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Shaping the Future; 40 Years of Innovation reflects the 40 years of Venrock\'s history. The legacy of Laurance Rockefeller and Venrock is told through the profiles of 40 great entrepreneurs and their companies that were built over the past 40 years. Evy M. Smith served as editor of this insipiring review.
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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.
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.
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10
MILESTONES
Sector: Thermodynamics
Founded: 1956
Funded by Laurance Rockefeller: 1960
IPO (TMO): 1968
Merger with Fisher Scientific: 2006
Market Cap as of 12/31/08: $14.9B
Number of Employees as of 12/31/08: ~30,000
Headquarters: Waltham, MA
001 _ Thermo Electron
WHAT THEY DO
Thermo Electron provides technology-based instruments, components and systems that offers total solutions for markets ranging from life sciences to telecommunications to food, drug and beverage production.
Today, the merged company of Thermo Fisher Scientific is the
world leader in scientific instruments, enabling customers to
make the world healthier, cleaner and safer.
George Hatsopoulos, 1985
Left to right; George Hatsopoulos, Henry Ford, Laurance Rockefeller
Shaping the Future, 40 Years of Innovation 11
To my knowledge, Thermo Electron is the only company in the United States or abroad that was for over 40 years a combination of an industrial firm and a venture capital firm. Our charter was not only to grow and expand our business but also to create new ventures in many disparate technology fields. As a result, we created 23 publicly traded corporations making products ranging from the first implantable mechanical heart to analytical instruments, large biomass electric power plants, environmental monitoring instruments, mammography equipment, cogeneration equipment that produce both electricity and heating from the same fuel, and many others.
The reason I am interested in science and engineering is because I feel intuitively that this was the way to help the world. I wanted to do something concrete. The only way to do it was not just invent something or develop a new theory, but to apply it.
The other impact of Thermo Electron was the culture. It was well known over the years that Thermo was more like a family than a business. When I retired in 2000, we had 26,000 employees and they were all part of the family.
George HatsopoulosFounder, former CEO, Chairman
and Chairman Emeritus
12
MILESTONES
Sector: Enterprise Infrastructure
Founded: 1968
Venrock Funded: 1969
IPO (ESCC): 1978
Number of Employees as of 12/31/08: 127
Headquarters: Salt Lake City, Utah
002 _ Evans & Sutherland
WHAT THEY DO
Evans & Sutherland is the world’s first computer graphics company and has developed and advanced computer graphics technology for almost four decades. Focusing primarily on digital planetariums and digital cinemas worldwide, E&S is now the world’s only turnkey provider of a complete digital theater.
Left to right; Ivan Sutherland, Dave Evans with LDS1, 1969 1
Left to right; Ivan Sutherland, Dave Evans 1
Shaping the Future, 40 Years of Innovation 13
We were fortunate to have started the company while David and I were professors at the University of Utah because it gave us a front row seat to the best computer graphics research in the world. In fact, the research of many graduate students led to a commanding lead in understanding the best ways to make realistic images. We were able to pioneer the use of computer generated images for the training of pilots and set the standard for the FAA approval of training devices.
My real passion is developing new knowledge in conjunction with young people, watching as it is put to practical use and as it makes new industry possible.
Ivan SutherlandCo-founder
Ivan Sutherland, 1969 1
14
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
003 _ Intel
WHAT THEY DO
Intel, the world leader in silicon innovation, develops technologies, products and initiatives to continually advance how people work and live.
Left to right; Bob Noyce, Gordon Moore
Left to right; Gordon Moore, Bob Noyce in FabIntel’s first 106 employees, 1969
Shaping the Future, 40 Years of Innovation 15
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’.
Gordon MooreCo-founder, former CEO, Chairman and Chairman Emeritus
16
MILESTONES
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
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
market with its revolutionary iPhone.
004 _ Apple
Left to right; Mike Markkula, Steve Jobs, Jack Wadsworth, Phil Schlein, Apple IPO Party, 1980
Apple Goes on Tokyo Stock Market
Mike Markkula with Apple II
Shaping the Future, 40 Years of Innovation 17
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.
Mike MarkkulaCo-founder, angel investor, former CEO and Chairman
18
MILESTONES
Sector: Computer Networks
Founded: 1979
Venrock Funded: 1981
IPO (COMS): 1984
Market Cap as of 12/31/08: $926M
Number of Employees: ~6,000
Headquarters: Marlborough, MA
WHAT THEY DO
3Com provides secure, converged networking solutions on a global scale to businesses of all sizes. The company’s products form integrated solutions and function in multi-vendor environments.
005 _ 3Com
Bob Metcalfe’s early Ethernet design
Shaping the Future, 40 Years of Innovation 19
At MIT and Xerox PARC, I was taught that you can, on purpose, invent things. And you can, on purpose, look out into the future and guess what it will be.
Back in the early 1970s and 1980s, the idea of personal computers was new. And there were incomplete notions of the personal computer – some famous people thought wrongly that PCs would stand alone – didn’t need to be networked. Where others were confused about what the computing and communication future would look like, having been on the Internet at MIT and Xerox PARC with PCs and Ethernet, we had a clear vision of the PC future, and we went straight at it. We focused on Ethernet for PCs, and when PCs arrived, we were ready.
I lucked into the Silicon Valley innovation machine, and 3Com benefited from that. I went off to start a company because that is what you did when you worked in Silicon Valley. Another reason Ethernet won is that it fell into the Valley innovation culture. Everything – mentors, money, tradition – was all there ready and waiting. God Bless America.
Bob MetcalfeEthernet inventor and 3Com founder, former 3Com CEO, Chairman, VP Engineering, VP Sales and Marketing and Division GM several times over
20
MILESTONES
Sector: Biotechnology
Founded: 1979
Venrock Funded: 1980
IPO (CNTO): 1982
Acquired by Johnson & Johnson (JNJ): 1999
Number of Employees: ~4,000
Headquarters: Horsham, PA
WHAT THEY DO
Centocor is an integrated biopharmaceutical company developing monoclonal antibody-based products for cardiovascular and autoimmune diseases, cancer and inflammation.
006 _ Centocor
Left to right; Michael A. Wall, Hubert J.P. Schoemaker, PhD, Michael Jaugey, Anthony Evnin, PhD.
Shaping the Future, 40 Years of Innovation 21
I have always been intrigued with the possibilities that open up when new scientific discoveries are made. In the case of Centocor, the discovery we took advantage of was the capability of producing monoclonal antibodies in a laboratory and in large quantities. The challenge was to find applications for monoclonal antibodies. We were able to accomplish this and developed a number of significant products, both diagnostic and therapeutic.
I have been fortunate to work with Venrock for over four decades. Together, we have built several successful companies.Venrock has been a great partner.
Michael WallCo-founder and CEO
22
MILESTONES
Sector: Computers
Founded: 1980
Venrock Funded: 1980
IPO: 1983
Acquired by HP (HPQ): 1989
Headquarters: Chelmsford, MA
WHAT THEY DO
Apollo Computer developed and produced Apollo/Domain workstations and instruments. Apollo was one of the first vendors of graphical workstations.
007 _ Apollo Computer
Apollo brochure
Shaping the Future, 40 Years of Innovation 23
Apollo Computer was not the first work station company, but we were the first one to be successful, to rise rapidly in the marketplace and go public. It certainly made an important difference in the engineering community, for both mechanical and electrical computer aided design.
We were able to succeed because we had a bunch
of people who knew what they were doing and could see around corners. But I think we also have to give ample credit to the fact that we were at the right place, just at the right time. It’s unwise to
get too un-humble about these things, because it’s an awful lot of luck and good timing.
I thought that it was great at MIT, earning my degrees and when I went onto the faculty for awhile, but that was just junior high compared to the venture game. It’s a lot of fun.
Bill PoduskaFounder and CEO
24
MILESTONES
Sector: Biotechnology
Founded: 1980
Venrock Funded: 1980
IPO (GENI): 1987
Acquired by Wyeth Pharmaceuticals (WYE): 1996
Headquarters: Cambridge, MA
WHAT THEY DO
Genetics Institute was a biotechnology firm engaged in research, development and commercialization of biopharmaceuticals.
The major products on the market were for the treatment of
hemophilia, anemia and bone growth. The company was acquired
by one of its corporate partners, Wyeth, in December, 1996,
forming the core of their biotech business.
