Biography of Ronald Conway: The Angel of Silicon Valley
Biography of Ronald Conway:
Ronald Crawford Conway, born on March 9, 1951, is an
American venture capitalist and philanthropist. Known as one of Silicon
Valley's "super angels," Conway has made significant contributions to
the tech industry and beyond through his investments and charitable endeavors. As
of now, Ron Conway has an estimated net worth of around $1.5 billion.
Early Career:
After earning a bachelor's degree in political science from
San Jose State University, Ronald Conway embarked on a diverse career path. He
held marketing positions at National Semiconductor Corporation from 1973 to
1979 before serving as president and CEO of Altos Computer Systems from 1988 to
1990. Following this, Conway served as the CEO of Personal Training Systems
(PTS) from 1991 to 1995. PTS later merged with SmartForce/SkillSoft. Conway's
upbringing in an Irish Catholic family likely influenced his values and
approach to business.
Conway's professional journey includes roles at National
Semiconductor Corporation, Altos Computer Systems (where he served as
co-founder, President, and CEO), and Personal Training Systems (PTS). Notably,
PTS was acquired by SmartForce/SkillSoft. Conway's advocacy extends to
technology companies, civic engagement, and immigration reform, as evidenced by
his founding of sf.citi and co-founding of FWD.US.
Investing Journey:
Ronald Conway's venture into angel investing began in the
mid-1990s, with early bets on companies like Marimba Systems and Red Herring
magazine. In 1997, he launched his first venture capital fund, Adam Ventures,
raising $4 million. Subsequently, in December 1998, Conway founded Angel
Investors LP, quickly raising $30 million for its inaugural fund, Angel
Investors I. This success continued with Angel Investors II, which closed in
1999 with $150 million in commitments. Notably, Angel Investors LP made early
investments in Google, Ask Jeeves, Loudcloud, Napster, and PayPal, cementing
Conway's reputation as a top dealmaker, as recognized by Forbes in their 2006
Midas list.
Altos Computer Systems and Transition to Mentoring:
Founded in 1982, Altos Computer Systems went public on
NASDAQ, raising $59 million. However, due to escalating competition in the
mini-computer sector, the company was acquired by Acer in 1994. Ron Conway, who
had been involved with Altos, transitioned from managing large teams and
company creation to mentoring entrepreneurs in Sequoia Capital's portfolio. Don
Valentine, a lead investor in Altos and the iconic founder of Sequoia Capital,
encouraged Conway to explore this new path.
Embracing Angel Investing:
Conway discovered his passion for angel investing, finding
fulfillment in mentoring entrepreneurs and helping solve their challenges. His
extensive network in San Francisco became a hallmark of his reputation, built
on principles emphasizing the importance of people and problem-solving. These
principles guided his investment decisions and contributed to his success as a
unique investor in the Bay Area.
Focus on Internet Software:
In 1994, Conway, along with Ben Rosen, former chairman and
CEO of Compaq Computers, recognized the potential of Internet software. They
decided to pivot their investment focus solely to this emerging sector,
foreseeing its significant growth potential. This strategic shift proved
prescient, as the Internet rapidly became a disruptive force across industries.
Rapid Growth and Adaptation:
As the Internet proliferated, Conway and his team at Silicon
Valley Angel (SVA) responded swiftly, raising substantial funds and expanding
their team to capitalize on emerging opportunities. Despite challenges like the
dot-com crash of 2000, Conway remained committed to his investment thesis,
demonstrating resilience and adaptability in navigating market fluctuations.
The Google Investment Journey:
Ron Conway's involvement in Google's early days was marked
by strategic moves and collaboration. Initially, he learned about the company,
then known as Backrub, at a holiday party hosted by Vivek Radinadivé. It was
David Cheriton, a Stanford professor and investor, who introduced Conway to the
precursor of Google. In the seed round of funding in September 1998, Conway
invested alongside Andy Bechtolsheim, co-founder of Sun Microsystems, who
famously wrote a $100,000 check to Larry Page and Sergey Brin, then graduate students
at Stanford University.
Navigating the Funding Landscape:
Despite initially preferring to secure funding from major
venture capital firms, Page and Brin eventually accepted Conway's help in
closing a deal with Sequoia Capital. Conway played a pivotal role in
facilitating collaboration between Sequoia and Kleiner Perkins, two leading VC
firms. Despite challenges in persuading the VCs to cooperate, Conway's strategic
maneuvering ultimately led to a successful funding round for Google.
