# Don Valentine

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American venture capitalist (1932–2019)

Donald Thomas Valentine Valentine in 2009 Born (1932-06-26)June 26, 1932 New York City, U.S. Died October 25, 2019(2019-10-25) (aged 87) Woodside, California, U.S. Alma mater Fordham University (BA) Occupation Venture Capitalist

**Donald Thomas Valentine** (June 26, 1932 – October 25, 2019) was an American [venture capitalist](/source/Venture_capital) who concentrated mainly on technology companies in the United States.[1] Valentine was born and educated in New York, and first came to California during military service, an experience that led him to remain in the region where he would later shape the venture capital industry.

Valentine was the founder of [Sequoia Capital](/source/Sequoia_Capital), and is a major name for venture investing in [Silicon Valley](/source/Silicon_Valley). Valentine was known for an investment style that emphasized large markets, early inflection points and humble founders, shaping Sequoia's reputation for discipline in early-stage technology investing. His approach to investing helped establish Sequoia Capital as an influential venture firm, backing companies such as [Apple](/source/Apple_Inc.), [Oracle](/source/Oracle_Corporation), [Cisco](/source/Cisco), [Google](/source/Google), [YouTube](/source/YouTube), [NVIDIA](/source/Nvidia), [Airbnb](/source/Airbnb), and [WhatsApp](/source/WhatsApp).

## Early life and education

Valentine was born on June 26, 1932, in [New York City](/source/New_York_City), and grew up in the [Bronx](/source/The_Bronx) in a working class family.[2] He was Catholic, and his family has a Danish background.[3] He attended [Mount Saint Michael Academy](/source/Mount_Saint_Michael_Academy).[3][2] Valentine’s parents had limited formal education, and his father worked on a milk route, while his mother was a [homemaker](/source/Homemaking).[2] Valentine’s mother suffered from [tuberculosis](/source/Tuberculosis), with her treatment placing her in an [iron lung](/source/Iron_lung) and only allowing Valentine and his brother to wave at her through the hospital window.[2]

When Valentine was preparing to go to college, he chose [Fordham University](/source/Fordham_University) because it was affordable and close to home, and he paid tuition quarterly in cash.[2] He later said that his Jesuit education at Fordham influenced his analytical style and interrogative, [Socratic method](/source/Socratic_method) of questioning that he became known for as an investor.[4] Valentine graduated with a B. A. from Fordham.[5] He briefly served in the U.S. military after college, which brought him to California for the first time, influencing his decision to live there permanently.[4]

## Early career

Valentine began his career as a sales engineer at [Raytheon](/source/Raytheon). He left and joined [National Semiconductor](/source/National_Semiconductor), working as a senior sales and marketing executive.[6][7][8][2] At Fairchild, Valentine managed worldwide sales during the acceleration of [silicon-based integrated circuits](/source/Integrated_circuit) and got early experience with semiconductor technology.[9] Through continuous contact with early-stage chip customers, he started informally assessing young companies and developed instincts that would later attract him to venture investing.[9]

Valentine became convinced that the most transformational startups emerged at technological “inflection points,” where industry disruption created openings for new entrants.[10] His move to National Semiconductor gave him an opportunity to design a new sales strategy and help return the company to profitability, developing his understanding of how small tech firms scale.[11]

## Founding of Sequoia Capital

In 1972, Valentine founded venture capital firm [Sequoia Capital](/source/Sequoia_Capital).[6][12] Initially, the company focused on early venture investments with small, risky tech companies.[13] When Valentine founded Sequoia, the venture capital industry in America was still in its infancy, with less than $50 million in the United States focused on early-stage technology investing.[2] His goal was to build a firm that identified large markets early and backed companies capable of dominating them.[14]

Sequoia's first investment was in [Atari](/source/Atari) in 1975 before the company was sold for $28 million to [Warner Communications](/source/Warner_Communications).[15] Sequoia was one of the original investors of [Apple Computer](/source/Apple_Computer) and [Atari](/source/Atari) after Valentine met [Steve Jobs](/source/Steve_Jobs) when he was a line engineer for Atari.[16][17] In 1978, Sequoia invested $150,000 in [Apple Inc.](/source/Apple_Inc.)[18] Sequoia Capital has also made early investments in companies including [LSI Logic](/source/LSI_Logic), [Oracle Corporation](/source/Oracle_Corporation), [Cisco](/source/Cisco), [Electronic Arts](/source/Electronic_Arts), [Google](/source/Google), [YouTube](/source/YouTube) and many others.[1] The early investments Valentine made became representative of the first wave of Silicon Valley success stories.[19] When markets became volatile, as during the mid-1980s downturn, he insisted on disciplined spending and rigorous evaluation, helping Sequoia avoid the speculative excesses that damaged other firms.[20]

