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
CMYK 100DO
68 0 12
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

My vision, as CEO of Sirna, What made Sirna stand out as a Howard W. Robin
was to capitalize on the company’s leader in the field is that we were President and CEO
unrecognized core strength, the finest the first company to recognize the
RNA chemists in the world, and tremendous potential of RNAi-based
channel those scientists towards research therapies. The entire team at Sirna
and development of therapeutic products was energized by the once-in-a-lifetime
based on Nobel Prize-winning RNAi opportunity to work with a technology
technology. RNAi-based therapies have that could ultimately address enormous
the ability to dramatically change the unmet medical needs across multiple
way we treat disease and fundamentally therapeutic areas. The acquisition by
change medicine – by enabling us to Merck & Co. at such a high valuation
specifically turn off genes or viruses was a clear validation of Sirna’s
that play a role in disease. technology platform and dominant
intellectual property estate.

WHAT THEY DO
INRIX delivers traffic, directions and other innovative

in-car connected services to leading automotive,
portable navigation, mobile, Web and public sector
customers in North America and Europe.
INRIX is revolutionizing how people travel. For the first time,

high quality traffic information is available across the entire
nationwide road network – including all major freeways and
arterials – and will soon be provided throughout Europe by
MILESTONES
INRIX. INRIX continues to innovate through the crowdsourcing Sector: Digital Media
of data from GPS-enabled devices, new technologies for Founded: 2004
intelligently combining information from hundreds of sources
and unique approaches to predictive analytics to determine
how traffic affects people today, how it will look in the future
Headquarters: Seattle, WA
and how to build better routes.
INRIX is growing 100% year-over-year
Original INRIX team
80 036 _ Inrix
Craig Chapman
Co-founder and CTO
Bryan Mistele
Co-founder and CEO
When an entrepreneur starts a even the amount of gas people need

company, it’s not about making to get from point A to point B.
money. It’s about changing the Not only do navigation and traffic
world in some way. Whether you’re applications using our data help
a bio-fuel company or helping to people be more productive, they
reduce congestion and better people’s reduce stress and give people more
lives – it’s ultimately about making time to be with their families.
the world a better place.
All of this because we help people
And there are, of course, enormous steer clear of traffic and arrive
societal benefits in using INRIX at their destination in the most
data and technologies to reduce expeditious fashion.
traffic congestion and decrease
pollution, carbon emissions and

WHAT THEY DO
Adify is an online advertising service provider and

network focused on Web publishers.
MILESTONES
Sector: Digital Media
Founded: 2005
Acquired by Cox Enterprises: 2008
Number of Employees as of 12/31/08: ~80
Headquarters: San Bruno, CA
82 037 _ Adify
Russell Fradin
Co-founder and CEO
Adify provides the technology and back

office services to help entrepreneurs and
traditional media companies turn Internet Our innovation stems from more than
fragmentation into a competitive advantage. the initial concept of our founders. From
Our customers leverage their unique brands day one Adify was deeply committed to
and sales forces to build high quality building a world class enterprise sales
vertically focused advertising networks. and service organization in addition to a
great technology organization. That focus
combined with the initial innovative idea
enabled us to build something great.

WHAT THEY DO
Ikaria is a biotherapeutics company whose acute-care

products and therapies address the significant unmet
needs of critically ill patients.
MILESTONES
Founded: 2005
Headquarters: Clinton, NJ
Formation of Ikaria Holdings, Inc.,

through merger of Ikaria and INO
Therapeutics: 2007
84 038 _ Ikaria
David Shaw
Executive Chairman and
Chairman of the Board
Daniel Tassé
President and CEO
It starts with attitude, and the attitude since the

beginning of Ikaria has been to be the best in the world
at what we do. In our case, we strive to be the best in the
world at providing advanced critical care therapies and
solutions, starting with INOmax. We have worked hard
to put together a unique business platform and a world-
class team to get the job done.
Ikaria’s journey started with the development of

scientific breakthroughs with life-saving medical
applications. Saving lives is a very motivational goal
for an organization, and this dramatically impacts
Mark Roth the company’s culture. The company has evolved
rapidly from a small start-up to a 400+-person,
Founder and Scientist
widely respected leader in the development and
commercialization of innovative products and therapies
for critically ill patients.
Along the way, it has been fun and rewarding to be in a

position where all of your energy is spent building teams,
building the right culture, building the right products,
building customer relationships and creating something
that we hope will be truly ‘legendary’ in the eyes of
patients, employees, investors and others stakeholders.

