Dick Kramlich, a transformative figure in the realm of venture capital, passed away on Saturday at the age of 89. His death was unexpected, coming without a long illness, as confirmed by his daughter, Christina Kramlich. Kramlich’s impact on the tech industry and venture capital landscape cannot be overstated. Co-founding New Enterprise Associates (NEA) nearly five decades ago, he was instrumental in shaping what has become one of Silicon Valley’s dominant venture capital firms. Through his investments, Kramlich cultivated a spirit of innovation that resonated throughout his career.
Kramlich’s journey into venture capitalism was marked by his keen foresight and an innate understanding of emerging technological trends. At a time when the profession of venture capitalist was still in its infancy, he recognized the potential for significant growth in hardware and software sectors. He was one of the early investors in Apple, a testament to his capability to identify promising ventures before they became industry giants. This ability would set the stage for NEA’s future successes.
In 1977, alongside Chuck Newhall and Frank Bonsal, Kramlich founded NEA, at a time when other major players in venture capital like Sequoia Capital and Kleiner Perkins were already establishing themselves in Menlo Park, California. Kramlich’s early ventures into the world of computer networking exemplified his knack for anticipating technological shifts. His investment in 3Com—founded by Ethernet inventor Bob Metcalfe—proved particularly fruitful. 3Com became a standout player in the networking space, culminating in a public offering in 1984. At the height of the dot-com boom, the company was valued at over $28 billion, a clear indicator of Kramlich’s skill in recognizing potential market leaders.
Kramlich’s other successful ventures included investments in Grand Junction and Force10 Networks, among others. He was not just an investor; he recognized the importance of nurturing these companies and saw through their development cycles. In a 2006 interview, he reflected on the technological evolution of Ethernet, highlighting NEA’s role in the narrative of network communications. This historical framing illustrates Kramlich’s understanding that venture capitalists play an essential role not only in funding but in shaping the future of technology.
Retiring from NEA in 2012, Kramlich did not retreat into obscurity; rather, he founded Green Bay Ventures in 2017. This initiative underscored his commitment to investing in industries that prioritize sustainability and technological advancement. His portfolio spanned multiple sectors, including energy, manufacturing, and logistics, demonstrating a forward-thinking approach that resonated with the challenges of the contemporary world.
The origins of Green Bay Ventures are steeped in personal history, named after his hometown in Wisconsin. Kramlich brought his wealth of experience and insights into this new venture, collaborating with Anthony Schiller and Casey Tatham, who had previously managed Kramlich’s family investments. This team continued Kramlich’s legacy of investing in innovative technologies while promoting responsible practices in business.
Kramlich’s influence extended far beyond his business achievements. Colleagues and entrepreneurs alike revered him for his optimism and determination. Scott Sandell, NEA’s executive chairman, aptly noted that Kramlich’s unwavering support and generosity endeared him to many in the ecosystem. His ability to forge meaningful relationships, coupled with an instinct for calculated risks, made him a beloved figure among venture capitalists and entrepreneurs alike.
Kramlich’s sudden passing leaves a void in the venture capital community and among those whose lives he touched. Survived by his wife, Pam, and children, Christina, Rix, and Mary Donna, Kramlich’s legacy will continue through their memories and the many companies that benefitted from his vision and guidance.
In a world where optimism can be in short supply, Kramlich’s life serves as a reminder of the value of hopefulness and the importance of believing in the potential of emerging ideas. As the venture capital landscape evolves, his contributions will not be forgotten, and his principles will continue to inspire future generations of investors.