## Investment philosophy

Valentine’s investing philosophy was anchored on his belief that, ultimately, markets, not founders, dictated a company’s scale. He looked for companies in their “confusion phases,” where large incumbents had not figured out how new technologies would reshape their industries.[11] He liked entrepreneurs who “knew what they didn't know” and favored intellectual humility and adaptability to charisma.[11]

With his famously blunt, demanding boardroom style, Valentine employed a [Socratic questioning](/source/Socratic_questioning) method to probe founders' assumptions, financial discipline, and strategic priorities.[14] Valentine was often skeptical of hype-driven trends such as the early "[Information Highway](/source/Information_superhighway)" rhetoric, which he saw as distractions from the real business applications.[21] Valentine was known for demanding brevity in business plans.[14] He once required an entrepreneur to rewrite an entire proposal onto the back of a business card.[14] Valentine was also a proponent of [Bay-area](/source/San_Francisco_Bay_Area) companies, preferring to invest in companies based in Northern California, arguing that leaving Silicon Valley meant leaving behind more opportunity than could be found elsewhere.[14]

Valentine was a chairman of [NetApp](/source/NetApp) and Traiana. He served on the boards of many other technology companies including [Apple](/source/Apple_Inc.), [Atari](/source/Atari%2C_Inc.), [C-Cube](/source/C-Cube), [Cisco Systems](/source/Cisco_Systems), [Electronic Arts](/source/Electronic_Arts), [Linear Technology](/source/Linear_Technology), [LSI Logic](/source/LSI_Logic), [Microchip Technology](/source/Microchip_Technology), [NetApp](/source/NetApp), [Oracle](/source/Oracle_Corporation), [PMC-Sierra](/source/PMC-Sierra).[12][22] Valentine was featured in the documentary film *[Something Ventured](/source/Something_Ventured)* which premiered in 2011, which investigated the emergence of American venture capitalism in the mid-20th century.[23]

Although best known for the major successes made by Sequoia, Valentine also made some unsuccessful investments. Valentine’s backing of Pizza Time Theatre, which overexpanded before failing, together with a string of poorly performing retail and grocery investments, led to him preferring the quickly growing technology markets over the generally slower consumer sectors.[24][20]

## Legacy

Valentine has been recognized as one of the key individuals who created the modern venture capital industry.[9] During his tenure, Sequoia Capital became a successful technology investment firm, backing companies such as Google, YouTube, PayPal, NVIDIA, Airbnb, LinkedIn, Zappos, Square, Stripe, and WhatsApp. As the founder of [Sequoia Capital](/source/Sequoia_Capital), he has been referred to as the "grandfather of [Silicon Valley](/source/Silicon_Valley) venture capital."[6][25] The [Computer History Museum](/source/Computer_History_Museum) credited him as playing "a key role in the formation of a number of industries such as semiconductors, personal computers, personal computer software, digital entertainment and networking."[8]

Empirical research places Sequoia in that small group of elite VC firms that consistently outperform market averages in all key dimensions: better [IPO](/source/Initial_public_offering) outcomes, [market share](/source/Market_share), and more effective governance.[26] Valentine’s disciplined, market focused approach influenced later generations of Sequoia partners, including [Michael Moritz](/source/Michael_Moritz) and [Alfred Lin](/source/Alfred_Lin), who helped carry the firm’s philosophy into new eras of technology and global expansion.[27]

Internationally, the structure and approach to investing by Sequoia Capital, largely shaped by Valentine, have extended into areas such as artificial intelligence and digital media, with [Sequoia Capital China](/source/HongShan) backing major global companies such as [ByteDance](/source/ByteDance).[28] Journalists have described Valentine as tough, deeply knowledgeable, and uncompromising in his expectations, crediting him with shaping Silicon Valley’s standards for company building and board governance.[24]

## Death

Valentine died on October 25, 2019, in [Woodside, California](/source/Woodside%2C_California), at the age of 87.[29] He is survived by three children and seven grandchildren who all live in the [Bay Area](/source/Bay_Area).[*[citation needed](https://en.wikipedia.org/wiki/Wikipedia:Citation_needed)*]

## References

1. ^ [***a***](#cite_ref-Bloomberg_1-0) [***b***](#cite_ref-Bloomberg_1-1) ["Donald T. Valentine"](https://www.bloomberg.com/profile/person/1429678). [Bloomberg](/source/Bloomberg_News). [Archived](https://web.archive.org/web/20191028061520/https://www.bloomberg.com/profile/person/1429678) from the original on October 28, 2019. Retrieved October 27, 2019.

