Steve Jobs, Jack Wadsworth, Phil Schlein, Apple IPO Party, 1980 16 004 _ Apple Mike Markkula Co-founder, angel investor, former CEO and Chairman One of the things that the original business plan said was that eventually there would be more personal computers in homes than telephones. Today, I think the average number of PCs in a home is about 3 (if you count iPhones and Blackberrys as PCs, and I do). When we started the company, no one had ever heard about a personal computer before. The Apple dream was to bring the power of computing to everyday people. We wanted to make great stuff that we wanted to use – that was the test. If we wanted it, then others would want it. It was a challenge and it was fun. Shaping the Future, 40 Years of Innovation 17 WHAT THEY DO Cellular Communications was engaged in the ownership and operation of regional cellular and telephone systems in Ohio, Michigan, Puerto Rico and nationwide in Italy through the entities of Cellular Communications, Cellular Communications of Puerto Rico and Cellular Communications International (Italy). MILESTONES Sector: Telecommunications Founded: 1981 Venrock Funded: 1982 IPO (COMM): 1989 Cellular Communications acquired by AirTouch in 1996; Cellular Communications of Puerto Rico acquired by SBC in 1999; Cellular Communications International acquired by Olivetti S.p.A. and Mannesmann AG in 1998 Headquarters: New York, NY 1995 Annual Report cover Left to right; Leigh Costikyan Wood, Gregg Gorelick, David F. Schek (seated), J. Barclay Knapp 26 009 _ Cellular Communications George Blumenthal Founder and Chairman The primary reason we became one of only 25 applicants for the original cellular radio- telephone licenses in the USA in 1982 was that we knew that the number of ‘beepers’ Essentially, we met the needs and had gone from 50,000 in 1970 to 1 million in concerns of our customers better than our 1979. To me, this was a leading indicator that competitors – that’s the whole point of our low people wanted to be in touch with one another; customer churn and low dropped calls. Our results thus, we envisioned that there would be a world of demonstrated our success; we always ranked at the two-way communications, not just one-way, and top when compared to our peers. cellular afforded the possibility of ubiquitous two- way communications. Business success is perceiving the needs and concerns of others, developing a mechanism to Everyone may say they are service oriented, but satisfy those concerns with on-going recurrence and we demonstrated that we were, by virtue of our then, basically, marketing the hell out of it. performance in two key customer indicators. We focused on two metrics: provide the widest That’s what it’s all about. geographic, continuous cell coverage with the least dropped calls, and provide the best customer care. Shaping the Future, 40 Years of Innovation 27 Venrock The professionals at Venrock offer a balance of industry expertise, judgment, dedication and integrity that has made the firm an effective partner to entrepreneurial teams since our inception in 1969. By acting as a catalyst for company growth, Venrock delivers results through strategic insight, operating guidance and business development activities. The 25 investment professionals of Venrock bring extensive knowledge and domain expertise to our business-building partnerships with our portfolio companies. Our deep involvement at the board level increases the likelihood and scale of the entrepreneurs’ success. Venrock has invested in 430 companies, 72% in IT and energy sectors and 28% in healthcare; 118 are currently held, 124 resulted in IPOs and 126 were M&A transactions. Venrock’s collaboration with entrepreneurs brings investment returns that have consistently achieved superior performance since 1969. Twenty of our investment team have operational experience and 10 are former entrepreneurs and/or CEOs. Four principals earned Ph.D.s, five are M.D.s, seven were educated as electrical engineers and computer scientists, one is a nuclear engineer, and 14 have M.B.A.s. The team brings 185 collective years experience in venture capital at Venrock. Ultimately, it’s about the investment team working closely with the entrepreneur to shape strategy, build organizations, attract talent and customers, and develop critical industry alliances. Together, Venrock and our entrepreneurs will continue the business of innovation and to shape the future. Venrock Shaping the Future, 40 Years of Innovation 97 Probably the greatest single obstacle to the progress and happiness of the American people lies in the willingness of so many men to invest their time and money in multiplying competitive industries instead of opening up new fields…It requires a better type of mind to seek out and to support or to create the new. 21 John D. Rockefeller, Sr. 100 Laurance Spelman Rockefeller (May 26, 1910 – July 11, 2004) Shaping the Future, 40 Years of Innovation 101.
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