008 _ Genetics Institute
Shaping the Future, 40 Years of Innovation 25
At the start, the heart of the company was an unusually productive and very highly regarded discovery scientist group. As time went on, we added product development and manufacturing capabilities, combined with some pretty good business deals and financing strategies to build a solid company with product sales and even profits (a rare event in those days in biotech!). We always felt that the right formula for success in the high-risk biotech industry lies in excellent science, combined with conservative business practices.
Prior to GI, my first ‘real’ job was at Baxter Healthcare run by Bill Graham, a unique entrepreneur. He believed in decentralization and delegation of responsibility. I spent 14 years there building and managing businesses. This was great training for my eventual CEO role at GI and I loved it in both places. These were the only two jobs I ever had.
Gabriel SchmergelCEO
26
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
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).
009 _ Cellular Communications
1995 Annual Report cover
Left to right; Leigh Costikyan Wood, Gregg Gorelick, David F. Schek (seated), J. Barclay Knapp
Shaping the Future, 40 Years of Innovation 27
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’ had gone from 50,000 in 1970 to 1 million in 1979. To me, this was a leading indicator that people wanted to be in touch with one another; thus, we envisioned that there would be a world of two-way communications, not just one-way, and cellular afforded the possibility of ubiquitous two-way communications.
Everyone may say they are service oriented, but we demonstrated that we were, by virtue of our performance in two key customer indicators.We focused on two metrics: provide the widest geographic, continuous cell coverage with the least dropped calls, and provide the best customer care.
Essentially, we met the needs and concerns of our customers better than our competitors – that’s the whole point of our low customer churn and low dropped calls. Our results demonstrated our success; we always ranked at the top when compared to our peers.
Business success is perceiving the needs and concerns of others, developing a mechanism to satisfy those concerns with on-going recurrence and then, basically, marketing the hell out of it.
That’s what it’s all about.
George BlumenthalFounder and Chairman
28
MILESTONES
Sector: Industrial Automation
Founded: 1981
Venrock Funded: 1982
IPO (CGNX): 1989
Market Cap as of 12/31/08: $585M
Number of Employees as of 12/31/08: 1,000
Headquarters: Natick, MA
WHAT THEY DO
Cognex designs, develops, manufactures and markets machine vision systems, or computers, that can “see”.
When Cognex was founded (1981), machine vision was just
a laboratory curiosity. Cognex was one of the companies
that pioneered and developed commercial applications for
this technology. They helped create an industry that today
generates hundreds of millions in annual revenue and
supports many diverse businesses. With nearly half a million
vision systems installed worldwide, Cognex today is the major
supplier of vision systems to factories around the world.
010 _ Cognex
2003 Annual Report cover
Dr. Bob and Dataman
Shaping the Future, 40 Years of Innovation 29
Cognex survived and prospered because of a unique combination of business and technical acumen – it takes both to be a success. From the first day, Cognex focused on products that could be developed in under a year and had large market potential.
I started my own company because I wanted to have a place to go to work each day where I would be surrounded by smart, hardworking and energetic people who enjoyed the process of working together as a team to accomplish something meaningful. And, Cognex is THAT place for me and for our nearly 1,000 Cognoids!
Dr. Bob ShillmanFounder, CEO and Chairman
30
MILESTONES
Sector: Computer Software
Founded: 1981
Venrock Funded: 1981
IPO (MENT): 1984
Market Cap as of 12/31/08: $478M
Number of Employees as of 12/31/08: 4,450
Headquarters: Wilsonville, OR
WHAT THEY DO
Mentor Graphics is a world leader in electronic hardware and software design solutions, providing products, consulting services and support for the world’s most successful electronics and semiconductor companies.
011 _ Mentor Graphics
Left to right, back row; Dave Moffenbeier, Charlie Sorgie, Steve Swerling, Tom
Bruggere, Jack Bennett. Left to right, front row; Gerry Langeler, Rick
Samco, Ken Willett, John Stedman
Left to right; Dave Moffenbeier, Gerry Langeler, John Stedman carrying out product for shipment
Shaping the Future, 40 Years of Innovation 31
We created a whole new industry back in the early 80’s which was Electronic Design Automation for the engineer’s desktop. We chose to concentrate on making computer software, not hardware, which set us apart from the other early competitors. Venrock helped us create the critical relationship with Apollo Computer, our first computer supplier, and also open important doors for us that we would not have been able to do by ourselves.
Personally, I like creating things; I like the creative activity of starting a company – the challenges of building something out of nothing. I like working with new ideas and inventions with passionate, committed people. For me, this is much more rewarding than the traditional corporate setting.
Tom BruggereCo-founder, former CEO and Chairman
Tom at Child Development Center, Mentor Graphics campus, Wilsonville, OR
32
MILESTONES
Sector: Life Science Technology
Founded: 1983
Venrock Funded: 1984
IPO (IDXX): 1991
Market Cap as of 12/31/08: $2.15B
Number of Employees: ~4,500
Headquarters: Westbrook, Maine
WHAT THEY DO
IDEXX is a world leader in providing new products and technologies to improve the practice of veterinary medicine, the health of animals and the quality of food and water.
012 _ IDEXX
Shaping the Future, 40 Years of Innovation 33
IDEXX was founded in the mid-80s with a goal of harnessing a new generation of technology to transform veterinary diagnostics, both in clinics and at point-of-care in the field. After achieving that goal, we applied that same technology to change testing for contaminants in food and water. Today, customers in both industries say they cannot imagine life without our products, and that’s incredibly rewarding for the IDEXX team.
Other companies have tried to be important players in our markets, but IDEXX dominates the business. What sets IDEXX apart and helped us emerge as a global leader is the company’s intense focus and total commitment to our customers. From the beginning, we aimed to be high value-added partners with our customers, understanding their unique needs so that we could deliver great solutions to meet important needs. We weren’t always the first to market in new product categories, but the record clearly shows that we were the best.
David E. ShawFounder and former CEO
34
MILESTONES
Sector: Pharmaceutical
Founded: 1984
Venrock Funded: 1985
IPO (SEPR): 1991
Market Cap as of 2/19/09: ~$1.75B
Number of Employees as of 2/19/09: 2,081
Headquarters: Marlborough, MA
WHAT THEY DO
Committed to Improving Health Through Innovation, Sepracor is a research-based pharmaceutical company dedicated to treating and preventing human disease by discovering, developing and commercializing innovative pharmaceutical products that are directed toward serving large, growing markets and unmet medical needs.
Sepracor’s drug development program has yielded a portfolio of
pharmaceutical products and candidates with a focus on respiratory
and central nervous system disorders.
013 _ Sepracor
Shaping the Future, 40 Years of Innovation 35
In 2007, I assumed the role of President and Chief Executive Officer of Sepracor, succeeding its founder and current chairman, Timothy Barberich. At that time, I inherited a company for which I had a great deal of respect and admiration.
Founded on the premise that chiral drugs could, in essence, be divided into two or more ‘parts’ and that certain of these parts could be brought to the market as new medicines with the possibility for reduced side effects, greater potency or new indications. Sepracor was a pioneer in what is today a widely accepted approach to drug development throughout the industry.
Today, Sepracor has evolved beyond its roots in chiral chemistry into a fully integrated, research-based pharmaceutical company with six products on the market, a deep and robust pipeline of pharmaceutical candidates and the depth and experience of a talented and professional workforce that I am proud to lead.
Adrian AdamsPresident and CEO
36
MILESTONES
Sector: Biotechnology
Founded: 1985
Venrock Funded: 1986
IPO (IDPH): 1991
Merger with Biogen (BIIB): 2003
Market Cap as of 12/31/08: $13.54B
Number of Employees as of 12/31/08: 4,200
Headquarters: Cambridge, MA
WHAT THEY DO
IDEC Pharmaceuticals focuses on the commercialization and development of targeted therapies for the treatment of cancer and autoimmune diseases. IDEC Pharmaceuticals was founded in 1985 and merged with
Biogen in 2003, to create Biogen Idec. Today, the company is
a global leader in the discovery, development, manufacturing
and commercialization of innovative therapies. Patients in more
than 90 countries benefit from Biogen Idec’s significant products
that address diseases such as lymphoma, multiple sclerosis and
rheumatoid arthritis.
014 _ IDEC Pharmaceuticals
IDEC employees, 1997
Shaping the Future, 40 Years of Innovation 37
Rituxan became the first monoclonal antibody to be approved by the US Food and Drug Administration for the treatment of cancer. This monoclonal has really revolutionized the way that lymphoma and leukemia are treated; in fact, it’s providing outright cures for some fraction of patients with aggressive lymphomas.
