Dick Kramlich, a name synonymous with venture capital innovation and a co-founder of New Enterprise Associates (NEA), passed away unexpectedly at the age of 89. His death on Saturday, confirmed by his daughter Christina, leaves a significant void not just in his family but also in the realms of venture capitalism and technology investment. Christina described her father as “our warm, curious, ever-optimistic family leader,” indicating the profound impact he had on those around him. While the family prepares to share more details, the loss is palpable, marking the end of an era for a figure who championed new technologies long before they became commonplace.
Kramlich’s journey into the world of venture capital began in a period when the field was still nascent. He recognized the potential of investing in technology innovators when it was not yet a recognized profession. Kramlich’s foresight led him to fund burgeoning companies in the tech space, including making early investments in Apple. It was in 1977 that he joined forces with Chuck Newhall and Frank Bonsal to establish NEA, positioning the firm to compete with established entities like Sequoia Capital and Kleiner Perkins. Their goal was clear: to identify and nurture groundbreaking technological innovations.
Kramlich made several notable investments in the burgeoning computer networking industry, a sector that would eventually shape the modern internet. One of his most significant contributions was backing 3Com, founded by inventor Bob Metcalfe to commercialize Ethernet technology. This investment not only brought Kramlich significant financial returns but also marked a pivotal moment in technological history, setting the stage for widespread networking solutions.
The entrepreneurial spirit that Kramlich nurtured during his career led to remarkable successes, particularly in the realm of computer networking. His investment in 3Com became a blueprint for future venture capital endeavors, demonstrating how a visionary can produce substantial industry-wide shifts. The following rise and eventual challenges of 3Com—an explosive valuation during the dot-com bubble and subsequent acquisition by HP—illustrate the highs and lows prevalent in the tech investment landscape.
Kramlich didn’t stop at 3Com; his keen sense for opportunities directed funds towards numerous companies like Grand Junction and Force10 Networks, contributing to pivotal industry transitions such as the rise of Cisco as a networking behemoth. His ability to foresee the significance of these trends not only enhanced the profitability of his ventures but also enriched the technological ecosystem.
In 2012, Kramlich’s official retirement from NEA coincided with the firm’s successful $2.6 billion fundraising for its 14th fund. However, retirement didn’t quench his thirst for innovation. He transitioned to create Green Bay Ventures in 2017, which focused on investing in sectors like manufacturing and energy, reflecting a testament to his belief in technology’s transformative capabilities across various industries. Kramlich, alongside partners Anthony Schiller and Casey Tatham, sought to explore new frontiers, proving that even at an advanced age, his vision remained as vibrant as ever.
His origins in Green Bay, Wisconsin, where his family background in food service and engineering profoundly influenced his outlook, played a crucial role in shaping his entrepreneurial ethos. Kramlich’s diverse experiences—from studying at prestigious institutions like Northwestern and Harvard to forging alliances in Boston—ultimately led him to Silicon Valley, where he became a formidable force in venture capitalism.
Beyond his accomplishments, Kramlich’s personal character resonated with many who crossed his path. Scott Sandell, NEA’s executive chairman, encapsulated this sentiment by describing Kramlich as “beloved by countless entrepreneurs and venture capitalists” for his optimism and supportive nature. This nurturing approach created an inspiring environment for aspiring innovators, helping them access crucial funding while fostering their entrepreneurial aspirations.
Kramlich’s legacy extends beyond just successful investments; it’s marked by an undying commitment to uplift those around him. His familial bonds—with survivors including his wife Pam and children, Christina, Rix, and Mary Donna—underscore the values he imparted: generosity, optimism, and resilience.
While the tech and venture capital industries mourn the sudden loss of Dick Kramlich, his profound influence ensures that his vision and commitment to innovation will continue to inspire current and future generations. His contributions not only altered the landscape of venture capital but also shaped the technology that defines the modern world. As we reflect on his life and achievements, it becomes clear that Kramlich’s legacy is interwoven with the very fabric of Silicon Valley and its relentless pursuit of progress.