SAN FRANCISCO Nov 19 Venture capitalist Tim
Draper is stepping back from his investment role at Draper
Fisher Jurvetson, the firm he founded in 1985.
Long considered venture-capital royalty, Draper is known for
investments such as Internet phone service Skype, now part of
Microsoft Corp, and Chinese Internet company Baidu Inc
Some of the more recent investments include electric
carmaker Tesla Motors Inc, and initial public offering
candidate and cloud-storage company Box.
Draper won't be an investment partner in the firm's next
fund, the firm said in a statement on Tuesday, following a
report by Fortune Magazine that Draper was leaving. Serving as
an investment partner is traditionally considered a venture
capitalist's most important role.
The firm didn't give a specific reason for the change, and a
spokeswoman didn't respond to a request from Reuters for
Draper also didn't immediately respond to a telephone
message and email seeking comment.
Draper will remain a managing director of existing funds,
along with John Fisher, Jennifer Fonstad, Don Wood and Hope
Chen. Members of the firm's management committee are Josh Stein,
Andreas Stavropoulos, Draper, Fisher, and Steve Jurvetson.
"Tim is actively building Draper University and continuing
his angel investments through Draper Associates, and continues
to be part of DFJ's management team to guide the firm's
direction, manage his existing responsibilities, and work on new
projects that could potentially help DFJ in the future," the
firm said in the statement.
"Tim expects to be one of our largest limited partners and
has full confidence in the existing team."
Draper's family has a history in venture capitalism. His
father is William Draper, the founder of Sutter Hill Ventures.
His grandfather is William Draper, the founder of Draper,
Gaither and Anderson, one of the earliest Silicon Valley venture
His daughter, Jesse, runs an online interview show called
"The Valley Girl Show," and a son, Adam, has founded a startup
program called Boost. Draper himself runs a training program for
startups, Draper University.