We weren’t the first to try antibodies in cancer. We were able to apply the learnings and teachings from others who had gone as much as a decade before us. We applied the learnings in a way that provided a unique solution. Interestingly, we did it at a time when antibodies were completely discredited because of the earlier failures. The combination
of the people and luck and insight and the wind at our backs all contributed to our success.
Being an entrepreneur is about taking intelligent risks. It is about thinking outside the box and doing things that other people dislike, distrust or do not understand. That is the essence of entrepreneurship.
Bill RastetterPresident, CEO and Chairman,
IDEC Pharmaceuticals,Former Executive Chairman,
Biogen Idec
38
MILESTONES
Sector: Biotechnology
Founded: 1986
Venrock Funded: 1986
IPO (ATHN): 1991
Acquired by Elan Corporation (ELN): 1996
Headquarters: South San Francisco, CA
WHAT THEY DO
Athena Neurosciences manufactured diagnostic and therapeutic products for diseases of the nervous system.
015 _ Athena Neurosciences
Left to right, back row; Michael D. Coffee, Lisabeth F. Murphy, Lawrence C. Fritz, Ph.D, Matthew A. Megaro;
Left to right, front row; Jan D. Wallace, M.D., Paulette E. Setler, Ph.D., Ivan M. Lieberburg, Ph.D.
From 1992 Annual Report
Shaping the Future, 40 Years of Innovation 39
We had quite a novel strategy of being a neurological disease focused company – from discovery, through development, through marketing – combining all these disciplines to form an independent micro-pharma company.
Our scientific strategy was to use molecular biology to uncover the pathology of neurological diseases and discover drugs that could beneficially change the pathology and outcome of diseases like multiple sclerosis and Alzheimer disease. This had not been done before, at that time.
Athena, and now Elan, was and is strongly focused on neurological disease.
John GroomFormer CEO
40
MILESTONES
Sector: Communications Technology
Founded: 1986
Venrock Funded: 1986
IPO (STRM): 1992
Acquired by Cisco (CSCO): 1996
Headquarters: San Jose, CA
WHAT THEY DO
StrataCom developed, delivered and supported FastPacket networking systems for ATM applications in private wide area networks and public carrier service offerings, such as Frame Relay, ATM and Internet.
StrataCom’s family of products, including IPX(R), IGX, BPX, AXIS,
FastPAD and EdgeConnect, were used to integrate and transport a
wide variety of corporate information, including voice, data, video,
image and multimedia traffic in narrowband to broadband ATM
network applications. The StrataCom family of products provides
an integral role in the current Cisco family of services.
016 _ StrataCom
Left to right; Geof Kirsch, Alex Mendez, Scott Kriens, Dick Moley, Sanjay Subhedar, 1993
Shaping the Future, 40 Years of Innovation 41
We pioneered two technologies, ATM and frame relay, creating a platform that allowed voice and data communications to merge. In fact, this platform exists today as the largest networks in the world run on Cisco-StrataCom equipment.
A key parameter for us at StrataCom was to attract and retain great people, creating an environment where they thrived. We had an almost maniacal passion, a commitment, a determination and significant conviction that we could change the world with our technology. Add in enduring optimism, grittiness, stamina and luck, and that’s why we succeeded. We were fortunate to have many talented people at the same place at the right time.
Sanjay SubhedarCFO
Dick MoleyPresident, CEO and Chairman
Alex MendezVice President, Marketing
42
MILESTONES
Sector: Energy Technology
Founded: 1987
Venrock Funded: 1987
IPO (AMSC): 1991
Market Cap as of 12/31/08: $706M
Number of Employees as of 12/31/08: 487
Headquarters: Devens, MA
WHAT THEY DO
AMSC has the energy technologies to significantly impact how effectively and efficiently we generate, transmit and consume electrical power.
American Superconductor offers an array of proprietary technologies
and solutions spanning the electric power infrastructure – from
generation, to delivery, to end use. The company is a leader in
alternative energy, providing proven, megawatt-scale wind turbine
designs and electrical control systems. The company also offers
a host of Smart Grid technologies for power grid operators that
enhance the reliability, efficiency and capacity of the grid, and
seamlessly integrate renewable energy sources into the power
infrastructure. These include superconductor power cable systems,
grid-level surge protectors and power electronics-based voltage
stabilization systems. AMSC’s technologies are protected by a broad
and deep intellectual property portfolio consisting of hundreds of
patents and licenses worldwide.
017 _ American Superconductor
Superconductor wire “running rings” around copper
Shaping the Future, 40 Years of Innovation 43
Our persistence has been the key to our success. It has allowed us to optimize our development cycle of transferring our advanced material from the lab to the manufacturing floor, to the market place and to customer adoption.
American Superconductor has managed to turn brittle ceramic materials into robust superconductor wires that can be utilized in many electrical applications, including power cables that eliminate choke points in power grids, 50,000 horsepower
superconductor ship propulsion motors for the U.S. Navy and even superconductor wind turbines.
It’s been a terrific 22 years. We’ve been constantly creating, adapting and changing directions as we developed our technologies, products and solutions and learned more and more from our customers. And through it all it’s been very gratifying to know that what we are doing is bringing valuable new energy solutions to the world.
Greg YurekFounder and CEO
Superconductor wire “running rings” around copper
44
MILESTONES
Sector: Biotechnology
Founded: 1987
Venrock Funded: 1988
IPO (GILD): 1992
Market Cap as of 12/31/08: $46.6B
Number of Employees as of 12/31/08: 3,400
Headquarters: Foster City, CA
WHAT THEY DO
Gilead Sciences is a research-based biopharmaceutical company that discovers, develops and commercializes innovative medicines in areas of unmet need. The company’s mission is to advance the care of patients suffering from life-threatening diseases worldwide.
018_ Gilead Sciences
Shaping the Future, 40 Years of Innovation 45
Gilead focuses on therapeutics with the potential to improve the care of patients with unmet medical needs. For HIV, we have revolutionized the way the disease is treated by developing once-daily therapies with better efficacy, safety and resistance profiles. This simplified approach to HIV treatment has brought more individuals into care and has helped transform HIV infection into a long-term treatable disease.
These products would not exist today without the help of many institutions, including Venrock, which provided funding important to the growth of our company.
We owe our continued success to good science, our focus on doing a few things at a time and doing them well, and our inspired team of individuals. For the future, we will leverage our expertise in viral diseases in other therapeutic areas, including cardiovascular and respiratory diseases.
John C. Martin, Ph.D.Chairman and CEO
John F. Milligan, Ph.D.President and COO
46 019 _ Polycom and 2Wire
WHAT THEY DO
2Wire provides integrated broadband solutions engineered for the carrier and optimized for the subscriber, creating intuitive, reliable user experiences throughout the connected home.
Sector: Telecommunications
Founded: 1990
Venrock Funded: 1992
IPO (PLCM): 1996
Market Cap as of 12/31/08: $1.12B
Number of Employees as of 12/07: 2,478
Headquarters: Pleasanton, CA
WHAT THEY DO
Polycom develops, manufactures and markets a full range of premium-quality, media-rich communication tools and network access solutions.
Sector: Telecommunications
Founded: 1998
Venrock Funded: 1998
Number of Employees as of 12/31/08: 1,000
Headquarters: San Jose, CA
Residential gateways shipped to date: 25 million
Left to right, front row; Brad Kayton, Brian Hinman, Pat Romano, Tom Spalding
Shaping the Future, 40 Years of Innovation 47
At Polycom, our success was based on a belief of mixing and matching audio, data and video communication technologies to address the specific needs of a business. With this approach, we were able to deliver the most cost effective solutions that allowed for closer collaboration. The SoundStation, as an example, became the iconic speakerphone, as we were the first company to identify and fulfill the need for a great full-duplex speakerphone in conference rooms.
We recently reviewed our original business plan for 2Wire, and eleven years later, we have realized our original vision. It hadn’t changed. When we started 2Wire in 1998, consumer broadband penetration was at 1% in the US, and the market focus was on dial-up Internet access displacement. We envisioned a future of video, data and voice services over
the two-wire phone line that comes into every home. By partnering with the telephone companies, we had the goal of ‘delivering the digital lifestyle’. Today, 2Wire is the largest provider of xDSL customer premise equipment in the world, and the sole provider of residential gateways and back-end management systems for triple-play services such as AT&T’s Uverse.
Brian HinmanCo-founder and former CEO, Polycom;
Co-founder, former President and CEO, 2Wire
48
MILESTONES
Sector: Computer Software
Founded: 1990
Venrock Funded: 1991
IPO (SPYG): 1995
Acquisition by OpenTV (OPTV): 2000
Number of Employees at Acquisition: ~300
Headquarters: Naperville, IL
020 _ Spyglass
WHAT THEY DO
Spyglass developed and licensed embedded software technologies to enable other companies to leverage the Internet-World Wide Web.
