People:
David Bowen, MBA '88
Darryl Wash, MBA '91
The technology business may be fluid and
fast-moving, but in at least one respect it's a
stick in the mud. The people who control billions of
dollars in investment funds, whether on Sand Hill
Road or Wall Street, are still mainly Caucasian and
male.
Darryl Wash, MBA '91, and David Bowen, MBA '88,
are chipping away at that image. The pair have
teamed up with two other African Americans to form
Ascend Venture Group. The venture capital firm has
invested in some 20 enterprises-about half led by
minorities and women.
Even before setting up the firm in New York City
this year, the four partners had scored successes.
Their first investment, in 1997, was StarMedia
Network. Founded by a Latin American and a Chinese
American, it became the leading Internet portal in
Latin America and now has a market capitalization
exceeding $1 billion. More recent deals include
Chaitime.com, a portal by and for Indians; Kozmo.com,
an Internet delivery business founded by two Korean
Americans; and B2Emarkets, Inc., a global e-sourcing
service provider founded by an African
American.
Wash and Bowen assess potential investments on
bottom-line factors, not any social mission.
"We're charged with a fiduciary responsibility
of putting to work other people's money and
generating significant returns," says Wash.
"We can't try to accomplish our own social
agenda on the backs of other people's
investments."
However, in searching for unique investment
opportunities, they make use of their access to
networks among minorities and women. Their
portfolio's rainbow quality is the result of that
process. As they see it, Ascend's true niche lies in
nurturing early-stage technology firms not ready to
seek funding from larger venture capitalists. It
deals in dollar amounts that are usually the
province of angel investors, but provides VC-style
guidance. "What we have often heard from
entrepreneurs is that there is a dearth of
experienced capital to assist them at these earliest
stages of growth," notes Bowen.
The principals' friendship dates back to when
they worked at Goldman Sachs in the late eighties.
Prior to forming Ascend, Bowen was a director of
Salomon Smith Barney, and Wash was a managing
director of Peter J. Solomon.
— CHERIAN GEORGE
|
|