WHAT THEY DO
Transonic Combustion is commercializing a revolutionary

fuel injection system that doubles MPG and halves CO2
emissions, enabling automakers to offer a portfolio of
considerably more fuel-efficient cars and trucks.
This ultra-high efficiency fuel injection technology is out in

front of a wave of energy efficiency enablers including hybrid
components, electric drivetrains and low friction engines.
MILESTONES
The company’s lean combustion process is designed to function Sector: Automotive
optimally on modern high compression ratio engines, allowing Founded: 2006
automakers to minimize costs for retooling, re-engineering and
new engine programs. Transonic’s innovative technology operates
on regular gasoline and current biofuels, while bridging into
Headquarters: Camarillo, CA
renewable zero-net carbon biofuels at an attractive cost per mile.
It is projected to facilitate practical 100 MPG cars in the near term.
100 mpg Fuel Injection

Technology Demonstrator
86 039 _ Transonic Combustion

Brian Ahlborn
President and CEO
The team has developed a fundamental

improvement in the efficiency of the
internal combustion engine, delivering
dramatic results at a time when
the global automotive community
is searching for exactly this type of
innovation. At a time of huge global
demand for cleaner, more fuel efficient
cars, Transonic is ideally positioned
to become a key player in greening the
next era of personal transportation.
We see ourselves as vitally important

enablers on a global scale. We’re
enabling a huge 2X improvement in
vehicle fuel efficiency, so that drivers
can get the most mileage from every
drop of fuel. We’re positioned to help
revitalize a distressed car industry and
we’re moving a concerned global society
towards a healthier, greener, more
prosperous future.

WHAT THEY DO
Sapphire Energy is pioneering an entirely new

industry – Green Crude Production – with the
potential to profoundly change America’s energy
and petrochemical landscape for the better.
Sapphire has built a revolutionary platform using sunlight,

CO2, photosynthetic microorganisms (algae) and non-arable
land to produce carbon-neutral alternatives to petrochemical-
based processes and products. The result: renewable
MILESTONES
gasoline, diesel and jet fuel that conforms to ASTM standards Sector: Alternative Energy
and is environmentally sound, cost effective and scalable. Founded: 2007
Headquarters: San Diego, CA
January 8, 2009, Continental Airlines

used a spec “jet fuel A” derived from
Sapphire Energy’s technology.
88 040 _ Sapphire Energy

Jason Pyle
Co-founder and CEO
As an entrepreneur, you need to

understand that your product must
fulfill a critical need. At Sapphire,
we can’t think of a product better
for the economic and environmental
stability of our nation and the rest
of the globe than one that provides
energy independence and addresses
climate change. We are dedicated to
creating environmentally sound, cost
effective, renewable and scalable
algae-based green crude – not fossil
fuels, not biodiesel, not ethanol.
Everyone involved, from the founders to the investors

to every employee, understands the commitment we are
taking to fundamentally change the world.

