From 19th-century whalers to startup accelerators, venture capital has a pretty exciting history

The 19th-century whaling industry is similar to the modern venture capital system

Whaling was like VC in that it was highly lucrative but characterized by low-probability payoffs. Both industries rely on extreme returns from a very small subset of investments.

How venture capital firms came to be

The venture capital firm that kickstarted an industry.

Venture capital is a form of funding provided to early-stage companies with high growth potential, typically in exchange for an equity (or ownership) stake

In 2023, venture capital firms invested $170B in over 15,000 US companies

That's a significant drop from 2022’s $242B, reflecting market uncertainty but continuing VC’s role in scaling transformative ideas. Rooted in early risk-sharing models, venture capital took off with firms like ARDC in 1946, later evolving into today’s influential players like Sequoia Capital and Andreessen Horowitz.

Venture capital is a type of financing that firms and funds use to invest in startups they believe have the potential for long-term growth

Household name companies such as Airbnb and Uber might not exist without venture capital, which is commonly referred to as "VC" for short.

The American Research and Development Corporation is considered the first modern VC firm

Best known for investing in companies that wanted to utilize some of the technology developed during World War II, the ARDC’s cofounders all held prestigious positions at places like MIT and the Federal Reserve Bank of Boston.

Angel investors typically fund a startup at an earlier stage than venture capitalists

Angel investors and venture capitalists both invest in startups, but they differ in a few key ways. Angel investors typically invest earlier and in a smaller amount.

Some venture capitalists believe cryptocurrency will revolutionize global finance

Some of the brightest minds at Andreesen-Horowitz, one of the country’s leading venture capital firms, believe the cryptocurrency ecosystem will revolutionize global finance in the coming decades. This podcast recounts, through their view, the history of crypto, how it works, and trends they see emerging in the future.

The first private equity fund was launched in 1960

At the time, the industry—and the public's understanding of it—was rather limited, and few private equity firms existed until the 1980s. The first leveraged buyout is thought to have taken place in 1955.

Watch this video that uses Lego bricks to explain how venture capital works.

Andreessen Horowitz is among the most well-known venture capital firms

Also known as a16z, the firm has invested in companies such as Airbnb, Facebook, and Lyft since its founding in 2009. A podcast episode offers a deep dive into how the firm got started and became the industry disruptor it is today.

Venture capitalists were once bullish on DTC brands

While a physical store can only hold so many objects, online retailers without the limits of four walls that could sell their products direct-to-consumer could theoretically be great investments. But they didn’t always provide investors with expected returns.

A hedge funds timeline, from the 1940s onward

Since Alfred Winslow Jones formed the first hedge fund in 1949, traders have rolled out an increasingly complex array of investment strategies. They all aim to beat increasingly efficient markets and/or to provide ample downside protection against sell-offs.

Silicon Valley’s history in technology can be traced back to the late 1800s

From its developments in radio, defense technology, and personal computing, Silicon Valley has been associated with innovating tech for more than a century. This animated timeline of Silicon Valley’s history helps visualize its evolution.

Many startup founders pull out-of-the-box stunts to get their businesses off the ground

Do you know Airbnb’s founders used cereal (yes, as in the breakfast food) to secure their initial round of funding? Or that PayPal’s founders once gave out free money to get people to sign up for the platform? These stories might be crazy, but they’re not uncommon.

The term 'startup' can be traced back to a 1976 Forbes article

The magazine article included what’s widely considered the first recorded use of the word “startup.” The following year, the publication Business Week went on to use the term in a piece as well.

Startup accelerators that include more training activities, such as pitch competitions, tend to have better long-term success rates

That's according to a new study from Wharton. Y-Combinator, perhaps the most famous startup accelerator, currently has 16 alumni companies trading on the public market. But not every entrepreneur who joins a startup accelerator makes it big.

Legendary venture capitalist Peter Thiel once wrote that 'competition is for losers'

With Peter Thiel's "Monopoly Theory," the Founders Fund partner argued that investing in companies that create new categories, rather than those that compete with other businesses in existing ones, is a best practice in venture capital.

YC was partly inspired by an investor named Julian Weber

Y Combinator Cofounder Paul Graham’s former professor’s husband Julian Weber provided $10K in seed funding to Graham’s previous startup, Viaweb in its early days. In exchange, Weber received 10% of the company. Weber’s involvement inspired Graham to start a program where investors were more involved with the companies they contributed seed funding to.

The world’s first publicly traded company was the United East India Co.

In an effort to best Spain and gain access to valuable trade in Asia, the Dutch Republic launched the VOC, or the United East India Co. The company held an initial public offering in 1602, allowing “subscribers” to choose how much they wanted to invest in the new venture. It was open to all residents of the republic, making this the first opportunity for retail investors in the world.

How the ocean is the new frontier of innovation

Space has been called the final frontier of innovation and investment for decades. Many innovators say the ocean is the new space, the vast majority of whose hidden depths remain obscure. In this podcast episode, business-minded experts discuss the opportunities founders see in the ocean, including seagrass restoration, underwater cable networks, and more.

