Thursday, 25 August 2016
Last updated 3 hours ago
Jun 30 2011 | 1:28pm ET
As though Treasury Secretary, noted economist and Harvard University president weren’t enough, Larry Summers is about to add another job title to his resume: venture capitalist.
Silicon Valley’s Andreesen Horowitz announced Wednesday that Summers would be joining its team as a special advisor.
Summers and Marc Andreesen, the co-founder of the VC firm, told the Washington Post on Wednesday that Summers’ lack of tech experience is not a problem—he’s been hired for his “economic knowledge.”
Summers told the WP he took up the offer because of his enthusiasm for the internet industry:
“Information technology stands out because of the pervasiveness of its impact. Every part of our economy from the way people bank and the way baseball teams set strategies and choose players to the way kids learn to the way restaurants collect their payments and tips are being transformed by information technology,” he said.
Andreesen wouldn’t say what sort of compensation Summers would receive, only that it would likely include a stake in the companies or the fund.
Andreesen Horowitz has investments in Facebook, Digg and Zynga.