Ruminations on the electronics industry from David Manners, Senior Components Editor on Electronics Weekly.
When A VC Was Too Specific
The premier VC company in Silicon Valley, was started by Eugene Kleiner and Tom Perkins over breakfast at Rickey’s in Palo Alto in 1972.
Each man put up $100,000. The new firm became the first VC tenant of property developer Tom Ford who had built offices on Sand Hill Road.
Early pitches to potential investors were hairy.
Kleiner made the mistake of telling one investor who asked what they’d be investing in that they were looking at a proposal to develop a word-processing typewriter.
“He threw us out,” Kleiner tells David Kaplan in his book ‘The Silicon Boys’, “he didn’t even give us lunch. He thought we’d be crazy to compete with IBM. That was the last time we mentioned a specific idea.”