![]() He demonstrates that ARD was just one piece of many in an evolutionary process of dynamic capital markets going back at least a century, and that ARD’s founding was a culmination of practices discovered in early-stage risk capital and long-tail investing developed through trial-and-error in other contexts. While the popular version of the genesis of venture capital takes place right after World War II with the advent of American Research and Development Corporation (ARD) in Boston in 1946, Nicholas goes back further. In my view, understanding the past is critical to understanding the present and the future. Unfortunately, too many in the innovation economy today ignore the many useful lessons of the past. ![]() For me, this is the real genius in studying history: it exposes weaknesses in the current state of things, highlights tested problem areas, and provides signposts for improvement. Nicholas produces what any good historical inquiry should: a detailed documentary of how we got to where we are, an illumination of key lessons learned along the way, and a clear framework to guide the reader’s imagination into how the future may unfold. I have been eager to get my hands on this book since first learning about it months ago, and I’m happy to say, it didn’t disappoint. The book was written by Tom Nicholas of Harvard Business School and released just one day before Secrets of Sand Hill Road. VC: An American History is a fascinating tour of the genesis and evolution of the venture capital business, spanning more than 200 years of development. I, on the other hand, have been focused on a very different type of book on the venture capital industry. By all accounts, it’s an excellent guide for helping entrepreneurs and other onlookers understand the practicalities of the venture capital business. Seemingly everyone in my network has been busy the last few weeks reading Secrets of Sand Hill Road: Venture Capital and How to Get It, the highly anticipated book by Andreessen Horowitz partner Scott Kupor that published last month.
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