Spyglass was a leading provider of strategic Internet consulting,
software and professional services that enable content providers,
service operators and device manufacturers to capitalize on the
potential of the Internet. The company’s technologies enabled
Web connectivity through highly scalable, embedded browsers
and servers, and provide performance enhancements, content
conversion and extraction through server-based solutions.
1997 Annual Report cover
Shaping the Future, 40 Years of Innovation 49
Spyglass was influential as an early pioneer in the World Wide Web and the first Internet software company to conduct a successful IPO.
Prior to the Web, we were developing image analysis software for scientists and astrophysicists. One of our early customers was Tim Berners-Lee, the creator of the World Wide Web paradigm. Through Tim’s efforts we immediately recognized the World Wide Web would dramatically change communications and commerce on a global basis. We went on to provide embedded
technologies to companies so they could make any device Web-enabled. We were able to help large brand name companies like Microsoft leverage the tremendous opportunities afforded by the World Wide Web.
For a serial entrepreneur involved with multiple start up companies today, it is hard to imagine there will be another technological development as impactful as the World Wide Web. However, I find the great entrepreneurs keep searching for those new breakthrough opportunities, regardless of the odds.
Doug ColbethCEO
50
MILESTONES
Sector: Security
Founded: 1993
Venrock Funded: 1995
IPO (CHKP): 1996
Market Cap as of 12/31/08: ~$4.5B
Number of Employees as of 12/31/08: ~2,000
US Headquarters: Redwood City, CA
International Headquarters: Tel Aviv, Israel
021 _ Check Point
WHAT THEY DO
Check Point is the leader in securing the Internet.
Check Point offers total security solutions featuring a unified
gateway, single endpoint agent and single management
architecture, customized to fit customers’ dynamic business
needs. This combination is unique and is a result of leadership
and innovation in the enterprise firewall, personal firewall/
endpoint, data security and VPN markets.
Left to right; Marius Nacht, Gil Shwed, Shlomo Kramer, 2003
Shaping the Future, 40 Years of Innovation 51
In 1993, when the Internet revolution just started, Check Point was among the earliest companies to identify the immense potential of the Internet and foresaw the advantages businesses could gain by using the Internet securely. We entered the market with a breakthrough technology that, within a few years, became the de-facto standard in Internet security.
In a short time, Check Point became the worldwide leader in Internet security and maintains its leading position after all these years by continuing to develop innovative solutions that address the evolving needs of our customers.
Gil ShwedCo-founder, Chairman and CEO
52
MILESTONES
Sector: Biotechnology
Founded: 1993
Venrock Funded: 1993
IPO (MLNM): 1996
Acquired by Takeda Pharmaceuticals (TSE:4502): 2008
Number of Employees as of 12/31/08: ~1,100
Headquarters: Cambridge, MA
022 _ Millenium Pharmaceuticals
WHAT THEY DO
Millennium Pharmaceuticals was established in 1993 as a genomics company, applying world-class molecular biology and genomic technologies to the discovery and development of new therapies in a broad spectrum of diseases.
A Millennium scientist examines cultures in a discovery laboratory. 2
Shaping the Future, 40 Years of Innovation 53
We founded Millennium based on the genomic revolution – identifying the right target for the right disease for the right person. We had a major impact on how people think about personalized medicine; we were certainly one of the first companies to talk about integrated drug discovery, bio-markers and personalized medicine. As the company evolved, we developed a very important cancer drug (VELCADE) which today has over $1B sales world wide. And most importantly, VELCADE is making a great difference in many people’s lives.
In order to accomplish what we did, we hired great people and we created a culture where great people can do great things. That’s what we did better than anything. We are also very proud of the fact that today there are thirty CEOs, CSOs and VC’s in the Cambridge area that grew up at Millennium.
For me, I love the biology. It’s just the idea of bringing people together to do things that have never been done before. I think that’s the most exciting thing that a person can do.
Mark LevinFounder, former President, CEO and Chairman
54 023 _ Award Software
WHAT THEY DO
Award Software provides system enabling and management software solutions for personal computers and embedded systems.
In 1998, Award merged with Phoenix Technologies. Together,
the company’s products and services are revolutionizing the
PC user experience by delivering unprecedented performance,
security, reliability, continuity and ease-of-use. MILESTONES
Sector: Computer Software
Founded: 1994
Venrock Funded: 1995
IPO (AWRD): 1996
Award and Phoenix (PTEC) merger: 1998
Number of Employees: 575
Headquarters: Milpitas, CA
Comdex Show in 1997
Award and Phoenix post merger
Shaping the Future, 40 Years of Innovation 55
In 1996, after Award went public,we were the largest desktop BIOScompany, while Phoenix Technologieswas the largest laptop BIOScompany. Later the merger of the twostrengthened the position in the veryimportant software space where everyPC needed a copy of our software.At Award, we were aware of theenvironmental impact and the need toconserve energy when the PCs werenot being used, as requested by USEPA. We were the first to producegreen BIOS that would shut off thecomputer not in use. After the merger,the combined company added othergreen technology features, includingACPI (Advanced ConfigurationPower Interface). We helped toestablish the standards. Today,almost all PC manufacturers haveadopted it. Phoenix and Award nowship over 130 million copies ofBIOS software annually worldwide.
George HuangCEO and Chairman of Award,
former Vice-Chairman of Phoenix
56 024 _ DoubleClick
WHAT THEY DO
DoubleClick is a provider of digital marketing technology and services.
The world’s top marketers, publishers and agencies utilize
DoubleClick’s expertise in ad serving, rich media, video, search
and affiliate marketing to help them make the most of the
digital medium. From its position at the nerve center of digital
marketing, DoubleClick provides superior insights and insider
knowledge to its customers.MILESTONES
Sector: Digital Media
Founded: 1995
Venrock Funded: 1997
IPO (DCLK): 1998
Acquired by Google (GOOG): 2008
Headquarters: New York, NY
Left to right; Kevin Ryan, Dwight Merriman, Kevin O’Connor
Shaping the Future, 40 Years of Innovation 57
The great thing about the Internet is that it’s information for free and it’s readily available to anyone in the world. And this collective knowledge is primarily based on advertising and if the advertising didn’t work, then the Internet would never work as it does now.
DoubleClick played a key role in creating the advertising infrastructure that allowed websites to monetize their inventory. Without this economic model, there wouldn’t be hundreds of thousands, millions of content sites out there.
We were able to make an impact, first because Dwight created a piece of technology as the core underlying infrastructure that was fundamentally better than whatever anyone else had created. And second, we focused on how to solve our customers’ problems in
the best and most efficient way. We didn’t want to simply establish good market share, but rather dominate market share in every market or country we operated. Finally, in hiring, we preferred raw talent – intelligence and competiveness – then skills. The combination of our technology, our customer solutions and our team equaled unrivaled success.
And finally, we always had fun – what good is life without fun?
Kevin O’ConnorCo-founder, former CEO and Chairman
Kevin RyanPresident and CEO
Dwight MerrimanCo-founder and CTO
58 025 _ athenahealth
WHAT THEY DO
athenahealth is a leading provider of Internet-based business services for physician practices.
The company’s service offerings are based on proprietary Web-
native practice management and electronic medical record (EMR)
software, a continuously updated payer knowledge-base and
integrated back-office service operations.
MILESTONES
Sector: Healthcare IT
Founded: 1997
Venrock Funded: 1999
IPO (ATHN): 2007
Market Cap as of 12/31/08: $1.25B
Number of Employees as of 12/31/08: 888
Headquarters: Watertown, MA
2001 company retreat
1998 Celebration
Shaping the Future, 40 Years of Innovation 59
We actually believe that the path to maximization of business value is the maximization of social value. They really are a double helix; they are one and the same. We wanted to build a company that proved this double helix, and we think that we have.
Our success comes from sitting at the intersection of three things. First, we were getting our butts kicked by a host of billing and operational problems that afflicted our original business model – managing OB clinics – which gave us an intimate knowledge of the issues facing physician practices. Secondly, we recruited this spectacular team that is normally not the kind of brain power that you would put on something that is considered as prosaic as medical billing and practice operations. Finally, we happened to do the first two when the Internet was becoming mature enough to harness as part of the solution.
There is a significant chunk of this success that is driven by grace, serendipity, things that make us profoundly grateful for this company... for what it’s been able to do to help people and what it will do. It’s truly a gift, and we’re grateful for it every day.
