2008
Biography
by
Spencer E. Ante
Biography of Georges Doriot, the visionary who helped invent venture capital. It follows his path from banker to Harvard Business School professor, U.S. Army brigadier general during WWII, and founder of American Research and Development Corporation (ARDC)—one of the first, and then the only publicly traded, venture capital firms. Doriot pioneered the model of connecting inventors with both capital and guidance, battled the SEC over stock options and valuations, helped spawn VC firms like Greylock Partners, and ultimately sold ARDC.
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July 2025
Doriot was the first frenchman to attend HBS. He financed George H. W. Bush’s oil company. ARDC’s compensation issues led to its downfall. Homophily was key to recruiting and deal flow. As a public firm, Doriot struggled to generate sufficient cash flow to fund operations while allowing maturing portfolio companies time to deliver returns. ARDC often took large stakes—exceeding 50%. Its best investment was Digital Equipment Corporation (DEC)—a $70k investment that grew to over $200 million in 14 years, with ARDC owning more than 50% at IPO. Doriot co-founded INSEAD in France and modeled it after HBS. At his death, the majority of his wealth was in DEC stock. Read 2008 hardcover.