Laurance S. Rockefeller
In the 1930’s, Laurance Rockefeller (1910-2004) pioneered early-
stage financing by investing in the entrepreneurs of Eastern
Air Lines and McDonnell Aircraft. He became well known as an
investor of risk capital in young enterprises whose future was
based on scientific and technological developments. Over the
years, his investment interests included the fields of aviation,
aerospace, electronics, high temperature physics, composite
materials, optics, lasers, data processing, thermionics and
nuclear power.
Beginning in August 1969, the venture capital investments

in these and new areas were made through a venture capital
group, Venrock, formed by Laurance Rockefeller and members
of the Rockefeller family.
On giving a project time to succeed, 1955:
In my enterprises, you need a calendar,

not a stop-watch. 4
LSR Reaction Motors, 1955 5
90
On risking money in venture capital enterprises, 1953:
Laurance S. Rockefeller
What we want to do is the opposite of the old system of holding back capital
until a field or idea is proved completely safe. We are undertaking pioneer projects
that, with proper backing, will encourage sound scientific and economic progress
in new fields – fields that hold the promise of tremendous future development. 6
Laurance S. Rockefeller Shaping the Future, 40 Years of Innovation 91

On whether he is a gambler, 1973:
No. A gambler’s interested in quick

answers and short-term gains. And if I
have a fault as an investor, it’s that I stay
with it – 10 years, 20 years – and that’s
because I enjoy seeing things done. 8
LSR Eastern Air Lines, July 1946 –Eastern Air Lines maintenance
base – Miami, FLA – Propeller shop – Propeller so precisely
balanced, Mr. Rockefeller’s handkerchief turns it. 7
On his investment philosophy, 1973:
I feel that opportunity knocks, and

if you’re listening, you open the
door. And if you’re impressed with
the people and believe what they’re
interested in has a socially desirable,
long-term potential, you get in there
and stick with it. All of these things
were 20 or 30-year ventures, and a
lot of people would have gotten out
three or four times and been better off.
But I stayed with the airline business,
and sold these other companies as their
production maturity developed. And
we’d go back into new ventures. 9
LSR Eastern Air Lines, 1977, A300 Cockpit 10
92
LSR Piasecki, 1954 –Laurance S. Rockefeller
with Frank N. Piasecki, chairman of the
Piasecki Helicopter Corporation. 12
On how to reverse runaway and destructive

practices effecting the environment, 1972:
It will require the combined efforts of business,

government, the people and science. It is more
important than ever to use science now, so that
we won’t make mistakes in solving our problems. 11
On “frivolous needs” and the need to scale down our standard of living, 1973:
I think we’re going to have to consume less as a society and as

individuals – and apparently starting this summer with the shortage
of motor fuel. This is coming quicker than any of us anticipated,
and I see it as potentially a good thing. The overemphasis on
consumer values and the status relating thereto – we’ve been going up
a dead-end street. The fact that we’ll have to drive in smaller cars
and not go as far or as fast, to me, is pretty inevitable. It’s a trend
that, once started, is going to go on for a long time. 13

On his Success Formula, 1984:
Success is due largely to a sense

of direction, timing and purpose.
And an element of luck. 15
Photo taken during LSR trip to Itek, Boston, 1959 14
On his “golden touch” in investment, 1973:
These things go in cycles. In the

pre-war and post-war periods,
research and development had
a very high priority. We were
on a moving train, and events
favored people who took chances
intelligently – who were prepared
to provide the capital needed,
and associate with engineers and
businessmen. The opportunity
was there and we were there and
we were fortunate. 16
New York, NY, June 5, 1940. Captain Eddie Rickenbacker takes off for a new chapter in
airline history. “Captain Eddie” is shown at La Guardia Field just before the flight on which
he signed the lease that moves the Eastern Air Lines headquarters to Rockefeller Center
and gives the name of his company to the 16-story building at Ten Rockefeller Plaza.
Photo shows left to right: Thomas F. Armstrong, secretary-treasurer of Eastern Air Lines,
Lawrence A. Kirkland, rental manager of Rockefeller Center; Captain Eddie Rickenbacker,
World War ace and president of Eastern Air Lines; and Laurance S. Rockefeller 17
94
On the similarities of venture capital and philanthropy, 1955:
Effective venture capital investment, as with effective