Jonathan BushCo-founder, CEO, President and Chairman
Todd ParkCo-founder and Board member
60 026 _ Illumina
WHAT THEY DO
Illumina develops, manufactures and markets a full range of next-generation life science tools and technologies enabling researchers to comprehensively study both human and non-human species for genetic variation and biological function.
MILESTONES
Sector: Biotechnology
Founded: 1998
Venrock Funded: 1998
IPO (ILMN): 2000
Market Cap as of 12/31/08: $3.22B
Number of Employees as of 12/31/08: ~1,500
Headquarters: San Diego, CA
Genome Analyzer
Shaping the Future, 40 Years of Innovation 61
Illumina promises to change the way we manage our healthcare. In the last few years alone, we’ve made tremendous progress with high-throughput genetic analysis products. Particularly, researchers now have the ability to sequence organisms beyond humans, and do it very, very inexpensively. Studies that were unimaginable just a few years ago are now possible, and helping to change the world with improved health care, optimized food sources and smarter conservation.
That’s our goal… to help revolutionize medicine.
John Stuelpnagel, D.V.M.Co-founder and Fellow
Jay FlatleyPresident and CEO
62 027 _ Ironwood
WHAT THEY DO
Ironwood is an entrepreneurial pharmaceutical company dedicated to creating, developing and commercializing innovative human medicines.
Linaclotide, Ironwood’s first-in-class compound, is being
evaluated in a comprehensive Phase 3 clinical program for
the treatment of irritable bowel syndrome with constipation
and chronic constipation. Their discovery efforts have
produced a promising pipeline of new clinical candidates in
areas such as gastrointestinal and cardiovascular diseases,
pain, and inflammation.
MILESTONES
Sector: Biotechnology
Founded: 1998
Venrock Funded: 1999
Number of Employees as of 12/31/08: 195
Headquarters: Cambridge, MA
Left to right; Peter Hecht, Todd Milne, Brian Cali 3
Shaping the Future, 40 Years of Innovation 63
Ironwood is building the next great pharmaceutical company.
The challenge in the pharmaceutical industry is inciting real innovation and creating new medicines. The current product creation and product development model is extremely difficult and the process is counter-productive to the discovery and marketing of new drugs.
Ironwood has built a passionate, focused and experienced team that knows what drug innovation looks like so we can create, develop and commercialize innovative human medicines that make a significant contribution in patients’ lives.
It’s so great going to work everyday with people I love and respect. One of the treats of being an entrepreneur is that you get to influence what we are building together, to influence the outcome.
Peter HechtCo-founder and CEO
64 028 _ Tri Alpha Energy
WHAT THEY DO
Tri Alpha Energy is an alternative energy company working on next-generation power generation technology.
MILESTONES
Sector: Alternative Energy
Founded: 1998
Venrock Funded: 2005
Headquarters: Southern California
TAE staff, 2000
Shaping the Future, 40 Years of Innovation 65
Our goal is to be the alternative energy company that lights every light bulb.
They said it was unproven technology, probably wrong, it flat out will not work and they refused to even look at it, it was so different. But we think it takes an ambition to want to do something different. We like working with people with a common goal, something that not everyone believes and pursuing it every day.
Michl BinderbauerCTO Dale Prouty
CEO
66 029 _ Endeca
WHAT THEY DO
Endeca is a leading provider of enterprise search and information access software and solutions.
Solutions built on Endeca’s technology deliver the clearest
visibility into information, driving hundreds of millions of dollars in
measurable cost savings and increased revenue for our customers.
Powering these solutions is Endeca’s Information Access Platform,
a major Enterprise Search innovation based on a fundamentally
new architecture for building high-ROI applications that let users
easily find and act on any structured and unstructured data across
the enterprise.
MILESTONES
Sector: Enterprise Infrastructure
Founded: 1999
Venrock Funded: 2000
Number of Employees as of 12/31/08: 430
Headquarters: Cambridge, MA
250M+ end users per month,600 customers worldwide
Endecans celebrating new corporate headquarters in
Kendall Square
Shaping the Future, 40 Years of Innovation 67
Being an entrepreneur means having a natural interest in the art of the possible. It means always asking what new possibility could come from something that is changing, something that’s new or something that’s just bad and begs for an innovative solution.
Endeca started as a basic research project – really ground-breaking research into the fundamental challenge of accessing information to make better informed decisions for competitive advantage. We assembled a team of mathematicians which allowed us to pioneer a concept called guided navigation. This expanded into a broader notion of information visibility. Information Visibility allows people to make better daily decisions with large volumes of diverse information more quickly and easily than ever before.
Steve PapaFounder and CEO
68 030 _ XenoPort
MILESTONES
Sector: Biotechnology
Founded: 1999
Venrock Funded: 2000
IPO (XNPT): 2005
Market Cap as of 12/31/08: $634M
Number of Employees as of 12/31/08: ~225
Headquarters: Santa Clara, CA
WHAT THEY DO
XenoPort is focused on developing therapeutics that harness the body’s intrinsic transport systems to improve the oral absorption, distribution and pharmacokinetics of drugs.
XenoPort utilizes the body’s natural mechanisms for actively transporting
nutrients through cellular barriers to permit improved oral absorption of drugs.
Left to right; Ronald Barrett, William Dower, Ken Cundy, Mark Gallop
Shaping the Future, 40 Years of Innovation 69
Ronald W. Barrett, Ph.D.Co-founder and CEO
In the late 1990’s, the co-founders of XenoPort, Mark Gallop, a chemist; William Dower, a biologist; and I, a pharmacologist, saw the opportunity to exploit new information available from genomic efforts that were identifying the genes for certain proteins, called transporters, that readily transport nutrients across cell membranes. We developed an approach to disguise a drug to look like a transporter substrate, essentially fooling the transporter into shuttling the drug to where it could provide therapeutic benefit.
Today, we are proud that we have three compounds undergoing human testing, including our lead compound for which a new drug application has been submitted to the FDA. Our product candidates are being studied for the potential treatment of restless legs syndrome, painful diabetic neuropathy, post-herpetic neuralgia, migraine headaches, gastroesophageal reflux disease, spasticity, acute back spasms and Parkinson’s disease.
70
MILESTONES
Sector: Communications
Founded: 2001
Venrock Funded: 2001
IPO (INFN): 2007
Market Cap as of 12/31/08: $861M
Number of Employees as of 12/31/08: 937
Headquarters: Sunnyvale, CA
WHAT THEY DO
Infinera provides Digital Optical Networking systems to telecommunications carriers worldwide.
Infinera’s systems are unique in their use of a breakthrough
semiconductor technology: the Photonic Integrated Circuit (PIC).
Infinera’s systems and PIC technology are designed to provide
optical networks with simpler and more flexible engineering
and operations, faster time-to-service, and the ability to rapidly
deliver differentiated services without reengineering their
optical infrastructure.
031 _ Infinera
Infinera at Nasdaq
Shaping the Future, 40 Years of Innovation 71
Our goal when we founded Infinera was to develop a disruptive technology, photonic integration, and use that to change the fundamental economics of optical communications for our customers. When we started the company, the experts told us it couldn’t be done. We didn’t know if we could do it. But we knew that if we could do it, we could change this industry forever. We are grateful that Venrock had the vision to back us back in 2001 when we started Infinera.
It’s now 2009, and Infinera is number one in shipments of long-haul optical systems in North America, with more than 50 customers worldwide, including some of the most respected names in the telecom industry. We have been shipping our systems
based on our photonic integrated circuits for more than four years and there is no other company shipping large-scale photonic integrated circuits or even claiming to be close to shipping such devices. We believe that photonic integration is the only technology that will enable optical systems to scale to support the Internet growth we are expecting in the coming years.
In the end, being an entrepreneur is about identifying an important problem that needs solving, and putting together all the pieces that make up the solution, from the team to the technology to the funding to profitability. The more important the problem being addressed, the bigger the opportunity and the more contrary to conventional wisdom the solution is, the more fun.
Jagdeep SinghCo-founder, President and CEO
72
MILESTONES
Sector: Security
Founded: 2001
Venrock Funded: 2002
Acquired by Symantec (SYMC): 2007
Number of Employees at Acquisition: ~200
Headquarters: San Francisco, CA
WHAT THEY DO
Vontu provides a data loss prevention solution that discovers, monitors and protects confidential data wherever it is stored or used.
032 _ Vontu
Shaping the Future, 40 Years of Innovation 73
The key element that led to Vontu’s success and innovative nature was our team.
