Larry Summers To Join Silicon Valley VC Firm

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.


In Depth

GSAM's Papagiannis: Liquid Alternatives For The Long Run

Apr 21 2017 | 8:44pm ET

Interest in liquid alternatives cooled a bit last year amid a broad shift in investor...

Lifestyle

Aston Martin Returns To Debt Market As DB11 Drives Turnaround

Mar 31 2017 | 5:21pm ET

James Bond’s preferred carmaker is returning to the public debt markets for the...

Guest Contributor

Debunking Conventional Investment Wisdom (Part II)

Apr 17 2017 | 5:56pm ET

The alternative investment industry is currently replete with buzzwords around data...

 

From the current issue of