Shaping the Future


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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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Shaping the Future

  1. 1. Shaping the Future 40 Years of Innovation
  2. 2. 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.
  3. 3. 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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  6. 6. 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. 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 George Hatsopoulos, 1985 Left to right; George Hatsopoulos, Henry Ford, Laurance Rockefeller 10 001 _ Thermo Electron
  7. 7. George Hatsopoulos Founder, former CEO, Chairman and Chairman Emeritus To my knowledge, Thermo Electron is the only company in the United States or abroad that was for over 40 years a combination of The reason I am interested in science and an industrial firm and a venture capital firm. engineering is because I feel intuitively that Our charter was not only to grow and expand this was the way to help the world. I wanted our business but also to create new ventures in to do something concrete. The only way to do many disparate technology fields. As a result, it was not just invent something or develop a we created 23 publicly traded corporations new theory, but to apply it. making products ranging from the first implantable mechanical heart to analytical The other impact of Thermo Electron was instruments, large biomass electric power the culture. It was well known over the years plants, environmental monitoring instruments, that Thermo was more like a family than a mammography equipment, cogeneration business. When I retired in 2000, we had equipment that produce both electricity and 26,000 employees and they were all part of heating from the same fuel, and many others. the family. Shaping the Future, 40 Years of Innovation 11
  8. 8. 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. 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 Left to right; Ivan Sutherland, Dave Evans with LDS1, 1969 1 Left to right; Ivan Sutherland, Dave Evans 1 12 002 _ Evans & Sutherland
  9. 9. Ivan Sutherland Co-founder Ivan Sutherland, 1969 1 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 My real passion is developing new knowledge computer generated images for the training in conjunction with young people, watching as of pilots and set the standard for the FAA it is put to practical use and as it makes new approval of training devices. industry possible. Shaping the Future, 40 Years of Innovation 13
  10. 10. WHAT THEY DO Intel, the world leader in silicon innovation, develops technologies, products and initiatives to continually advance how people work and live. 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 Left to right; Bob Noyce, Gordon Moore Intel’s first 106 employees, 1969 Left to right; Gordon Moore, Bob Noyce in Fab 14 003 _ Intel
  11. 11. Gordon Moore Co-founder, former CEO, Chairman and Chairman Emeritus 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’. Shaping the Future, 40 Years of Innovation 15
  12. 12. 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 MILESTONES market with its revolutionary iPhone. 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 Apple Goes on Tokyo Stock Market Mike Markkula with Apple II Left to right; Mike Markkula, Steve Jobs, Jack Wadsworth, Phil Schlein, Apple IPO Party, 1980 16 004 _ Apple
  13. 13. Mike Markkula Co-founder, angel investor, former CEO and Chairman 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. Shaping the Future, 40 Years of Innovation 17
  14. 14. 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. 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 Bob Metcalfe’s early Ethernet design 18 005 _ 3Com
  15. 15. Bob Metcalfe At MIT and Xerox PARC, I was taught that you can, Ethernet inventor and 3Com founder, former 3Com CEO, on purpose, invent things. And you can, on purpose, Chairman, VP Engineering, VP Sales and Marketing and look out into the future and guess what it will be. Division GM several times over 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 I lucked into the Silicon Valley innovation machine, thought wrongly that PCs would stand alone – didn’t and 3Com benefited from that. I went off to start need to be networked. Where others were confused a company because that is what you did when you about what the computing and communication future worked in Silicon Valley. Another reason Ethernet would look like, having been on the Internet at MIT won is that it fell into the Valley innovation culture. and Xerox PARC with PCs and Ethernet, we had a Everything – mentors, money, tradition – was all there clear vision of the PC future, and we went straight at ready and waiting. God Bless America. it. We focused on Ethernet for PCs, and when PCs arrived, we were ready. Shaping the Future, 40 Years of Innovation 19
  16. 16. WHAT THEY DO Centocor is an integrated biopharmaceutical company developing monoclonal antibody-based products for cardiovascular and autoimmune diseases, cancer and inflammation. 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 Left to right; Michael A. Wall, Hubert J.P. Schoemaker, PhD, Michael Jaugey, Anthony Evnin, PhD. 20 006 _ Centocor
  17. 17. 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 Wall Co-founder and CEO Shaping the Future, 40 Years of Innovation 21
  18. 18. WHAT THEY DO Apollo Computer developed and produced Apollo/Domain workstations and instruments. Apollo was one of the first vendors of graphical workstations. MILESTONES Sector: Computers Founded: 1980 Venrock Funded: 1980 IPO: 1983 Acquired by HP (HPQ): 1989 Headquarters: Chelmsford, MA Apollo brochure 22 007 _ Apollo Computer