Early on, the three founders, Mike Wolfe, Kevin Rowney and I, sat down and decided on our company tenets. We knew that building a great team was our top priority. We believed in the value of people first and strategy second. By building a great team, we could then execute and take advantage of our unique innovation in the information security market.
Joseph AnsanelliCo-founder and former CEO
Our innovation is based on the idea of flipping data security on its head. Instead of looking at data security as an outside/in problem, we looked at it and said, it’s an inside/out problem. Rather than focusing on people trying to break in and steal your data, to us, it was fundamental that you look at the people inside
the company and how they are using and where they are storing confidential information. The insider threat is prevalent and real – organizations have to monitor, discover and protect their data internally, and that is the solution Vontu provided.
74
MILESTONES
Sector: Biotechnology - Biologics
Founded: 2002
Venrock Funded: 2006
Filed for IPO: 2007
Acquired pre-IPO by Bristol-Myers Squibb Company (BMY): 2007
Number of Employees as of 12/31/08: 110
Headquarters: Waltham, MA
WHAT THEY DO
Adnexus is the pioneer of an innovative class of protein therapeutics, the first of which is in Phase 2 trials for cancer and is followed by a pipeline of other products in preclinical research across multiple therapeutic areas.
Adnexus is developing a new class of therapeutics that can be
applied across myriad diseases from cardiovascular disease
to cancer to Alzheimer’s. It’s proprietary way of discovering a
drug is unprecedented in how quickly a high impact drug could
be designed and built. Therefore, pharmaceutical industry
productivity could be increased in a way no one had ever
imagined before.
033 _ Adnexus
Adnexus five year anniversary party, 2007
Shaping the Future, 40 Years of Innovation 75
Adnexus possessed a competitive edge comprised of an innovative drug discovery technology from academia, a promising new drug class and R&D veterans of compelling biotech products. Our scientists were magicians in how quickly they could advance our new drug class, Adnectins. It is a very unique and rewarding opportunity to make a drug; it is an even more unique and rewarding opportunity to make a whole new class of drugs.
I feel incredibly privileged that I work everyday with remarkable people focused on bringing life to novel therapeutic ideas that can potentially be used by millions of people to make their lives better. That is ferociously cool.
Dr. John D. MendleinFormer CEO
76
MILESTONES
Sector: Security
Founded: 2002
Venrock Funded: 2002
Number of Employees as of 12/31/08: 321
Headquarters: Menlo Park, CA
Technology Innovation Award: Network Security - The Wall Street Journal - 2007
WHAT THEY DO
PGP is a global leader in email and data encryption software for enterprise data protection.
Based on a unified key management and policy
infrastructure, the PGP Encryption Platform offers the
broadest set of integrated applications for enterprise
data security. PGP platform-enabled applications allow
organizations to meet current needs and expand as security
requirements evolve for email, laptops, desktops, instant
messaging, smartphones, network storage, file transfers,
automated processes and backups.
034 _ PGP
CMYK 100 68 0 12
Left to right; Alex Doll, Phillip Dunkelberger
Shaping the Future, 40 Years of Innovation 77
What drives me personally is to work to make a difference, not only with what we do, but from a technology and business stand point. I want us to enable our customers to say, ‘Because we use PGP, we’re better for it.’ There is a pay-it-forward in that – we make our customers better. Their feedback, and what they would like to see us doing in the future, will make us better. If we take care of our customers, they’ll take care of us.
Phillip DunkelbergerPresident and CEO
As people move to new ways of sharing information using technology, the security around information or data becomes more important. Data is currency; we create intellectual property and share it with our customers and our suppliers using intranets and VPNs, we buy and sell things on the Web, banks and healthcare providers store and exchange our personal information.
PGP is, very simply, protecting the world’s data – anytime, anyplace, anywhere regardless of the device or infrastructure.
78
MILESTONES
Sector: Biotechnology
Founded: 2003
Venrock Funded: 2003
Acquisition by Merck & Co. (MRK): 2006
Number of Employees at Acquisition: 50
Headquarters: San Francisco, CA
035 _ Sirna Therapeutics
WHAT THEY DO
Sirna Therapeutics is at the forefront of the effort to create RNAi-based therapies and leverage the vast potential of this technology to ultimately treat patients.
The scientific community considers RNA interference the
breakthrough biological discovery of the decade with the
potential to change how diseases are treated.
Shaping the Future, 40 Years of Innovation 79
My vision, as CEO of Sirna, was to capitalize on the company’s unrecognized core strength, the finest RNA chemists in the world, and channel those scientists towards research and development of therapeutic products based on Nobel Prize-winning RNAi technology. RNAi-based therapies have the ability to dramatically change the way we treat disease and fundamentally change medicine – by enabling us to specifically turn off genes or viruses that play a role in disease.
What made Sirna stand out as a leader in the field is that we were the first company to recognize the tremendous potential of RNAi-based therapies. The entire team at Sirna was energized by the once-in-a-lifetime opportunity to work with a technology that could ultimately address enormous unmet medical needs across multiple therapeutic areas. The acquisition by Merck & Co. at such a high valuation was a clear validation of Sirna’s technology platform and dominant intellectual property estate.
Howard W. RobinPresident and CEO
80
MILESTONES
Sector: Digital Media
Founded: 2004
Venrock Funded: 2005
Number of Employees as of 12/31/08: 55
Headquarters: Seattle, WA
INRIX is growing 100% year-over-year
WHAT THEY DO
INRIX delivers traffic, directions and other innovative in-car connected services to leading automotive, portable navigation, mobile, Web and public sector customers in North America and Europe.
INRIX is revolutionizing how people travel. For the first time,
high quality traffic information is available across the entire
nationwide road network – including all major freeways and
arterials – and will soon be provided throughout Europe by
INRIX. INRIX continues to innovate through the crowdsourcing
of data from GPS-enabled devices, new technologies for
intelligently combining information from hundreds of sources
and unique approaches to predictive analytics to determine
how traffic affects people today, how it will look in the future
and how to build better routes.
036 _ Inrix
Original INRIX team
Shaping the Future, 40 Years of Innovation 81
When an entrepreneur starts a company, it’s not about making money. It’s about changing the world in some way. Whether you’re a bio-fuel company or helping to reduce congestion and better people’s lives – it’s ultimately about making the world a better place.
And there are, of course, enormous societal benefits in using INRIX data and technologies to reduce traffic congestion and decrease pollution, carbon emissions and
even the amount of gas people need to get from point A to point B. Not only do navigation and traffic applications using our data help people be more productive, they reduce stress and give people more time to be with their families.
All of this because we help people steer clear of traffic and arrive at their destination in the most expeditious fashion.
Craig ChapmanCo-founder and CTO
Bryan MisteleCo-founder and CEO
82
MILESTONES
Sector: Digital Media
Founded: 2005
Venrock Funded: 2006
Acquired by Cox Enterprises: 2008
Number of Employees as of 12/31/08: ~80
Headquarters: San Bruno, CA
037 _ Adify
WHAT THEY DO
Adify is an online advertising service provider and network focused on Web publishers.
Shaping the Future, 40 Years of Innovation 83
Adify provides the technology and back office services to help entrepreneurs and traditional media companies turn Internet fragmentation into a competitive advantage. Our customers leverage their unique brands and sales forces to build high quality vertically focused advertising networks.
Our innovation stems from more than the initial concept of our founders. From day one Adify was deeply committed to building a world class enterprise sales and service organization in addition to a great technology organization. That focus combined with the initial innovative idea enabled us to build something great.
Russell FradinCo-founder and CEO
84
MILESTONES
Sector: Biotechnology
Founded: 2005
Venrock Funded: 2005
Number of Employees as of 12/31/08: 419
Headquarters: Clinton, NJ
Formation of Ikaria Holdings, Inc., through merger of Ikaria and INO Therapeutics: 2007
038 _ Ikaria
WHAT THEY DO
Ikaria is a biotherapeutics company whose acute-care products and therapies address the significant unmet needs of critically ill patients.
Shaping the Future, 40 Years of Innovation 85
It starts with attitude, and the attitude since the beginning of Ikaria has been to be the best in the world at what we do. In our case, we strive to be the best in the world at providing advanced critical care therapies and solutions, starting with INOmax. We have worked hard to put together a unique business platform and a world-class team to get the job done.
Ikaria’s journey started with the development of scientific breakthroughs with life-saving medical applications. Saving lives is a very motivational goal for an organization, and this dramatically impacts the company’s culture. The company has evolved rapidly from a small start-up to a 400+-person, widely respected leader in the development and commercialization of innovative products and therapies for critically ill patients.
