The venture capital (VC) industry as it is known today began in 1946 when Georges Doriot (who is often considered the “father of venture capital”) and others started American Research and Development Corporation, the first publicly owned VC firm. Arguably its best investment was the $70,000 it spent in 1957 to help fund Digital Equipment Corporation. Eleven years later, that investment was valued at more than $355 million after the company’s initial public offering.
Associates are the “foot soldiers” of venture capital firms. Their primary duties are to source deals and perform due diligence to support the partners so they can deploy more money in profitable investments.