Explore Bessemer's anti-portfolio of missed opportunities

From Pinterest to Yelp, Bessemer Venture Partners—one of the most well-known VC firms—has invested in many successful companies over the years. But the firm has also kicked itself for passing on a few great opportunities, like Apple and Google. Check out the other companies in Bessemer's "anti-portfolio" here.

The name 'Silicon Valley' arose from the founding of Shockley Semiconductor Laboratory in Fairchild Semiconductor in 1956-57, founded near Stanford University in Palo Alto

More than half of today’s family offices were incorporated after 2010

Family offices are impacting capital markets as private wealth grows. Compared to other financial entities, they have a relatively high allocation to alternatives.

A Canadian tourism campaign turns every whale sighting—including ones from decades ago—into a live, crowdsourced migration biography

Humpback flukes (or tails) are as individually distinct as fingerprints, which means a single photo is enough to match a whale to its full sighting history. Every upload adds a chapter (the database goes back to the 1970s) and the site uses AI to render that data as narrative, not just data.

Meet the investor running his life with AI

Daniel Ha is a venture capitalist who built a suite of AI agents to boost his productivity, both professionally and personally. At his VC firm, a troupe of agents gathers data on startups and analyzes it from competing perspectives to produce a confidence score. When his dad was diagnosed with cancer, Ha used an oncology-trained AI to help him understand the condition.

The bond market dates back to the 1100s in Venice

In the early 1800s, bonds were used to fund US railroads and canals in Great Britain. “Liberty Bonds” were sold during both World Wars in the 20th century. Learning about the early and modern history of bonds can offer a glimpse into how the modern bond market came to be.

Explore a timeline of advancements in American aviation

From the Wright brothers' flight of the first powered plane in 1903 near Kitty Hawk, North Carolina, to SpaceX's debut of the Falcon 9 rocket in 2010 with reusable boosters, this interactive shows off the technological evolution of flight, from mechanical propulsion to ballistic spaceflight. (Some users may experience a paywall.)

While the first exchange-traded fund (a 'basket' of different assets that can be bought and sold on a stock exchange) in the US only launched in 1993, the global ETF market has grown to more than $10T in the short time since.

Hedge funds, the private investment firms that trade a wide swath of financial assets, make money by imposing steep fees on investors and from the fund's investment performance.

The history of many kitchen appliances involves unexpected discoveries and applications, including wartime radar turned hamster defroster and replacing an 'ice king' with heat-stealing boxes.

Experimental hantavirus vaccines and therapies, still under development, have long been funded by the US military.

SpaceX's S-1 or 'prospectus' revealed many previously unknown details about the company, including its unprofitability despite doing $18.7B in revenue in 2025, exactly how many voting shares Elon Musk will have in the company (roughly 85%), and more.

Before humans, the Soviet Union and the United States sent animals—including apes, dogs, and cats—to space during the Space Race.

The idea for the Federal Reserve was conceived in secret in 1910—with bankers donning duck hunt gear for disguise while traveling to a remote country club on Georgia's Jekyll Island

Warren Buffett's former professor Benjamin Graham is known as the 'father of value investing,' a strategy in which investors seek to buy stocks trading below their intrinsic worth.

Jimmy Carter signed a 1978 bill that legalized home brewing, a move credited with kick-starting the craft beer industry.

How Amazon operates a 'flywheel' business model, a self-reinforcing cycle that drives continuous growth

After 25 people used virtual reality headsets to practice flying with virtual wings—flapping their arms—their visual cortex responded to the wings almost as if they were real arms, treating them as body parts.

Walt Disney's early film 'Alice's Wonderland' was a groundbreaking innovation in the silent film era

Explore the animals that populate the depths of the ocean, from fish and coral in the first few hundred feet, all the way down to the bottom of the Mariana Trench.

A Yale student wrote a profound essay about the consulting industry's influence on elite college students that was published in a book of her writing after she died in a post-graduation car accident.

The power and influence of the American presidency have expanded significantly over time—far beyond what the founders envisioned.

The word 'jazz' evolved from 'jasm,' 19th-century American slang for 'energy'

A century of Billboard issues documenting the evolution of popular music.

Dozens of S&P 500 stocks, including Coca-Cola and Walmart—known as the dividend aristocrats—have increased dividends every year for 25 years

Fast-casual restaurant Chili's is experiencing a resurgence, with its parent company recently reporting a nearly 32% increase in sales, thanks to passionate Gen Z fans on TikTok.

Explore the archaeological treasures of Pompeii, the city buried under volcanic ash when Mount Vesuvius erupted in 79 CE.

The 19th-century painters of the Hudson River School were among the first American romantics, with portraits that displayed the natural beauty of the young country.

The Dracula character, now seen as the vampire archetype, was inspired by a seafood-induced nightmare its creator experienced.