Andreessen's $500 million bet on "civic-minded founders"
The American Dynamism practice of Andreessen Horowitz, a top venture-capital firm, today announced a $500 million commitment to early-stage companies that "support the national interest."
Why it matters: The innovative program aims to connect Washington and tech — which so often have stuck to their respective coasts — since "there is no center of gravity for solving America’s biggest problems."
American Dynamism is aimed at "mission-driven and civic-minded founders" in areas that are important to Washington — but at times have been underrated by Silicon Valley, including aerospace, defense, public safety, education, housing, supply chain, industrials and manufacturing.
- "We want to send out a signal [to entrepreneurs] that they don't have to be building a consumer company in Silicon Valley to get the interest of venture capitalists," David Ulevitch, co-leader of the practice, told me.
Katherine Boyle, the other leader, told me: "There was just a flood of founders wanting to work on these massive problems [and] are excited about the patriotic mission of serving the national interest."
- "We haven't always done the best job of coming to Washington and bringing our founders with us," she added. "Now there's this groundswell of founders who are exceptionally excited about these categories."
The bottom line: A Wall Street Journal opinion piece today by Boyle and Ulevitch is headlined: "Venture Capitalists Should Bet on America."