Published via Inbox: 2013-05-08 15:03:50
That meeting reinforced the message that Doerr delivered to the LPs: While Kleiner wasn’t giving up on green tech (its Bloom Energy fuel-cell startup could have a strong IPO later this year), it was refocusing on digital. Ask Doerr which are today’s quintessential Kleiner portfolio companies and he cites Flipboard, Square, social network Path, digital-thermostat maker Nest and online education platform Coursera, all of which he says are on track to redefine and create new industries the way Amazon and Google did. The last four boards Doerr joined (those of Zynga, cloud-storage play upthere, Flipboard and Coursera) are all plays on social, local and mobile—the so-called SoLoMo megatrend that Doerr himself coined in 2010.
My Two Cents
Forbes' Connie Guglielmo writes a very insight full article on John Doerr and KPC&B. Entitled John Doerr's Plan to Reclaim The Venture Capital Throne leaves me thinking a few things. First, KPC&B was the VC equivalent of the NY Yankees. Not even the Yankees win the World Series every year, but when Kleiner wants in a deal, they get in (80% of the time). Ironically, this tells me Doerr and KPC&B were really sleeping at the wheel for the last 5 years with all of their misses. Second, John Doerr has had an incredible run. He blinked when he seemed to go all-in on green-tech/clean-tech, but his current portfolio is hot (yet I have no idea of his investing basis).
Third, they seemed to have taken programmatic steps to make sure that fewer hot deals fall through the cracks. Fourth, they seem to have gotten younger and older (both good). On one hand, they brought in young talent (including female) to work the scene and identify hot developers. On the other hand, they recruited Mary Meeker to work the mature / growth investing scene for KPC&B.
The Kleiner LP's are likely as committed as they have ever been to them. The relationships are likely as tight as any in the market. Kleiner will not fade in to hoi polloi. Kleiner will remain blue chip into the foreseeable future. The real question relates to John Doerr. Will he regain his Midas Touch? He's 61. He's not doing the "finding" or "sourcing" of deals anymore, but his leadership at Kleiner is just as important as ever. His legacy will remain untarnished, but he "blinked" during the last 5+ years and rarely can you recover. And he's no exception. I say there will be no more Top Ten's on the Midas list for John anymore.