  19. 19. 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 Bill Poduska of people who knew what they were doing and Founder and CEO 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. Shaping the Future, 40 Years of Innovation 23
  20. 20. 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. MILESTONES Sector: Biotechnology Founded: 1980 Venrock Funded: 1980 IPO (GENI): 1987 Acquired by Wyeth Pharmaceuticals (WYE): 1996 Headquarters: Cambridge, MA 24 008 _ Genetics Institute
  21. 21. Gabriel Schmergel CEO 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 Prior to GI, my first ‘real’ job was at Baxter capabilities, combined with some pretty good Healthcare run by Bill Graham, a unique business deals and financing strategies to build entrepreneur. He believed in decentralization a solid company with product sales and even and delegation of responsibility. I spent 14 profits (a rare event in those days in biotech!). years there building and managing businesses. We always felt that the right formula for This was great training for my eventual CEO success in the high-risk biotech industry lies in role at GI and I loved it in both places. These excellent science, combined with conservative were the only two jobs I ever had. business practices. Shaping the Future, 40 Years of Innovation 25
  22. 22. 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). 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 1995 Annual Report cover Left to right; Leigh Costikyan Wood, Gregg Gorelick, David F. Schek (seated), J. Barclay Knapp 26 009 _ Cellular Communications
  23. 23. George Blumenthal Founder and Chairman 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’ Essentially, we met the needs and had gone from 50,000 in 1970 to 1 million in concerns of our customers better than our 1979. To me, this was a leading indicator that competitors – that’s the whole point of our low people wanted to be in touch with one another; customer churn and low dropped calls. Our results thus, we envisioned that there would be a world of demonstrated our success; we always ranked at the two-way communications, not just one-way, and top when compared to our peers. cellular afforded the possibility of ubiquitous two- way communications. Business success is perceiving the needs and concerns of others, developing a mechanism to Everyone may say they are service oriented, but satisfy those concerns with on-going recurrence and we demonstrated that we were, by virtue of our then, basically, marketing the hell out of it. performance in two key customer indicators. We focused on two metrics: provide the widest That’s what it’s all about. geographic, continuous cell coverage with the least dropped calls, and provide the best customer care. Shaping the Future, 40 Years of Innovation 27
  24. 24. 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 MILESTONES supports many diverse businesses. With nearly half a million vision systems installed worldwide, Cognex today is the major Sector: Industrial Automation supplier of vision systems to factories around the world. 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 2003 Annual Report cover Dr. Bob and Dataman 28 010 _ Cognex
  25. 25. Dr. Bob Shillman I started my own company because I Founder, CEO and Chairman wanted to have a place to go to work each day where I would be surrounded by smart, hardworking Cognex survived and prospered because and energetic people who enjoyed the of a unique combination of business process of working together as a team and technical acumen – it takes both to to accomplish something meaningful. be a success. From the first day, Cognex And, Cognex is THAT place for me focused on products that could be and for our nearly 1,000 Cognoids! developed in under a year and had large market potential. Shaping the Future, 40 Years of Innovation 29
  26. 26. 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. 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 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 30 011 _ Mentor Graphics
  27. 27. Tom at Child Development Center, Mentor Graphics campus, Wilsonville, OR Tom Bruggere Co-founder, former CEO and Chairman 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 Personally, I like creating things; I software, not hardware, which like the creative activity of starting set us apart from the other early a company – the challenges of competitors. Venrock helped us building something out of nothing. create the critical relationship with I like working with new ideas Apollo Computer, our first computer and inventions with passionate, supplier, and also open important committed people. For me, this is doors for us that we would not have much more rewarding than the been able to do by ourselves. traditional corporate setting. Shaping the Future, 40 Years of Innovation 31
  28. 28. 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. 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 32 012 _ IDEXX
  29. 29. David E. Shaw Founder and former CEO 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. Shaping the Future, 40 Years of Innovation 33
  30. 30. 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 MILESTONES and central nervous system disorders. 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 34 013 _ Sepracor
