Careers at Venrock
Venrock’s mission is to generate great returns by partnering with world-class talents to build businesses that change the way we live.
Laurance Rockefeller was the grandson of famed industrialist John D. Rockefeller, the co-founder of Standard Oil. In the 1930s he dipped his toes into investment waters, finanically supporting the founders of McDonnell Aircraft and Eastern Airlines. In 1946 he founded Rockefeller Brothers, one of the earliest postwar venture capital companies, with a capitalization of $1.5 million.
In 1969, Laurance decided to build on the firm’s success, making it the professional venture investing arm of the family and renaming it Venrock (a combination of “Venture“ and “Rockefeller“). Over the next few decades Venrock invested in several tech and healthcare firms that would go on to be major players, including Intel , Apple, and Gilead Sciences. In 1995, it opened up to outside investors.
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Business model of Venrock
Venrock has a niche market business model, with a specialized customer segment. The company targets its service at startups in the technology and healthcare industries.
Venrock offers three primary value propositions: convenience, accessibility, and brand/status.
The company offers convenience by making its process simple for clients. The typical period from initial meeting with a prospect to deal finalization usually does not take very long, lasting from two to six weeks. Once Venrock has decided to invest in a firm, it assists in practically every aspect of building it, including strategy, financing, scaling, hiring, introductions, and exit management.
The company creates accessibility by offering a broad range of options. It services firms in a wide variety of fields within its industries of focus. For technology, those areas include Software and Cloud Services, Security, Healthcare IT, AdTech, Consumer, and Big Data. For healthcare, they include Therapeutics (Biologics and Small Molecules), Medical Devices, and Diagnostics & New Technologies.
The company has established a powerful brand due to its success. It is one of the earliest venture capital firms. It has invested over $2.5 billion in more than 440 companies over the last four decades, resulting in 125 initial public offerings. Its portfolio includes many prominent clients, including Intel, Apple, DoubleClick, 3Com, Millennium Pharmaceuticals, Sirna Therapeutics, and HealthSouth Corporation. Lastly, it has won a number of honors, including Astia Awards in the “Shattered Glass” and “Breaking the Barriers” categories, and induction into the Private Equity Hall of Fame.
Venrock’s main channels are its business development team and its website. The company promotes its offering through its social media pages and participation in summits and conferences.
Venrock’s customer relationship is primarily of a dedicated personal assistance nature. The company assists customers through guidance from assigned employees.
That said, there is a self-service component. The company’s website features an “Insights” section that includes articles featuring ideas, thoughts, and observations from members of the Venrock team. The site also provides access to an e-mail newsletter.
Venrock’s business model entails investing in startups and help them grow.
Venrock does not maintain any formal partnership programs or have any partners of note.
Venrock’s main resources are the fund it uses to invest capital in startups and the employees who advise clients on the use of those funds.
Venrock has a value driven structure, aiming to provide a premium proposition through significant personal service. Its biggest cost driver is likely investment acquisition expenses including expenses for personnel, travel, and due diligence.
Venrock has two revenue streams: management fees it charges clients to oversee their assets and carried interest obtained from profits generated by the startups.
info: Brian earned a B.A. from Princeton University and an MBA from Stanford University Graduate School of Business. He previously served as a Senior Product Manager at Intuit in charge of Quicken and Quicken.com, and as a Strategy Consultant at the Monitor Group.
info: Nick earned an undergraduate degree from Stanford University and an M.Phil. from Oxford University, where he was a Marshall Scholar. He previously served as a General Partner at Matrix Partners and held positions in the technology groups at Goldman Sachs and McKinsey.
info: Bob earned undergraduate degrees from the University of Washington and a medical degree from George Washington University. He previously served as Special Assistant to the President for Healthcare and Economic Policy on the U.S. National Economic Council.
info: Bryan earned a B.A. from Dartmouth College and a Ph.D. in Chemistry & Chemical Biology from Harvard University. He is also Chairman of Ironwood Pharmaceuticals and serves on the board of more than a dozen other healthcare technology companies.
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