The world of venture capital lost a defining figure when Dick Kramlich, co-founder of New Enterprise Associates (NEA), passed away at the age of 89. His unexpected departure on Saturday left many in the financial and tech sectors reflecting on a remarkable legacy that spanned nearly half a century. Kramlich’s daughter, Christina Kramlich, shared the news with CNBC, emphasizing the profound loss felt by the family: “We’ve lost our warm, curious, ever-optimistic family leader.” This heartfelt statement encapsulates how Kramlich was more than just an investor; he was a guiding force for those fortunate enough to know him.
Kramlich’s profound influence on the world of venture capital is underscored by his foresight and innovative spirit. Long before the profession became a well-established career pathway, he recognized the potential for investing in burgeoning technology enterprises. His early investment in Apple products exemplified his keen instinct for identifying high-potential opportunities. The inception of NEA in 1977—with partners Chuck Newhall and Frank Bonsal—marked the beginning of a journey that would significantly transform the landscape of Silicon Valley.
Kramlich’s keen insights into burgeoning technology trends proved to be invaluable. One of his most notable successes was his early investment in 3Com, founded by futurist Bob Metcalfe to commercialize Ethernet technology. This initial backing would lead to astonishing growth for 3Com, which not only went public in 1984 but also reached a staggering market capitalization exceeding $28 billion during the euphoric dot-com bubble in 2000. Despite facing competition from companies like Cisco, Kramlich’s vision had positioned him along a pathway to remarkable success.
His track record extended to various other successful ventures, including investments in companies like Grand Junction and Force10 Networks, both pivotal players in the data networking space. In a reflective moment during a 2006 interview, Kramlich noted the journey from the early days of Ethernet to its status as the dominant protocol supporting global internet communications—a journey that highlighted Kramlich’s significant contributions to modern networking.
Kramlich’s impressive portfolio also encompassed investments in influential technology companies such as Macromedia and Ascend Communications. His willingness to navigate emerging markets, like fusion power with TAE Technologies, underscores his belief in innovation that could redefine industries and improve our future.
Though Kramlich formally retired from NEA in 2012, he continued to enrich the investment landscape. He founded Green Bay Ventures in 2017, a venture reflecting his enduring passion for technological advancement across various sectors such as manufacturing and transportation. Collaborating with Anthony Schiller and Casey Tatham, he sought to assist the next generation of innovators, demonstrating that age did not constrain his drive to cultivate new ideas. Named after his hometown in Wisconsin, Green Bay Ventures was a personal nod to Kramlich’s roots and a continuation of his legacy of fostering innovation.
His history in venture capital began in earnest after he earned his MBA from Harvard and collaborated with notable figures in investment, such as Arthur Rock. From his initial partnership in Boston to the establishment of NEA with its dual operations in Baltimore and Silicon Valley, Kramlich’s career trajectory exemplified resilience and ambition—a testament to the vision he upheld throughout his lifetime.
Influencing Future Generations
Kramlich’s influence extended beyond mere financial backing; he cultivated meaningful relationships with numerous entrepreneurs, steering them toward success with his optimistic outlook and generous spirit. Scott Sandell, NEA’s executive chairman, echoed this sentiment, emphasizing the immense goodwill Kramlich nurtured amongst his peers and associates: “Dick was beloved by countless entrepreneurs and venture capitalists because of his undying optimism and perseverance against really all odds.” Sandell’s words paint a picture of a man whose enduring legacy thrives not only in the symbols of his financial accomplishments but in the hearts and aspirations of those he inspired.
As we remember Dick Kramlich, it becomes apparent that his contributions to venture capital transcended typical investment returns. His story reflects a dedication to innovation, commitment to nurturing talent, and a profound impact on an entire industry. He leaves behind not just a portfolio of successful investments, but also a legacy characterized by warmth and optimism—a legacy that will inspire future generations of entrepreneurs and investors alike. He is survived by his loving family, including his wife Pam, daughter Christina, and other children Rix and Mary Donna, who will cherish his memory as a guiding light in their lives.