  31. 31. Adrian Adams President and CEO In 2007, I assumed the role of Founded on the premise that Today, Sepracor has evolved President and Chief Executive chiral drugs could, in essence, beyond its roots in chiral Officer of Sepracor, succeeding be divided into two or more chemistry into a fully integrated, its founder and current ‘parts’ and that certain of research-based pharmaceutical chairman, Timothy Barberich. these parts could be brought to company with six products on At that time, I inherited a the market as new medicines the market, a deep and robust company for which I had a great with the possibility for reduced pipeline of pharmaceutical deal of respect and admiration. side effects, greater potency or candidates and the depth and new indications. Sepracor was experience of a talented and a pioneer in what is today a professional workforce that I widely accepted approach to am proud to lead. drug development throughout the industry. Shaping the Future, 40 Years of Innovation 35
  32. 32. 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 MILESTONES than 90 countries benefit from Biogen Idec’s significant products that address diseases such as lymphoma, multiple sclerosis and Sector: Biotechnology rheumatoid arthritis. 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 IDEC employees, 1997 36 014 _ IDEC Pharmaceuticals
  33. 33. Bill Rastetter President, CEO and Chairman, IDEC Pharmaceuticals, Former Executive Chairman, Biogen Idec 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 of the people and luck and insight and the wind at with aggressive lymphomas. our backs all contributed to our success. We weren’t the first to try antibodies in cancer. We Being an entrepreneur is about taking intelligent risks. were able to apply the learnings and teachings from It is about thinking outside the box and doing things others who had gone as much as a decade before us. that other people dislike, distrust or do not understand. We applied the learnings in a way that provided a That is the essence of entrepreneurship. unique solution. Interestingly, we did it at a time when antibodies were completely discredited because of the earlier failures. The combination Shaping the Future, 40 Years of Innovation 37
  34. 34. WHAT THEY DO Athena Neurosciences manufactured diagnostic and therapeutic products for diseases of the nervous system. MILESTONES Sector: Biotechnology Founded: 1986 Venrock Funded: 1986 IPO (ATHN): 1991 Acquired by Elan Corporation (ELN): 1996 Headquarters: South San Francisco, CA 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 38 015 _ Athena Neurosciences
  35. 35. John Groom Former CEO 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. Shaping the Future, 40 Years of Innovation 39
  36. 36. 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 MILESTONES network applications. The StrataCom family of products provides Sector: Communications Technology an integral role in the current Cisco family of services. Founded: 1986 Venrock Funded: 1986 IPO (STRM): 1992 Acquired by Cisco (CSCO): 1996 Headquarters: San Jose, CA Left to right; Geof Kirsch, Alex Mendez, Scott Kriens, Dick Moley, Sanjay Subhedar, 1993 40 016 _ StrataCom
  37. 37. Dick Moley President, CEO and Chairman 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 Sanjay Subhedar many talented people at the same place CFO at the right time. Alex Mendez Vice President, Marketing Shaping the Future, 40 Years of Innovation 41
  38. 38. 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 MILESTONES designs and electrical control systems. The company also offers a host of Smart Grid technologies for power grid operators that Sector: Energy Technology enhance the reliability, efficiency and capacity of the grid, and Founded: 1987 seamlessly integrate renewable energy sources into the power Venrock Funded: 1987 infrastructure. These include superconductor power cable systems, IPO (AMSC): 1991 grid-level surge protectors and power electronics-based voltage Market Cap as of 12/31/08: $706M stabilization systems. AMSC’s technologies are protected by a broad Number of Employees as of 12/31/08: 487 and deep intellectual property portfolio consisting of hundreds of Headquarters: Devens, MA patents and licenses worldwide. Superconductor wire “running rings” around copper 42 017 _ American Superconductor
  39. 39. Greg Yurek Founder and CEO Our persistence has been the key to our success. It superconductor ship propulsion motors for the U.S. has allowed us to optimize our development cycle of Navy and even superconductor wind turbines. transferring our advanced material from the lab to the manufacturing floor, to the market place and to It’s been a terrific 22 years. We’ve been constantly customer adoption. creating, adapting and changing directions as we developed our technologies, products and solutions American Superconductor has managed to turn and learned more and more from our customers. brittle ceramic materials into robust superconductor And through it all it’s been very gratifying to know wires that can be utilized in many electrical that what we are doing is bringing valuable new applications, including power cables that eliminate energy solutions to the world. choke points in power grids, 50,000 horsepower Shaping the Future, 40 Years of Innovation 43
  40. 40. 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. 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 44 018_ Gilead Sciences
