Creative Capital

THIRTEEN

A LOVE STORY

(1974–1987)

ARD, SADLY, FAILED TO capitalize on the birth of the microprocessor and biotechnology. And as the firm entered the mid-1970s, Doriot’s fears about practicing venture capital in a large corporation were realized. Although the venture market was anemic at the time, ARD’s inability to find the next Digital couldn’t be blamed on external forces alone. ARD’s management, which had been eviscerated over the years, could no longer sniff out the best opportunities, nor could it provide the best guidance to struggling affiliates. And as Shane and others predicted, the smartest entrepreneurs avoided ARD and chose instead to work with private venture firms. “[ARD] had to go back to the parent to invest,” says Morgan. “Any ...