Along the way, it has been fun and rewarding to be in a position where all of your energy is spent building teams, building the right culture, building the right products, building customer relationships and creating something that we hope will be truly ‘legendary’ in the eyes of patients, employees, investors and others stakeholders.
Daniel TasséPresident and CEO
David ShawExecutive Chairman and Chairman of the Board
Mark RothFounder and Scientist
86
MILESTONES
Sector: Automotive
Founded: 2006
Venrock Funded: 2006
Number of Employees as of 12/31/08: 48
Headquarters: Camarillo, CA
039 _ Transonic Combustion
WHAT THEY DO
Transonic Combustion is commercializing a revolutionary fuel injection system that doubles MPG and halves CO2 emissions, enabling automakers to offer a portfolio of considerably more fuel-efficient cars and trucks.
This ultra-high efficiency fuel injection technology is out in
front of a wave of energy efficiency enablers including hybrid
components, electric drivetrains and low friction engines.
The company’s lean combustion process is designed to function
optimally on modern high compression ratio engines, allowing
automakers to minimize costs for retooling, re-engineering and
new engine programs. Transonic’s innovative technology operates
on regular gasoline and current biofuels, while bridging into
renewable zero-net carbon biofuels at an attractive cost per mile.
It is projected to facilitate practical 100 MPG cars in the near term.
100 mpg Fuel Injection Technology Demonstrator
Shaping the Future, 40 Years of Innovation 87
The team has developed a fundamental improvement in the efficiency of the internal combustion engine, delivering dramatic results at a time when the global automotive community is searching for exactly this type of innovation. At a time of huge global demand for cleaner, more fuel efficient cars, Transonic is ideally positioned to become a key player in greening the next era of personal transportation.
We see ourselves as vitally important enablers on a global scale. We’re enabling a huge 2X improvement in vehicle fuel efficiency, so that drivers can get the most mileage from every drop of fuel. We’re positioned to help revitalize a distressed car industry and we’re moving a concerned global society towards a healthier, greener, more prosperous future.
Brian AhlbornPresident and CEO
88
MILESTONES
Sector: Alternative Energy
Founded: 2007
Venrock Funded: 2008
Number of Employees as of 12/31/08: 77
Headquarters: San Diego, CA
January 8, 2009, Continental Airlines used a spec “jet fuel A” derived from Sapphire Energy’s technology.
040 _ Sapphire Energy
WHAT THEY DO
Sapphire Energy is pioneering an entirely new industry – Green Crude Production – with the potential to profoundly change America’s energy and petrochemical landscape for the better.
Sapphire has built a revolutionary platform using sunlight,
CO2, photosynthetic microorganisms (algae) and non-arable
land to produce carbon-neutral alternatives to petrochemical-
based processes and products. The result: renewable
gasoline, diesel and jet fuel that conforms to ASTM standards
and is environmentally sound, cost effective and scalable.
Shaping the Future, 40 Years of Innovation 89
As an entrepreneur, you need to understand that your product must fulfill a critical need. At Sapphire, we can’t think of a product better for the economic and environmental stability of our nation and the rest of the globe than one that provides energy independence and addresses climate change. We are dedicated to creating environmentally sound, cost effective, renewable and scalable algae-based green crude – not fossil fuels, not biodiesel, not ethanol.
Jason PyleCo-founder and CEO
Everyone involved, from the founders to the investors to every employee, understands the commitment we are taking to fundamentally change the world.
90
Laurance S. RockefellerIn the 1930’s, Laurance Rockefeller (1910-2004) pioneered early-
stage financing by investing in the entrepreneurs of Eastern
Air Lines and McDonnell Aircraft. He became well known as an
investor of risk capital in young enterprises whose future was
based on scientific and technological developments. Over the
years, his investment interests included the fields of aviation,
aerospace, electronics, high temperature physics, composite
materials, optics, lasers, data processing, thermionics and
nuclear power.
Beginning in August 1969, the venture capital investments
in these and new areas were made through a venture capital
group, Venrock, formed by Laurance Rockefeller and members
of the Rockefeller family.
LSR Reaction Motors, 1955 5
In my enterprises, you need a calendar, not a stop-watch. 4
On giving a project time to succeed, 1955:
91Laurance S. Rockefeller Shaping the Future, 40 Years of Innovation
What we want to do is the opposite of the old system of holding back capital until a field or idea is proved completely safe. We are undertaking pioneer projects that, with proper backing, will encourage sound scientific and economic progress in new fields – fields that hold the promise of tremendous future development. 6
Laurance S. RockefellerOn risking money in venture capital enterprises, 1953:
92
I feel that opportunity knocks, and if you’re listening, you open the door. And if you’re impressed with the people and believe what they’re interested in has a socially desirable, long-term potential, you get in there and stick with it. All of these things were 20 or 30-year ventures, and a lot of people would have gotten out three or four times and been better off. But I stayed with the airline business, and sold these other companies as their production maturity developed. And we’d go back into new ventures. 9
No. A gambler’s interested in quick answers and short-term gains. And if I have a fault as an investor, it’s that I stay with it – 10 years, 20 years – and that’s because I enjoy seeing things done. 8
LSR Eastern Air Lines, July 1946 –Eastern Air Lines maintenance base – Miami, FLA – Propeller shop – Propeller so precisely balanced, Mr. Rockefeller’s handkerchief turns it. 7
LSR Eastern Air Lines, 1977, A300 Cockpit 10
On whether he is a gambler, 1973:
On his investment philosophy, 1973:
93Laurance S. Rockefeller Shaping the Future, 40 Years of Innovation
I think we’re going to have to consume less as a society and as individuals – and apparently starting this summer with the shortage of motor fuel. This is coming quicker than any of us anticipated, and I see it as potentially a good thing. The overemphasis on consumer values and the status relating thereto – we’ve been going up a dead-end street. The fact that we’ll have to drive in smaller cars and not go as far or as fast, to me, is pretty inevitable. It’s a trend that, once started, is going to go on for a long time. 13
LSR Piasecki, 1954 –Laurance S. Rockefeller with Frank N. Piasecki, chairman of the
Piasecki Helicopter Corporation. 12
On “frivolous needs” and the need to scale down our standard of living, 1973:
It will require the combined efforts of business, government, the people and science. It is more important than ever to use science now, so that we won’t make mistakes in solving our problems. 11
On how to reverse runaway and destructive practices effecting the environment, 1972:
94
Success is due largely to a sense of direction, timing and purpose. And an element of luck. 15
On his Success Formula, 1984:
These things go in cycles. In the pre-war and post-war periods, research and development had a very high priority. We were on a moving train, and events favored people who took chances intelligently – who were prepared to provide the capital needed, and associate with engineers and businessmen. The opportunity was there and we were there and we were fortunate. 16
On his “golden touch” in investment, 1973:
New York, NY, June 5, 1940. Captain Eddie Rickenbacker takes off for a new chapter in airline history. “Captain Eddie” is shown at La Guardia Field just before the flight on which
he signed the lease that moves the Eastern Air Lines headquarters to Rockefeller Center and gives the name of his company to the 16-story building at Ten Rockefeller Plaza.