  41. 41. John C. Martin, Ph.D. Chairman and CEO John F. Milligan, Ph.D. President and COO Gilead focuses on therapeutics with These products would not exist today the potential to improve the care of without the help of many institutions, patients with unmet medical needs. including Venrock, which provided For HIV, we have revolutionized funding important to the growth of the way the disease is treated by our company. developing once-daily therapies with better efficacy, safety and resistance We owe our continued success to good profiles. This simplified approach science, our focus on doing a few things to HIV treatment has brought more at a time and doing them well, and our individuals into care and has helped inspired team of individuals. For the transform HIV infection into a long- future, we will leverage our expertise term treatable disease. in viral diseases in other therapeutic areas, including cardiovascular and respiratory diseases. Shaping the Future, 40 Years of Innovation 45
  42. 42. WHAT THEY DO WHAT THEY DO Polycom develops, manufactures and 2Wire provides integrated broadband markets a full range of premium-quality, solutions engineered for the carrier and media-rich communication tools and optimized for the subscriber, creating network access solutions. intuitive, reliable user experiences throughout the connected home. Sector: Telecommunications Founded: 1990 Sector: Telecommunications Venrock Funded: 1992 Founded: 1998 IPO (PLCM): 1996 Venrock Funded: 1998 Market Cap as of 12/31/08: $1.12B Number of Employees as of 12/31/08: 1,000 Number of Employees as of 12/07: 2,478 Headquarters: San Jose, CA Headquarters: Pleasanton, CA Residential gateways shipped to date: 25 million Left to right, front row; Brad Kayton, Brian Hinman, Pat Romano, Tom Spalding 46 019 _ Polycom and 2Wire
  43. 43. Brian Hinman Co-founder and former CEO, Polycom; Co-founder, former President and CEO, 2Wire 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 the two-wire phone line that comes conference rooms. into every home. By partnering with the telephone companies, we had the We recently reviewed our original goal of ‘delivering the digital lifestyle’. business plan for 2Wire, and eleven Today, 2Wire is the largest provider years later, we have realized our of xDSL customer premise equipment original vision. It hadn’t changed. in the world, and the sole provider of When we started 2Wire in 1998, residential gateways and back-end consumer broadband penetration was management systems for triple-play at 1% in the US, and the market services such as AT&T’s Uverse. focus was on dial-up Internet access displacement. We envisioned a future of video, data and voice services over Shaping the Future, 40 Years of Innovation 47
  44. 44. 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 MILESTONES and servers, and provide performance enhancements, content Sector: Computer Software conversion and extraction through server-based solutions. Founded: 1990 Venrock Funded: 1991 IPO (SPYG): 1995 Acquisition by OpenTV (OPTV): 2000 Number of Employees at Acquisition: ~300 Headquarters: Naperville, IL 1997 Annual Report cover 48 020 _ Spyglass
  45. 45. Doug Colbeth CEO Spyglass was influential as an early pioneer in the technologies to companies so they could make any World Wide Web and the first Internet software device Web-enabled. We were able to help large brand company to conduct a successful IPO. name companies like Microsoft leverage the tremendous opportunities afforded by the World Wide Web. Prior to the Web, we were developing image analysis software for scientists and astrophysicists. One of our For a serial entrepreneur involved with multiple start early customers was Tim Berners-Lee, the creator of up companies today, it is hard to imagine there will the World Wide Web paradigm. Through Tim’s efforts be another technological development as impactful we immediately recognized the World Wide Web would as the World Wide Web. However, I find the great dramatically change communications and commerce entrepreneurs keep searching for those new breakthrough on a global basis. We went on to provide embedded opportunities, regardless of the odds. Shaping the Future, 40 Years of Innovation 49
  46. 46. 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. 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 Left to right; Marius Nacht, Gil Shwed, Shlomo Kramer, 2003 50 021 _ Check Point
  47. 47. Gil Shwed Co-founder, Chairman and CEO 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. Shaping the Future, 40 Years of Innovation 51
  48. 48. 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. 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 A Millennium scientist examines cultures in a discovery laboratory. 2 52 022 _ Millenium Pharmaceuticals
  49. 49. Mark Levin Founder, former President, CEO and Chairman We founded Millennium based on the genomic In order to accomplish what we did, we hired revolution – identifying the right target for great people and we created a culture where the right disease for the right person. We had great people can do great things. That’s what a major impact on how people think about we did better than anything. We are also very personalized medicine; we were certainly one proud of the fact that today there are thirty of the first companies to talk about integrated CEOs, CSOs and VC’s in the Cambridge drug discovery, bio-markers and personalized area that grew up at Millennium. medicine. As the company evolved, we developed a very important cancer drug (VELCADE) For me, I love the biology. It’s just the idea of which today has over $1B sales world wide. bringing people together to do things that have And most importantly, VELCADE is making never been done before. I think that’s the most a great difference in many people’s lives. exciting thing that a person can do. Shaping the Future, 40 Years of Innovation 53
  50. 50. 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 54 023 _ Award Software
