Venrock: Shaping the Future, 40 Years of Innovation

Shaping the
Future
40 Years of Innovation

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.

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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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

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

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

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

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.


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


IPO (INTC): 1971


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

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’.


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


IPO (AAPL): 1980


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

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.


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


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

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.

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


IPO (CNTO): 1982

Acquired by Johnson & Johnson
(JNJ): 1999


Headquarters: Horsham, PA

Left to right; Michael A. Wall, Hubert J.P. Schoemaker, PhD,
Michael Jaugey, Anthony Evnin, PhD.

20 006 _ Centocor

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


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


IPO: 1983

Acquired by HP (HPQ): 1989

Headquarters: Chelmsford, MA

Apollo brochure

22 007 _ Apollo Computer

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.


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

Founded: 1980


IPO (GENI): 1987

Acquired by Wyeth
Pharmaceuticals (WYE): 1996

Headquarters: Cambridge, MA

24 008 _ Genetics Institute

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.


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


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

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.

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


IPO (CGNX): 1989


12/31/08: 1,000

Headquarters: Natick, MA


Dr. Bob and Dataman

28 010 _ Cognex

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.


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


IPO (MENT): 1984


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

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.


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


IPO (IDXX): 1991



Headquarters: Westbrook, Maine

32 012 _ IDEXX

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.


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


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

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.

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


IPO (IDPH): 1991

Merger with Biogen (BIIB): 2003


Number of Employees as of 12/31/08: 4,200


IDEC employees, 1997

36 014 _ IDEC Pharmaceuticals

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

WHAT THEY DO

Athena Neurosciences manufactured diagnostic and
therapeutic products for diseases of the nervous system.

MILESTONES

Founded: 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

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.


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


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

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


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
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

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

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

Founded: 1987


IPO (GILD): 1992


12/31/08: 3,400

Headquarters: Foster City, CA

44 018_ Gilead Sciences

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.


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

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


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


IPO (SPYG): 1995

Acquisition by OpenTV (OPTV): 2000

Number of Employees at Acquisition: ~300

Headquarters: Naperville, IL


48 020 _ Spyglass

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.


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


IPO (CHKP): 1996

Market Cap as of 12/31/08: ~$4.5B

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

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.


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

Founded: 1993


IPO (MLNM): 1996

Acquired by Takeda Pharmaceuticals
(TSE:4502): 2008

12/31/08: ~1,100


A Millennium scientist examines
cultures in a discovery laboratory. 2

52 022 _ Millenium Pharmaceuticals

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.


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


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

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.


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


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

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


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


IPO (ATHN): 2007



Headquarters: Watertown, MA

2001 company retreat

1998 Celebration

58 025 _ athenahealth

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.


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

Founded: 1998


IPO (ILMN): 2000


12/31/08: ~1,500

Headquarters: San Diego, CA

Genome Analyzer

60 026 _ Illumina

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.


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




Left to right; Peter Hecht,
Todd Milne, Brian Cali 3

62 027 _ Ironwood

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.


WHAT THEY DO

Tri Alpha Energy is an alternative energy
company working on next-generation power
generation technology.

MILESTONES
Sector: Alternative Energy

Founded: 1998


Headquarters: Southern California

TAE staff, 2000

64 028 _ Tri Alpha Energy

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.


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



250M+ end users per month,
600 customers worldwide

Endecans celebrating new
corporate headquarters in
Kendall Square

66 029 _ Endeca

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.


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

Founded: 1999


IPO (XNPT): 2005


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

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.


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


IPO (INFN): 2007



Headquarters: Sunnyvale, CA

Infinera at Nasdaq

70 031 _ Infinera

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.


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


Acquired by Symantec (SYMC): 2007

Number of Employees at Acquisition: ~200

Headquarters: San Francisco, CA

72 032 _ Vontu

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.


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
imagined before.
Filed for IPO: 2007

Acquired pre-IPO by Bristol-Myers Squibb
Company (BMY): 2007


Headquarters: Waltham, MA

Adnexus ﬁve year anniversary party, 2007

74 033 _ Adnexus

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.


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



Headquarters: Menlo Park, CA

Technology Innovation Award: Network
Security - The Wall Street Journal - 2007

Left to right; Alex Doll,
Phillip Dunkelberger

76 034 _ PGP

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.


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

Founded: 2003


Acquisition by Merck & Co. (MRK): 2006

Number of Employees at Acquisition: 50

Headquarters: San Francisco, CA

78 035 _ Sirna Therapeutics

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