giving, is most likely to succeed when the head and the
heart are combined and work together; when reason and
technical skill are fortified and guided by a sense of
purpose, conviction and faith! 18
The XF-88, McDonnell Aircraft Corporation, St. Louis, Missouri, August 11, 1948 19
On progress and risk-taking and fear of science, 1973:
…People today want progress without risk. Nobody wants to take chances they don’t have to, but
in this whole power field [nuclear energy] there’s a tendency for the public, or spokesmen for the
public, to want progress without risk. Atomic power is the hope of having power ultimately with
nominal pollution. The hope of fusion being harnessed is the great hope of mankind: To be able
to meet the needs of people – basic needs, not frivolous needs – and at the same time not use up
resources, and to do this with minimal pollution…I believe this: that science gave us the tools to
misuse. Now’s no time to lose faith in science, but simply to guide it, and to develop the additional
tools to overcome pollution on the one hand, and meet the basic needs of poverty and growth on the
other. This is a tension and a conflict. 20

Venrock
The professionals at Venrock offer a balance of
industry expertise, judgment, dedication and
integrity that has made the firm an effective
partner to entrepreneurial teams since our
inception in 1969. By acting as a catalyst for
company growth, Venrock delivers results
through strategic insight, operating guidance
and business development activities.
The 25 investment professionals of Venrock bring extensive knowledge

and domain expertise to our business-building partnerships with our
portfolio companies. Our deep involvement at the board level increases the
likelihood and scale of the entrepreneurs’ success. Venrock has invested in
430 companies, 72% in IT and energy sectors and 28% in healthcare; 118
are currently held, 124 resulted in IPOs and 126 were M&A transactions.
Venrock’s collaboration with entrepreneurs brings investment returns that
have consistently achieved superior performance since 1969.
Twenty of our investment team have operational experience and 10 are

former entrepreneurs and/or CEOs. Four principals earned Ph.D.s, five
are M.D.s, seven were educated as electrical engineers and computer
scientists, one is a nuclear engineer, and 14 have M.B.A.s. The team
brings 185 collective years experience in venture capital at Venrock.
Ultimately, it’s about the investment team working closely with the entrepreneur to
shape strategy, build organizations, attract talent and customers, and develop critical
industry alliances. Together, Venrock and our entrepreneurs will continue the business
of innovation and to shape the future.
Venrock Shaping the Future, 40 Years of Innovation 97

Brian Ascher Mike Brooks Eric Copeland
Partner Partner Partner
Venrock since 1998 Venrock since 2000 Venrock since 1998
Adify 2Wire
Anthony Evnin, Ph.D. Ohad Finkelstein Steve Goldby

Genetics Institute, Centocor, IDEXX, Sapphire Energy
Sepracor, Athena Neuroscience, IDEC
Pharmaceuticals, Gilead Sciences,
Millennium Pharmaceuticals
Anders Hove, M.D. David Pakman William Rastetter, Ph.D.

Adnexus
98
Bryan Roberts, Ph.D. Ray Rothrock David Shaw
Illumina, athenahealth, Ironwood, Spyglass, DoubleClick, Check Point
XenoPort, Sirna, Ikaria Software, PGP, Vontu, Tri Alpha Energy,
Transonic Combustion
Anthony Sun Matthew Trevithick Michael Tyrrell

3Com, Cognex, StrataCom, Award Transonic Combustion Endeca Technologies
Software, Infinera, INRIX
Peter Crisp David Hathaway Ted McCourtney Hank Smith

Retired Partner Retired Partner Retired Partner Retired Partner
Thermo Electron, Apple, Mentor Graphics, Polycom Apollo Computer, Apple
Evans & Sutherland, Cellular Communications
American Superconductor
Venrock Shaping the Future, 40 Years of Innovation 99

Probably the greatest single obstacle to the
progress and happiness of the American people
lies in the willingness of so many men to invest
their time and money in multiplying competitive
industries instead of opening up new fields…It
requires a better type of mind to seek out and to
support or to create the new. 21
John D. Rockefeller, Sr.
100
Laurance Spelman Rockefeller
(May 26, 1910 – July 11, 2004)