Biography of Ronald Conway: The Angel of Silicon Valley / Investor Ronald Conway:
The Power of Collaboration:
Conway's ability to align the interests of multiple
stakeholders was critical in securing funding for Google. By emphasizing the
potential of a significant Angel round if the VCs failed to cooperate, he
incentivized Sequoia and Kleiner Perkins to work together. Despite potentially
reducing his own allocation, Conway prioritized the success of the funding
round, ensuring Google's continued growth and success.
A Transformative Investment:
The eventual IPO of Google on NASDAQ in August 2004 proved
to be a game-changer. With a significant return on investment, Conway and SV
Angel were able to sustain their portfolio until Google's IPO, which injected
much-needed capital into the market. This success solidified Conway's
reputation as a savvy investor and further underscored the importance of
strategic collaboration in the world of venture capital.
Transition to SV Angel:
Conway's journey continued as a special partner at Baseline
Ventures from 2006 to 2009. In 2009, he transformed his personal investment
vehicle, SV Angel, into a full-fledged venture capital firm, raising $10
million from external investors. Over the years, SV Angel expanded, raising six
funds by 2018. In 2018, Conway announced a strategic shift, returning to a more
hands-on approach as individual angels instead of raising new funds. However,
in March 2022, SV Angel announced a significant milestone, raising $269 million
for its first-ever growth equity fund, led by Ashvin Bachireddy. This move
aimed to extend SV Angel's successful seed fund strategy into the growth stage.
Pioneering Investment Strategy:
Ron Conway, renowned angel investor and philanthropist,
continues to make waves in the investment world as the founder and co-managing
partner of SV Angel. With a focus on early-stage investments, Conway has
strategically positioned himself in numerous industry-leading companies,
including Airbnb, GitHub, Poshmark, and Zenefits. His approach, often dubbed
"spray and pray," involves making a large number of deals at relatively
lower ownership stakes.
A Pillar of Silicon Valley:
A stalwart of Silicon Valley, Conway's investment journey
traces back to the launch of Start Fund in 2011, aimed at providing funding to
Y Combinator startups. Prior to his venture into investing, Conway served as
the CEO of Personal Training Systems, which was later acquired by
SmartForce/SkillSoft. Notably, he also steered Altos Computer Systems to a
successful IPO in 1982, showcasing his leadership and strategic acumen in the
tech industry.
Notable Investments:
Conway's investment
portfolio boasts over 650 companies, including notable names like Airbnb, Digg,
Facebook, Google, Reddit, and more. These investments span a wide range of
industries and highlight Conway's keen eye for identifying promising startups
early in their journey.
Philanthropic Journey:
Civic and Public
Health: Ronald Conway is deeply engaged in community and
philanthropic endeavors. He serves as Vice Chairman of the UCSF Medical
Foundation in San Francisco and co-chairs the "Fight for Mike" Homer
and Creutzfeldt-Jakob disease initiative. Additionally, Conway is involved in
various development committees supporting institutions such as UCLA, St.
Francis High School, Sacred Heart Schools, UCSF Medical Center, Packard
Children's Hospital, Legacy Ventures, and the Ronald McDonald House at
Stanford. He also contributes to the Tiger Woods Foundation's Benefit
Committee, showcasing his commitment to healthcare and education initiatives.
Political Engagement:
In 2021, Conway
joined The Giving Pledge, a campaign spearheaded by Bill Gates and Warren
Buffett, advocating for wealthy individuals to pledge a significant portion of
their wealth to charitable causes. This underscores Conway's dedication to
philanthropy and making a positive impact on society.
Support for Humanitarian Causes:
In 2022, Conway demonstrated his support for humanitarian
causes by donating $2.5 million to Mila Kunis and Ashton Kutcher's 'Stand with
Ukraine' GoFundMe campaign. He also contributed $25,000 to Ariana Grande's
Protect & Defend Trans Youth Fund, showcasing his commitment to diverse
philanthropic causes.
Combatting Gun Violence:
Conway is actively involved in addressing gun violence
through his advisory role at Sandy Hook Promise, a nonprofit organization
founded by the parents of victims of the Sandy Hook Elementary School shooting.
Additionally, he donated $1 million to fund the Firearms Challenge of the Smart
Tech Challenges Foundation, an organization he founded to promote firearms
safety through technological innovation. These actions highlight Conway's
dedication to addressing pressing social issues and making a positive
difference in the world.
