Georges Doriot

Who is this?

Georges Frédéric Doriot ( dor-EE-oh; 24 September 1899 – 2 June 1987) was a French-born American professor, military officer, venture capitalist. As president of American Research and Development Corporation (ARD), he led the first venture capital firm to raise money from institutional investors rather than family wealth. He has been described as the "father of venture capital." Born in Paris, Doriot emigrated to the United States in 1921 and joined Harvard Business School as a professor of industrial management. Over four decades his "Manufacturing" course trained thousands of students, many of whom became prominent business executives and venture investors. During the Depression he served on roughly twenty corporate boards, gaining practical experience that informed his later investment work. During World War II, Doriot became a naturalized American citizen and served in the Quartermaster Corps, where he directed military procurement research covering technologies from synthetic rubber to rations. He was promoted to brigadier general and received the Distinguished Service Medal. After the war, Doriot led ARD for twenty-five years. The firm's 1957 investment of $70,000 in Digital Equipment Corporation grew to be worth $355 million, demonstrating that institutional venture capital could produce extraordinary returns. ARD also trained a generation of venture professionals who left to found firms including Greylock Partners. Regulatory constraints on compensation under the Investment Company Act of 1940, combined with Doriot's reluctance to plan his succession, eventually forced ARD's merger with Textron in 1972. In 1957, Doriot was instrumental in founding INSEAD, now one of Europe's leading business schools.

Career

1. 1899
   Born
2. 1987
   Passed away

Trivia

• •Place of birth: 17th arrondissement of Paris
• •Citizenship: France, United States
• •Known as: teacher, businessperson