Photo shows left to right: Thomas F. Armstrong, secretary-treasurer of Eastern Air Lines, Lawrence A. Kirkland, rental manager of Rockefeller Center; Captain Eddie Rickenbacker,
World War ace and president of Eastern Air Lines; and Laurance S. Rockefeller 17
Photo taken during LSR trip to Itek, Boston, 1959 14
95Laurance S. Rockefeller Shaping the Future, 40 Years of Innovation
Effective venture capital investment, as with effective giving, is most likely to succeed when the head and the heart are combined and work together; when reason and technical skill are fortified and guided by a sense of purpose, conviction and faith! 18
On the similarities of venture capital and philanthropy, 1955:
The XF-88, McDonnell Aircraft Corporation, St. Louis, Missouri, August 11, 1948 19
…People today want progress without risk. Nobody wants to take chances they don’t have to, but in this whole power field [nuclear energy] there’s a tendency for the public, or spokesmen for the public, to want progress without risk. Atomic power is the hope of having power ultimately with nominal pollution. The hope of fusion being harnessed is the great hope of mankind: To be able to meet the needs of people – basic needs, not frivolous needs – and at the same time not use up resources, and to do this with minimal pollution…I believe this: that science gave us the tools to misuse. Now’s no time to lose faith in science, but simply to guide it, and to develop the additional tools to overcome pollution on the one hand, and meet the basic needs of poverty and growth on the other. This is a tension and a conflict. 20
On progress and risk-taking and fear of science, 1973:
97Venrock Shaping the Future, 40 Years of Innovation
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
98
Ohad FinkelsteinPartner
Venrock since 2005
Brian Ascher Partner
Venrock since 1998Adify
Mike BrooksPartner
Venrock since 2000
Anthony Evnin, Ph.D.Partner
Venrock since 1974Genetics Institute, Centocor, IDEXX,
Sepracor, Athena Neuroscience, IDEC Pharmaceuticals, Gilead Sciences,
Millennium Pharmaceuticals
Steve GoldbyPartner
Venrock since 2007Sapphire Energy
Anders Hove, M.D.Partner
Venrock since 2004Adnexus
William Rastetter, Ph.D.Partner
Venrock since 2006
David PakmanPartner
Venrock since 2008
Eric CopelandPartner
Venrock since 19982Wire
99Venrock Shaping the Future, 40 Years of Innovation
Bryan Roberts, Ph.D.Partner
Venrock since 1997Illumina, athenahealth, Ironwood,
XenoPort, Sirna, Ikaria
David ShawPartner
Venrock since 2004
Ray RothrockPartner
Venrock since 1988Spyglass, DoubleClick, Check Point
Software, PGP, Vontu, Tri Alpha Energy, Transonic Combustion
Anthony SunPartner
Venrock since 19793Com, Cognex, StrataCom, Award
Software, Infinera, INRIX
Michael TyrrellPartner
Venrock since 1999Endeca Technologies
Matthew TrevithickPartner
Venrock since 2004Transonic Combustion
Peter CrispRetired Partner
Thermo Electron, Apple,Evans & Sutherland,
American Superconductor
Ted McCourtneyRetired PartnerApollo Computer,
Cellular Communications
David HathawayRetired Partner
Mentor Graphics, Polycom
Hank SmithRetired Partner
Apple
100
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.
Shaping the Future, 40 Years of Innovation 101
Laurance Spelman Rockefeller (May 26, 1910 – July 11, 2004)
102
References
1 Photograph copyright Evans & Sutherland Computer Corporation. All rights reserved. Used by permission.
2 Photo courtesy of Millennium: The Takeda Oncology Company.
3 Photo by Genevieve de Manio/Design & Co.
4 Carol Lynn Yellin, “Some Quotations from LSR,” p. 12, LSR Papers, RG 43, Box 75, Folder Seitel Interviews Background Material, Rockefeller Archive Center, Sleepy Hollow, New York (hereafter designated RAC), taken from “The Rockefeller Brothers,” Part II, by Richard Austin Smith, Fortune, March, 1955, page 116.
5 Rockefeller Family Archives, Photograph Collection, RG 1009 (Laurance S. Rockefeller Family), Series Business, subseries Reaction Motors, Box 1, Folder 14, RAC.
6 Carol Lynn Yellin, “Some Quotations from LSR,” p. 7, LSR Papers, RG 43, Box 75, Folder Seitel Interviews Background Material, RAC, taken from Those Rockefeller Brothers, by Joe Alex Morris, Harper & Bros., 1953, page 170.
7 Rockefeller Family Archives, Photograph Collection, RG 1009 (Laurance S. Rockefeller Family), Series Business, subseries Eastern Air Lines, Box 1, Folder 7B, RAC.
8 Carol Lynn Yellin, “Some Quotations from LSR,” p. 6, LSR Papers, RG 43, Box 75, Folder Seitel Interviews Background Material, RAC, taken from Walter Cronkite interview with Laurance S. Rockefeller for CBS Reports documentary, “The Rockefellers,” 1973.
9 Carol Lynn Yellin, “Some Quotations from LSR,” p. 22, LSR Papers, RG 43, Box 75, Folder Seitel Interviews Background Material, RAC, taken from Walter Cronkite’s interviews with Laurance S. Rockefeller for CBS Reports documentary, “The Rockefellers,” 1973.
10 Rockefeller Family Archives, Photograph Collection, RG 1009 (Laurance S. Rockefeller Family), Series Business, subseries Eastern Air Lines, Box 1, Folder 8, RAC.
11 Carol Lynn Yellin, “Some Quotations from LSR,” p. 14, LSR Papers, RG 43, Box 75, Folder Seitel Interviews Background Material, RAC, taken from “Laurance Rockefeller – Economic Development with a Conservationists Touch,” Hawaii Business, December, 1972, page 44.
12 Rockefeller Family Archives, Photograph Collection, RG 1009 (Laurance S. Rockefeller Family), Series Business, subseries Piasecki Helicopter Corporation, Box 1, Folder 12, RAC.
Acknowledgements
Venrock would like to thank the 40 CEOs and entrepreneurs who took the time and effort to participate in our 40th anniversary celebration. Additionally, we would like to thank the people behind the scenes, their marketing teams and assistants: Kelly Taylor, Ranjini Mehdi, Michael Daut, Young-Ae Park, Jodelle French, Laurie Voorhies, Lenore Bruno, Phyllis Swan, Robin Pratt, Marti Brown, Lisa Shicko, Amy Trevvett, Andrew Todd, Lorraine Spelman, Annie Glidden, Michelle Baessler, Jennifer Ruddock, Jason Fredette, Linda Taylor, Amy Flood, Erin Rau, Amy Altmaier, Gloria Consola, Ravit Avidor, Marie Grady, Susie Miller, Tanya Saggese, Galit Adler, Jen Bale, Maurissa Bornstein, Susan Brady, Alison Durant, Jackie Cossmon, Jeff Ferry, Allison Nolasco, Ashley Esselstrom, Suzanne Taaffe, Lauren Ames, Nicole Owen, Scott Sedlik, Samina Bari, Scott Baslee, Anne Smith, Leo Medrano, Eric Sharp, Diane Cox, Glynnis Breen and Tim Zenk. Thanks to the team at the Rockefeller Archive Center and Rockefeller and Company; Mary Ann Quinn, Michele Hiltzik and Liz Haviland. Thank you to the always helpful Nicole Pack and Kelly Krebs from the Horn Group.
And last, but never least, thanks to the entire Venrock team and staff.
Special thanks to the Creative Team:
Profile photographyPaul C. Miller, photographer, Paul C. Miller Photographywww.paulcmiller.com
Other profile photography creditsScott Lewis, VontuSusan Stava, Cellular CommunicationsMark Tuschman, SirnaMike Weymouth, Sepracor
Design and layoutMichael McClinton, designer, waxboxwww.thewaxbox.com
And all things marketing Evy Smith, editor, Venrock www.venrock.comand Boffo Productionswww.boffoproductions.com
Evy Smith interviewing George Hatsopoulos.
Shaping the Future, 40 Years of Innovation 103
13 Carol Lynn Yellin, “Some Quotations from LSR,” p. 23, LSR Papers, RG 43, Box 75, Folder Seitel Interviews Background Material, RAC, taken from Walter Cronkite’s interviews with Laurance S. Rockefeller for CBS Reports documentary, “The Rockefellers,” 1973.
14 LSR Photos, Acc. 2007:17, Box 46, Folder Itek, Rockefeller Family Archives, RAC.
15 Carol Lynn Yellin, “Some Quotations from LSR,” p. 5, LSR Papers, RG 43, Box 75, Folder Seitel Interviews Background Material, RAC, taken from LSR’s Memorandum on “Fragmentation” with comments on how to control or minimize it, 1984.
16 Carol Lynn Yellin, “Some Quotations from LSR,” p. 22, LSR Papers, RG 43, Box 75, Folder Seitel Interviews Background Material, RAC, taken from Walter Cronkite interview with Laurance S. Rockefeller for CBS Reports documentary, “The Rockefellers,” 1973.
17 LSR Photos, Acc. 2007:17, Box 46, Folder EAL, Rockefeller Family Archives, RAC.
18 Speech to Sloan Venture Capital and Philanthropy Scholarship Students, December 1955. LSR speech file, Box 1, December, 1955, RAC.
19 LSR Photos, Acc. 2007:17, Box 46, Folder McDonnell Douglas, RAC.
20 Carol Lynn Yellin, “Some Quotations from LSR,” p. 22, LSR Papers, RG 43, Box 75, Folder Seitel Interviews Background Material, RAC, taken from Walter Cronkite’s interviews with Laurance S. Rockefeller for CBS Reports documentary, “The Rockefellers,” 1973.
21 Those Rockefeller Brothers, by Joe Alex Morris, Harper & Bros., 1953, page 139.
Copyright © 2009 Venrock