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A BUSINESSMAN’S RISK THE CONSTRUCTION OF VENTURE CAPITAL AT THE CENTER OF U.S. HIGH TECHNOLOGY M. R. SAUTER DEPARTMENT OF ART HISTORY AND COMMUNICATION STUDIES MCGILL UNIVERSITY, MONTREAL MAY 2020 A THESIS SUBMITTED TO MCGILL UNIVERSITY IN PARTIAL FULFILLMENT OF THE REQUIREMENTS OF THE DEGREE OF DOCTOR OF PHILOSOPHY ©M.R. SAUTER 2020 !ii TABLE OF CONTENTS ABSTRACT………………………………………………………………………………………..iv RÉSUMÉ……………..……………….………………..……………………………………….…v PREFACE……………..…………………………………………………………………………..vi LIST OF FIGURES….………………….…………………………….…………………………..vii ACKNOWLEDGMENTS……..….……..…………………………………..…………………..…viii INTRODUCTION: AND VENTURE CAPITAL! REMEMBER VENTURE CAPITAL?…………..……..1 LITERATURE REVIEW………………………………………………………………7 THEORIZING THE NEOLIBERAL……………………………………………..….…20 A NOTE ON PRIMARY SOURCES…………………………………………….……32 CHAPTER OUTLINE……………………………….………………………….…..34 MAJOR ACRONYMS AND FINANCIAL CONCEPTS………….…………………..…39 CHAPTER ONE: A PRE-HISTORY OF VENTURE CAPITAL..………..………………………..…41 WILLIAM J. CASEY: A FORGOTTEN FUNDING FATHER?…………..……………..42 PREPARING THE GROUND FOR VENTURE CAPITAL………………………………52 FINDING A HISTORY FOR VENTURE CAPITAL……………………………………67 THE 1973-1975 RECESSION……………………………………………..……….77 ERISA: A PREVIEW………………………………………………………..…….79 CHAPTER TWO: GET THERE FIRST OR GET SHOT DOWN FIRST: THE CASEY TASK FORCE AND THE MAKINGS OF THE CASEY REPORT………………………………………………..…87 CASEY’S NATIONAL VENTURE CAPITAL ASSOCIATION ADDRESS……….………91 THE TASK FORCE’S FIRST MEETING……………………………………………101 THE TASK FORCE’S ORIGINAL INTERESTS………………………………..….…105 OTHER INFLUENCES WITHIN THE ARCHIVE………………………………….…120 CHAPTER THREE: EPITOMIZING AMERICAN FREE ENTERPRISE: THE DIFFUSION OF THE CASEY LIFE CYCLE MODEL…………………………………………………………….….…132 THEORIZING THE MODEL…………………………………………..……..……135 THE MODEL IN THE ARCHIVE………………………………………..…………151 THE MODEL AS COMMON SENSE……………………………………..……..…169 CHAPTER FOUR: “I WOULD VERY MUCH LIKE TO USE YOUR REPORT IN TEACHING MY CLASS”: THE CASEY REPORT’S CIRCULATION IN THE CULTURAL CIRCUIT OF CAPITAL…200 “HE HAS PERSONALLY PASSED OUT OVER A HUNDRED COPIES”..……………203 MEDIA APPEARANCES…………………………………………………………..209 PROFESSIONAL CIRCUITS OF CAPITAL…………………………………………..217 GOVERNMENT CITATIONS AND REFERENCES………………………….………..227 !iii CHAPTER FIVE: EVERY ROTTEN IDEA SINCE ADAM: THE CASEY REPORT AND ERISA REFORM IN VENTURE CAPITAL………………………………………..…………………..….240 THE REPORT’S RECOMMENDATIONS……………………………………………242 IMPACT ON THE DEVELOPING VENTURE CAPITAL INDUSTRY……………..……247 IMPACT BEYOND VENTURE CAPITAL…………………………………….…..…251 THE VENTURE CAPITALIST SHIFTS THE BUSINESSMAN’S RISK BUT KEEPS HIS VALOR………………………………………………………………..…269 THE ROLE OF TASK FORCE MEMBER CHARLES LEA AND NEW COURT EQUITY IN ERISA REFORM………………………………………………….……..272 GOVERNMENT CITATIONS AND REFERENCES……………………………….…..284 CHAPTER SIX: WILLING TO TAKE A BUSINESSMAN’S RISK: SEC RULES 144 & 146 AND FIGURING THE MODERN VENTURE CAPITALIST AS PATRIOTIC RISK-LABORER……….….291 REGULATION A AND SEC RULES 144 AND 146…………………..…….………292 HISTORICIZING VENTURE CAPITAL FROM PERICLES TO POLAROID…………….309 CONCLUSION: FORTY YEARS OF LIMITED IMAGINATION…..…………………………….…350 WORKS CITED:……………………………………………………………….………………..362 !iv ABSTRACT A Businessman’s Risk: The Construction of Venture Capital at the Center of U.S. High Technology is a micro-history of a key, but forgotten, moment in the development of the high technology/finance nexus in the United States. In this dissertation I argue that the Small Business Administration’s Task Force on Venture and Equity Capital for Small Business, established in 1976 and headed by experienced financial attorney and future CIA director William J. Casey, had an outsized impact on the development of modern venture capital and its close associations with the high technology sector. This project examines several sets of policy recommendations made by the Task Force in 1977. These reforms were central in the establishment of the venture capital industry as we know it today. They include reforms to the prudent man rule as applied to pension funds by the 1974 ERISA statute, and SEC Rules 144 and 146 which governed how equity investments could be made. This project also examines the role of the Task Force’s published report in establishing the figure of the venture capitalist as a central player in high technology and normalizing his financial activities in the minds of policymakers, businessmen, and the general public. I argue that the Task Force was a prime mover in establishing this figure and his attendant business narrative as the dominant understanding of how high technology firms developed over time and how the venture capitalist fit into the history of American business. This was achieved through widespread citation of the Report and its conclusion in newspapers, professional