Georges Doriot

Georges Frédéric Doriot (/dɔːrˈiːoʊ/ dor-EE-oh; September 24, 1899 – June 2, 1987) was a French-American investor, military leader, and business educator. As president of the American Research and Development Corporation, the first modern venture capital fund, Doriot has been described as the "father of venture capital."

An émigré from France, Doriot became a professor of Industrial Management at Harvard Business School after dropping out of its MBA program. Doriot's lecture course in leadership was heavily subscribed and taken by many future business executives.

During World War II, President Roosevelt asked Doriot to become a U.S. citizen and aid military planning. He became director of the U.S. Army Quartermaster's Military Planning Division, where he oversaw the development the new materials, vehicles, apparel, and field rations. He focused Army research programs on new technologies for the comfort and safety of the Army's general infantry. He was promoted to brigadier general and awarded the Distinguished Service Medal, as well as foreign military honors. His proposal for a consolidated Army materials research programs became a charter for Massachusetts' Quartermaster Research Laboratory.

In 1946, he co-founded American Research & Development Corporation (ARD) with Karl Compton and Ralph Flanders. A public company intended to stimulate the American economy by spawning new industries, ARD was the first venture capital fund not tied to a family office. After a slow start, ARD was the first to back computer manufacturer Digital Equipment Corporation, providing a 7,000-fold return to its investors.

In 1955, he proposed the founding of INSEAD, now one of Europe's top-ranked business schools.