  51. 51. In 1996, after Award went public, we were the largest desktop BIOS company, while Phoenix Technologies was the largest laptop BIOS company. Later the merger of the two strengthened the position in the very important software space where every PC needed a copy of our software. At Award, we were aware of the environmental impact and the need to conserve energy when the PCs were not being used, as requested by US EPA. We were the first to produce green BIOS that would shut off the computer not in use. After the merger, the combined company added other green technology features, including ACPI (Advanced Configuration George Huang Power Interface). We helped to establish the standards. Today, CEO and Chairman of Award, almost all PC manufacturers have former Vice-Chairman of Phoenix adopted it. Phoenix and Award now ship over 130 million copies of BIOS software annually worldwide. Shaping the Future, 40 Years of Innovation 55
  52. 52. 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 56 024 _ DoubleClick
  53. 53. Dwight Merriman Co-founder and CTO Kevin O’Connor Co-founder, former CEO and Chairman 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 the best and most efficient way. We didn’t want Kevin Ryan advertising infrastructure that allowed websites to simply establish good market share, but President and CEO to monetize their inventory. Without this rather dominate market share in every market economic model, there wouldn’t be hundreds of or country we operated. Finally, in hiring, thousands, millions of content sites out there. we preferred raw talent – intelligence and competiveness – then skills. The combination We were able to make an impact, first because of our technology, our customer solutions and Dwight created a piece of technology as our team equaled unrivaled success. the core underlying infrastructure that was fundamentally better than whatever anyone else And finally, we always had fun – what good is had created. And second, we focused on how to life without fun? solve our customers’ problems in Shaping the Future, 40 Years of Innovation 57
  54. 54. 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 58 025 _ athenahealth
  55. 55. Todd Park Co-founder and Board member Jonathan Bush Co-founder, CEO, President and Chairman 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. Shaping the Future, 40 Years of Innovation 59
  56. 56. 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 60 026 _ Illumina
  57. 57. John Stuelpnagel, D.V.M. Co-founder and Fellow Jay Flatley Illumina promises to change the way we manage our healthcare. In President and CEO 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. Shaping the Future, 40 Years of Innovation 61
  58. 58. 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 MILESTONES produced a promising pipeline of new clinical candidates in areas such as gastrointestinal and cardiovascular diseases, Sector: Biotechnology pain, and inflammation. 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 62 027 _ Ironwood
  59. 59. Peter Hecht Co-founder and CEO Ironwood is building the next great Ironwood has built a passionate, focused pharmaceutical company. and experienced team that knows what drug innovation looks like so we can create, develop and The challenge in the pharmaceutical industry commercialize innovative human medicines that is inciting real innovation and creating new make a significant contribution in patients’ lives. medicines. The current product creation and product development model is extremely difficult It’s so great going to work everyday with people and the process is counter-productive to the I love and respect. One of the treats of being an discovery and marketing of new drugs. entrepreneur is that you get to influence what we are building together, to influence the outcome. Shaping the Future, 40 Years of Innovation 63
  60. 60. 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 64 028 _ Tri Alpha Energy
  61. 61. 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 Michl Binderbauer was so different. CTO Dale Prouty But we think it takes an CEO 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. Shaping the Future, 40 Years of Innovation 65
  62. 62. 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 MILESTONES new architecture for building high-ROI applications that let users Sector: Enterprise Infrastructure easily find and act on any structured and unstructured data across Founded: 1999 the enterprise. 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 66 029 _ Endeca
  63. 63. Steve Papa Founder and CEO 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. Shaping the Future, 40 Years of Innovation 67
  64. 64. 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. 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 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 68 030 _ XenoPort
  65. 65. 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 Today, we are proud that we have three compounds new information available from genomic efforts that undergoing human testing, including our lead compound were identifying the genes for certain proteins, called for which a new drug application has been submitted transporters, that readily transport nutrients across to the FDA. Our product candidates are being studied cell membranes. We developed an approach to disguise for the potential treatment of restless legs syndrome, a drug to look like a transporter substrate, essentially painful diabetic neuropathy, post-herpetic neuralgia, fooling the transporter into shuttling the drug to where migraine headaches, gastroesophageal reflux disease, it could provide therapeutic benefit. spasticity, acute back spasms and Parkinson’s disease. Shaping the Future, 40 Years of Innovation 69