Political Journey:
Political Engagement: Ronald Conway has played a significant
role in San Francisco's political landscape, notably as the largest campaign
contributor to Ed Lee's successful mayoral campaign in November 2011. Conway's
involvement raised questions regarding potential conflicts of interest, as some
speculated about Lee's actions benefiting companies in which Conway had
investments.
Advocacy for Tech Community: In 2012, Conway founded the San
Francisco Citizens Initiative for Technology and Innovation (sf.citi), a
nonprofit organization advocating for the interests of the technology
community. Sf.citi engages in various public initiatives and partnerships
between tech companies and public agencies, focusing on areas such as
healthcare, emergency management, law enforcement, and education.
Support for Immigration Reform: Conway was listed as a
supporter of FWD.us, a lobbying group launched in April 2013 aimed at
advocating for immigration reform and improvements to education.
Political Contributions: Conway has made substantial
political contributions, including donations to candidates such as David Chiu
in his Assembly campaign against David Campos. He has been critical of
President Donald Trump, particularly on issues like gun control and
immigration, and has supported Democratic efforts to win control of the U.S.
House of Representatives.
COVID-19 Response: Conway serves as co-chair of the COVID-19
Technology Task Force, a coalition formed in March 2020 to collaborate on
responding to and recovering from the COVID-19 pandemic.
Continued Political Involvement: In August 2022, Conway
contributed $50,000 to The Next 50, a liberal political action committee (PAC),
showcasing his ongoing engagement in political activism.
Angelgate Controversy: In September 2010, Conway was
involved in Angelgate, a controversy surrounding alleged collusion among angel
investors during meetings to discuss investment opportunities.
Personal Life:
Ronald Conway currently calls San Francisco home, where he
resides with his wife and three children.
Investment and Board Memberships:
Conway's investment prowess is evident through his
involvement with notable companies such as Ever AI, Google, Ask Jeeves,
Loudcloud, Napster, and PayPal. Recognized for his achievements, he was
included in Vanity Fair's list of the 100 most influential people in the
Information Age and awarded Best Angel at The 2009 TechCrunch Crunchies Awards.
He co-founded Start Fund and managed the Angel Investors LP funds from 1998 to
2005.
Some latest companies where Ronald Conway invested
- Playground - Multimedia and Design Software
- Tomorrow farms - Food Products
- Kumo - Database Software
- Synapaticure - Clinics/Outpatient Services
- Ambient.ai - Network Management Software
- Blip Energy - Consumer Durables
- Casper AI - Healthcare Technology Systems
- OpenSea - Financial Services
- Biofire Group - Aerospace and Defense
- Gusto - Business/Productivity Software
- Reddit – network of communities
- Gigster – software development service
- Joby Aviation – aviation company
- Stack Overflow – online community for developers
- Authernative - Developer of user authentication technology
Timeline:
March 9, 1951: Ronald Crawford Conway is born.
1973-1979: Conway holds marketing positions at National
Semiconductor Corporation.
1982: Conway co-founds Altos Computer Systems.
1988-1990: Conway serves as President and CEO of Altos
Computer Systems.
1991-1995: Conway serves as CEO of Personal Training Systems
(PTS), later acquired by SmartForce/SkillSoft.
Mid-1990s: Conway begins angel investing, making early bets
on companies like Marimba Systems and Red Herring magazine.
1997: Conway launches Adam Ventures, his first venture
capital fund, raising $4 million.
December 1998: Conway founds Angel Investors LP, raising $30
million for its inaugural fund, Angel Investors I.
1999: Angel Investors II closes with $150 million in
commitments.
2006: Conway is recognized by Forbes in their Midas list.
2009: Conway transforms SV Angel into a full-fledged venture
capital firm, raising $10 million from external investors.
2011: Conway launches Start Fund to provide funding to Y
Combinator startups.
2021: Conway joins The Giving Pledge campaign.
2022: Conway donates $2.5 million to Mila Kunis and Ashton
Kutcher's 'Stand with Ukraine' GoFundMe campaign.
March 2022: SV Angel raises $269 million for its first-ever
growth equity fund.
August 2022: Conway contributes $50,000 to The Next 50, a
liberal political action committee (PAC).
Present: Conway continues to be actively involved in angel
investing, philanthropy, and political engagement while residing in San
Francisco with his family.