publications, and in government hearings on various topics, and through the development of a novel business model that included the venture capitalist and his practices as essential to a firm’s success. The aim of this project is to contribute an empirical, historical account to scholarly attempts to de-naturalize or de-center the venture capital funding model and its attendant ideologies of explosive growth, “disruptive” market dominance and financialized success from the high technology sector. Through this historical account, I argue that there were identifiable events, actions, and individuals responsible for valorizing venture capital, that they were primarily financiers and experienced government bureaucrats located on the East Coast, and that they were invested in the mechanisms and promotion of deregulation and financialization as policy projects with identifiably neoliberal aims, rather than the development of the high technology sector itself. !v RÉSUMÉ A Businessman's Risk: The Construction of Venture Capital at the Center of U.S. High Technology (« Le risque de l'homme d'affaires: La construction du capital de risque au centre du secteur de la haute technologie aux États-Unis ») étudie un moment clé qui a été négligé dans l'historiographie du développement des liens entre le secteur de la haute technologie et celui de la finance aux États-Unis. En 1976, la Small Business Administration (l'administration des petites entreprises) a mis en place un groupe de travail chargé de se pencher sur le capital de risque et les capitaux propres pour les petites entreprises (le Task Force on Venture and Equity Capital for Small Business). Dirigé par William J. Casey – avocat en droit des affaires expérimenté et futur directeur de la CIA – ce comité a exercé une influence énorme sur l'évolution du capital de risque moderne et son association avec le secteur de la haute technologie. Cette thèse constitue une micro-histoire de cette influence. Il s'agit d'une étude des orientations recommandées par le groupe de travail dans son rapport, publié en 1977. Ces réformes ont été au centre de l'établissement du secteur du capital de risque contemporain. Parmi elles, on trouve des modifications du principe de gestion prudente tel que l'appliquait aux caisses de retraite l'acte ERISA (Employee Retirement Income Security Act, 1974). En plus, le groupe a suggéré des changements aux règles 144 et 146 de la Securities and Exchange Commission, qui régissaient l'investissement dans le capital-actions. La thèse examine également le rôle que le rapport du groupe de travail a joué dans l'élaboration de la figure du capital-risqueur. Ce rapport en faisait un acteur clé dans le secteur de la haute technologie, ainsi normalisant ses activités financières aux yeux des décideurs politiques, des hommes d'affaires et du grand public. Le groupe de travail a donc été un élément moteur dans la promotion du discours d'affaires associé au capital-risqueur. Ce discours s'est imposé comme le récit dominant de l'évolution des firmes de haute technologie et du rôle du capital-risqueur dans l'histoire des affaires aux États-Unis. La prédominance de ce discours s'est consolidée par deux voies: la citation généralisée – dans les journaux et les publications professionnelles ainsi que lors d'audiences gouvernementales relatives à divers enjeux – des conclusions du rapport du groupe de travail; et le développement d'un modèle d'affaires qui plaçait le capital-risqueur et ses pratiques au centre de la réussite d'une firme. Cette thèse offre une explication empirique et historique du développement du modèle de financement par capital de risque afin de dénaturaliser celui-ci et l'idéologie qui y est associée et qui prône la croissance explosive, la domination du marché par « disruption » et la réussite financiarisée. Une telle explication historique nous permet de formuler trois conclusions. Premièrement, la valorisation du capital de risque s'est faite au moyen d'événements, d'actions et d'individus repérables. Deuxièmement, la plupart de ces acteurs était des financiers ou des bureaucrates expérimentés qui se trouvaient sur la côte est des États-Unis. Troisièmement, plutôt qu'au développement du secteur de la haute technologie en lui-même, ceux-ci s'intéressaient d'abord à la mécanique et à la promotion de la déréglementation et de la financiarisation comme des projets de politique ayant des fins néolibérales reconnaissables. !vi PREFACE This dissertation is a work of original research solely by the author. No parts have been published previously. !vii LIST OF FIGURES Figure 1: Hamilton, William. “And venture capital! Remember venture capital?” The Now Society. 3 December 1974………………………………………………………………………..1 Figure 2: “Table I ‘Average Annual Growth (Compounded)
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