References
1 Photograph copyright Evans & Sutherland Computer Corporation. All Acknowledgements

rights reserved. Used by permission.
Venrock would like to thank the 40 CEOs and
2 Photo courtesy of Millennium: The Takeda Oncology Company. entrepreneurs who took the time and effort to
participate in our 40th anniversary celebration.
Additionally, we would like to thank the people
3 Photo by Genevieve de Manio/Design & Co. behind the scenes, their marketing teams
and assistants: Kelly Taylor, Ranjini Mehdi,
4 Carol Lynn Yellin, “Some Quotations from LSR,” p. 12, LSR Papers, RG Michael Daut, Young-Ae Park, Jodelle French,
43, Box 75, Folder Seitel Interviews Background Material, Rockefeller Laurie Voorhies, Lenore Bruno, Phyllis Swan,
Archive Center, Sleepy Hollow, New York (hereafter designated RAC), Robin Pratt, Marti Brown, Lisa Shicko, Amy
Trevvett, Andrew Todd, Lorraine Spelman,
taken from “The Rockefeller Brothers,” Part II, by Richard Austin Smith,
Annie Glidden, Michelle Baessler, Jennifer
Fortune, March, 1955, page 116. Ruddock, Jason Fredette, Linda Taylor, Amy
Flood, Erin Rau, Amy Altmaier, Gloria Consola,
5 Rockefeller Family Archives, Photograph Collection, RG 1009 (Laurance Ravit Avidor, Marie Grady, Susie Miller, Tanya
S. Rockefeller Family), Series Business, subseries Reaction Motors, Box 1, Saggese, Galit Adler, Jen Bale, Maurissa
Bornstein, Susan Brady, Alison Durant, Jackie
Folder 14, RAC.
Cossmon, Jeff Ferry, Allison Nolasco, Ashley
Esselstrom, Suzanne Taaffe, Lauren Ames,
6 Carol Lynn Yellin, “Some Quotations from LSR,” p. 7, LSR Papers, RG 43, Nicole Owen, Scott Sedlik, Samina Bari, Scott
Box 75, Folder Seitel Interviews Background Material, RAC, taken from Baslee, Anne Smith, Leo Medrano, Eric Sharp,
Those Rockefeller Brothers, by Joe Alex Morris, Harper & Bros., 1953, Diane Cox, Glynnis Breen and Tim Zenk.
page 170. Thanks to the team at the Rockefeller Archive
Center and Rockefeller and Company; Mary
Ann Quinn, Michele Hiltzik and Liz Haviland.
7 Rockefeller Family Archives, Photograph Collection, RG 1009 (Laurance Thank you to the always helpful Nicole Pack
S. Rockefeller Family), Series Business, subseries Eastern Air Lines, Box 1, and Kelly Krebs from the Horn Group.
Folder 7B, RAC.
And last, but never least, thanks to the entire
Venrock team and staff.
8 Carol Lynn Yellin, “Some Quotations from LSR,” p. 6, LSR Papers, RG 43,
Box 75, Folder Seitel Interviews Background Material, RAC, taken from Special thanks to the Creative Team:
Walter Cronkite interview with Laurance S. Rockefeller for CBS Reports
documentary, “The Rockefellers,” 1973. Profile photography
Paul C. Miller, photographer,
9 Carol Lynn Yellin, “Some Quotations from LSR,” p. 22, LSR Papers, RG Paul C. Miller Photography
www.paulcmiller.com
43, Box 75, Folder Seitel Interviews Background Material, RAC, taken from
Walter Cronkite’s interviews with Laurance S. Rockefeller for CBS Reports Other profile photography credits
documentary, “The Rockefellers,” 1973. Scott Lewis, Vontu
Susan Stava, Cellular Communications
10 Rockefeller Family Archives, Photograph Collection, RG 1009 (Laurance Mark Tuschman, Sirna
Mike Weymouth, Sepracor
S. Rockefeller Family), Series Business, subseries Eastern Air Lines, Box 1,
Folder 8, RAC. Design and layout
Michael McClinton, designer, waxbox
11 Carol Lynn Yellin, “Some Quotations from LSR,” p. 14, LSR Papers, RG www.thewaxbox.com
43, Box 75, Folder Seitel Interviews Background Material, RAC, taken from
“Laurance Rockefeller – Economic Development with a Conservationists And all things marketing
Evy Smith, editor, Venrock
Touch,” Hawaii Business, December, 1972, page 44.
www.venrock.com
and Boffo Productions
12 Rockefeller Family Archives, Photograph Collection, RG 1009 (Laurance www.boffoproductions.com
S. Rockefeller Family), Series Business, subseries Piasecki Helicopter
Corporation, Box 1, Folder 12, RAC.
Evy Smith interviewing George Hatsopoulos.
102
13 Carol Lynn Yellin, “Some Quotations from LSR,” p. 23, LSR Papers, RG
43, Box 75, Folder Seitel Interviews Background Material, RAC, taken
from Walter Cronkite’s interviews with Laurance S. Rockefeller for CBS
Reports documentary, “The Rockefellers,” 1973.
14 LSR Photos, Acc. 2007:17, Box 46, Folder Itek, Rockefeller Family
Archives, RAC.

