Dick Kramlich, a revered figure in the world of venture capital, passed away on a Saturday at the age of 89. His death, which took many by surprise, was confirmed by his daughter, Christina Kramlich, who expressed profound loss over the abrupt departure of their “warm, curious, ever-optimistic family leader.” What set Kramlich apart from his contemporaries was not just his financial acumen but his vision of the burgeoning tech landscape long before venture capital became a mainstream profession.
The co-founder of New Enterprise Associates (NEA), established in 1977, Kramlich was not a latecomer to the tech boom. Instead, he was a visionary who saw potential in investing in tech entrepreneurs when the field was still nascent. By putting his own money into companies like Apple before starting NEA with partners Chuck Newhall and Frank Bonsal, Kramlich marked the beginning of what would be a remarkable career in venture capital. His foresight was instrumental in recognizing the potential of technology to reshape industries and eventually the world.
Throughout his illustrious career, Dick Kramlich made several groundbreaking investments that laid the foundation for some of today’s tech giants. Investing early in 3Com, a company co-founded by Bob Metcalfe for the commercialization of Ethernet technology, he not only supported innovation but also profited enormously as the company went public in 1984. With a peak market valuation of over $28 billion during the dot-com boom, 3Com epitomized the potential Kramlich saw in technological advancements.
Kramlich’s investments didn’t stop with 3Com. He was also involved with Grand Junction, another company that thrived under his stewardship and was eventually sold to Cisco in 1995. His investment journey continued with Force10 Networks, a data center networking firm acquired by Dell in 2011. Such successful ventures underscored his unique ability to identify companies that would lead industries into the future, showcasing the transformative power of technology.
In a reflection on his career, Kramlich once stated, “So we’ve gone from the very inception of the Ethernet through to its becoming the dominant protocol of the internet for network communications.” This sentiment encapsulated his role not only as a financier but as a participant in the broader narrative of technological progress.
Retiring from NEA in 2012 did not signal the end of Kramlich’s investment endeavors. Instead, it marked the beginning of a new chapter with the establishment of Green Bay Ventures in 2017. Co-founding this venture with industry stalwarts Anthony Schiller and Casey Tatham, he focused on sectors as diverse as manufacturing, energy, and communications. The firm was named after Green Bay, Wisconsin, reflecting Kramlich’s roots in that quaint Midwestern town where his father had founded a food chain, and his mother had made groundbreaking strides as an aeronautical engineer.
The start of Green Bay Ventures illustrated Kramlich’s enduring commitment to fostering innovation, even in retirement. His investment philosophy remained steady, centering around a belief that new technologies could significantly elevate various industries and improve the pace of progress.
Dick Kramlich’s influence extended beyond his successful investments and into the very fabric of the venture capital community. Scott Sandell, executive chairman of NEA, met Kramlich in the 1990s while consulting for a startup, and describes him as “beloved by countless entrepreneurs and venture capitalists” due to his optimism and nurturing nature. Sandell’s trajectory in venture capital was altered significantly by the introduction to Kramlich, proving that his legacy lived on through those he inspired.
Kramlich’s visionary spirit fostered a culture of collaboration and support within the industry, making him a mentor to many. His approachability and kindness endeared him to startups and colleagues alike, solidifying his position as a touchstone in the venture capital world.
As we reflect on the life of Dick Kramlich, it is clear that he left an indelible mark on the technology sector and venture capital at large. Survived by his wife Pam, his daughter Christina, and his other children Rix and Mary Donna, Kramlich’s passing is a loss not just to his family but to an industry enriched by his vision. He symbolized the innovative spirit that continues to propel Silicon Valley forward, and his contributions will be remembered as monumental. Kramlich not only invested in companies; he invested in ideas and the potential of human ingenuity, ultimately shaping the future of technology as we know it.