In 1890-something Henry started up a company with his friend Andy. In 1902 Hank and Andy sold their startup, Carnegie Steel, to JP Morgan, and Hank pocketed $50 million, which was, back then, the equivalent of approximately three gazillion Euros today. Henry decided to save it for his kids...and grand-kids, and great grand-kids, and great-great-great grand-kids. So he creates Bessemer Securities Corp. as a vehicle for boldly investing his family's billion nickels back into other startups like WR Grace and Ingersoll Rand, thereby kicking off Amercia's favorite pastime, Venture Capital.
Fast forward a century, and somehow the family fortune is managed in part by Bessemer Venture Partners--for the most part, a nerdy crew of Jews and Indians who never stepped foot in a good old fashioned steel mill. (As if, my imaginary reader, you have?) Nonetheless, here we are, entrusted with a legacy, trying our damnedest to sustain our predecessors' long track record of innovation, intellectual leadership, and dumb luck.
This is the blog of one fortunate shlub who is paid to ruminate on the future and charged with a budget to back up his dreams.
Thank you Henry Phipps!