from LSR’s Memorandum on “Fragmentation” with comments on how
to control or minimize it, 1984.
from Walter Cronkite interview with Laurance S. Rockefeller for CBS
17 LSR Photos, Acc. 2007:17, Box 46, Folder EAL, Rockefeller Family
Archives, RAC.
18 Speech to Sloan Venture Capital and Philanthropy Scholarship Students,

December 1955. LSR speech file, Box 1, December, 1955, RAC.
19 LSR Photos, Acc. 2007:17, Box 46, Folder McDonnell Douglas, RAC.
from Walter Cronkite’s interviews with Laurance S. Rockefeller for CBS
21 Those Rockefeller Brothers, by Joe Alex Morris, Harper & Bros., 1953,
page 139.
Copyright © 2009 Venrock

Venrock: Shaping The Future, 40 Years of Innovation

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Shaping the

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

From companies that created

semiconductors and personal

computers, secured information

pioneered on-line advertising

and browsers, to biotech ﬁrms

that charted new advancements

in cancer, anti-infectives and

producers of alternate energy,

Venrock companies continue

shape our future.

John D. Rockefeller, Sr.

��� ��� ��������������� ��

Thermo Electron provides technology-based instruments,

Today, the merged company of Thermo Fisher Scientiﬁc is the

Funded by Laurance Rockefeller: 1960

IPO (TMO): 1968

Merger with Fisher Scientiﬁc: 2006

Market Cap as of 12/31/08: $14.9B

George Hatsopoulos, 1985

Left to right; George Hatsopoulos, Henry Ford,

10 001 _ Thermo Electron

To my knowledge, Thermo Electron is the

Shaping the Future, 40 Years of Innovation 11

Evans & Sutherland is the world’s ﬁrst computer

Venrock Funded: 1969

IPO (ESCC): 1978

Headquarters: Salt Lake City, Utah

Left to right; Ivan Sutherland, Dave Evans

Left to right; Ivan Sutherland, Dave Evans 1

12 002 _ Evans & Sutherland

We were fortunate to have started the company

Shaping the Future, 40 Years of Innovation 13

Intel, the world leader in silicon innovation, develops

Venrock Funded: 1969

IPO (INTC): 1971

Market Cap as of 12/31/08: $81.5B

Headquarters: Santa Clara, CA

Left to right; Bob Noyce,

Intel’s ﬁrst 106 employees, 1969

Intel started out looking at just

The microprocessor was kind

That was really the breakthrough insight that

Suddenly, computers weren’t those things stuck

Shaping the Future, 40 Years of Innovation 15

Apple ignited the personal computer revolution in the

Today, Apple continues to lead the industry in innovation with its

Venrock Funded: 1978

IPO (AAPL): 1980

Market Cap as of 12/31/08: $75.9B

Apple Goes on Tokyo Stock Market

Shaping the Future, 40 Years of Innovation 17

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