  66. 66. 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 MILESTONES deliver differentiated services without reengineering their optical infrastructure. 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 Infinera at Nasdaq 70 031 _ Infinera
  67. 67. Jagdeep Singh Co-founder, President and CEO Our goal when we founded Infinera was to develop a based on our photonic integrated circuits for more than disruptive technology, photonic integration, and use four years and there is no other company shipping large- that to change the fundamental economics of optical scale photonic integrated circuits or even claiming to be communications for our customers. When we started close to shipping such devices. We believe that photonic the company, the experts told us it couldn’t be done. integration is the only technology that will enable optical We didn’t know if we could do it. But we knew that systems to scale to support the Internet growth we are if we could do it, we could change this industry forever. expecting in the coming years. We are grateful that Venrock had the vision to back us back in 2001 when we started Infinera. In the end, being an entrepreneur is about identifying an important problem that needs solving, and putting It’s now 2009, and Infinera is number one in together all the pieces that make up the solution, from shipments of long-haul optical systems in North the team to the technology to the funding to profitability. America, with more than 50 customers worldwide, The more important the problem being addressed, including some of the most respected names in the the bigger the opportunity and the more contrary to telecom industry. We have been shipping our systems conventional wisdom the solution is, the more fun. Shaping the Future, 40 Years of Innovation 71
  68. 68. WHAT THEY DO Vontu provides a data loss prevention solution that discovers, monitors and protects confidential data wherever it is stored or used. MILESTONES Sector: Security Founded: 2001 Venrock Funded: 2002 Acquired by Symantec (SYMC): 2007 Number of Employees at Acquisition: ~200 Headquarters: San Francisco, CA 72 032 _ Vontu
  69. 69. 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. Our innovation is based on the Joseph Ansanelli idea of flipping data security on Co-founder and former CEO its head. Instead of looking at the company and how they are data security as an outside/in using and where they are storing problem, we looked at it and confidential information. The said, it’s an inside/out problem. insider threat is prevalent and Rather than focusing on people real – organizations have to trying to break in and steal your monitor, discover and protect data, to us, it was fundamental their data internally, and that is that you look at the people inside the solution Vontu provided. Shaping the Future, 40 Years of Innovation 73
  70. 70. 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 MILESTONES drug is unprecedented in how quickly a high impact drug could Sector: Biotechnology - Biologics be designed and built. Therefore, pharmaceutical industry Founded: 2002 productivity could be increased in a way no one had ever Venrock Funded: 2006 imagined before. 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 Adnexus five year anniversary party, 2007 74 033 _ Adnexus
  71. 71. Dr. John D. Mendlein Adnexus possessed a competitive edge Former CEO comprised of an innovative drug discovery technology from academia, a promising new drug class and R&D veterans of compelling biotech products. I feel incredibly privileged that I work Our scientists were magicians in how everyday with remarkable people quickly they could advance our new focused on bringing life to novel drug class, Adnectins. It is a very therapeutic ideas that can potentially be unique and rewarding opportunity to used by millions of people to make their make a drug; it is an even more unique lives better. That is ferociously cool. and rewarding opportunity to make a whole new class of drugs. Shaping the Future, 40 Years of Innovation 75
  72. 72. WHAT THEY DO12 CMYK 100 68 0 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 MILESTONES requirements evolve for email, laptops, desktops, instant messaging, smartphones, network storage, file transfers, Sector: Security automated processes and backups. 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 Left to right; Alex Doll, Phillip Dunkelberger 76 034 _ PGP
  73. 73. Phillip Dunkelberger President and CEO 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 As people move to new ways of sharing information using customers to say, ‘Because we use PGP, technology, the security around information or data becomes we’re better for it.’ There is a pay-it- more important. Data is currency; we create intellectual forward in that – we make our customers property and share it with our customers and our suppliers better. Their feedback, and what they using intranets and VPNs, we buy and sell things on the would like to see us doing in the future, Web, banks and healthcare providers store and exchange our will make us better. If we take care of personal information. our customers, they’ll take care of us. PGP is, very simply, protecting the world’s data – anytime, anyplace, anywhere regardless of the device or infrastructure. Shaping the Future, 40 Years of Innovation 77
  74. 74. 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. MILESTONES Sector: Biotechnology Founded: 2003 Venrock Funded: 2003 Acquisition by Merck & Co. (MRK): 2006 Number of Employees at Acquisition: 50 Headquarters: San Francisco, CA 78 035 _ Sirna Therapeutics