Venture capital in the U.S.


The modern venture capital industry came into being in 1946, when MIT president Karl Compton, Harvard Business School professor Georges F. Doriot, and local business leaders from the Boston area founded American Research & Development (ARD).1 ARD’s goal was to help commercialize technology developed during the Second World War, and what made ARD “modern” was the fact that in addition to simply providing capital to startups, assisting its portfolio firms with management assistance was also part of the plan from the very beginning.


Venture Capital Pension Fund Private Equity Equity Investment Venture Capital Fund 


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© Deutscher Universitäts-Verlag/GWV Fachverlage GmbH, Wiesbaden 2006

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