1. ^ [***a***](#cite_ref-:8_2-0) [***b***](#cite_ref-:8_2-1) [***c***](#cite_ref-:8_2-2) [***d***](#cite_ref-:8_2-3) [***e***](#cite_ref-:8_2-4) [***f***](#cite_ref-:8_2-5) [***g***](#cite_ref-:8_2-6) Winkler, Rolfe. “Venture Capital Pioneer Kept Entrepreneurs’ Egos in Check; Don Valentine, Early Investor in Apple and Atari, Pushed Founders to Cut Costs and Turn Profits.” *Wall Street Journal (Online)*, with Don Valentine, Dow Jones & Company Inc., 27 Oct. 2019.

1. ^ [***a***](#cite_ref-mtstmichael2_3-0) [***b***](#cite_ref-mtstmichael2_3-1) ["Legends"](https://www.mtstmichael.org/m/pages/index.jsp?uREC_ID=358834&type=d&pREC_ID=677209). *Mount Saint Michael Academy*. Retrieved October 28, 2019.

1. ^ [***a***](#cite_ref-:7_4-0) [***b***](#cite_ref-:7_4-1) Valentine, Donald; Hughes, Sally Smith (2010), [*Donald T. Valentine: early Bay Area venture capitalists: shaping the economic and business landscape ; interviews conducted by Sally Smith Hughes in 2009. Regional Oral History Office, The Bancroft Library, University of California, Berkeley*](https://digicoll.lib.berkeley.edu/record/103612), Bancroft Library. Regional Oral History Office, Venture Capitalists Oral History Project, retrieved November 17, 2025

1. **[^](#cite_ref-5)** ["Donald T. Valentine – Executive Bio, Compensation History, and Contacts – Equilar Atlas"](https://web.archive.org/web/20160404141218/http://people.equilar.com/bio/donald-valentine-netapp--inc./salary/572252). *people.equilar.com*. Archived from [the original](http://people.equilar.com/bio/donald-valentine-netapp--inc./salary/572252#.VmCmFN-rTEY) on April 4, 2016. Retrieved December 3, 2015.

1. ^ [***a***](#cite_ref-forbes2_6-0) [***b***](#cite_ref-forbes2_6-1) [***c***](#cite_ref-forbes2_6-2) Karlgaard, Rich (December 9, 2005). ["Don Valentine, Venture Capitalist"](https://www.forbes.com/sites/digitalrules/2005/12/09/don-valentine-venture-capitalist/). *Forbes*. [Archived](https://web.archive.org/web/20160904102501/http://www.forbes.com/sites/digitalrules/2005/12/09/don-valentine-venture-capitalist/) from the original on September 4, 2016. Retrieved August 26, 2017.

1. **[^](#cite_ref-gigaom2_7-0)** Ingram, Matthew (October 14, 2010). ["Lessons From Silicon Valley VC Legend Don Valentine"](https://web.archive.org/web/20130728105730/http://gigaom.com/2010/10/14/lessons-from-silicon-valley-vc-legend-don-valentine/). Gigaom. Archived from [the original](http://gigaom.com/2010/10/14/lessons-from-silicon-valley-vc-legend-don-valentine/) on July 28, 2013. Retrieved July 24, 2013.

1. ^ [***a***](#cite_ref-:02_8-0) [***b***](#cite_ref-:02_8-1) ["Donald T. Valentine | Computer History Museum"](http://www.computerhistory.org/events/bio/Donald,Valentine). *www.computerhistory.org*. [Archived](https://web.archive.org/web/20151208082757/http://www.computerhistory.org/events/bio/Donald,Valentine) from the original on December 8, 2015. Retrieved December 3, 2015.

1. ^ [***a***](#cite_ref-:2_9-0) [***b***](#cite_ref-:2_9-1) [***c***](#cite_ref-:2_9-2) Hardymon, Felda, et al. *Don Valentine and Sequoia Capital*.

1. **[^](#cite_ref-10)** ["VC Titans of the Past: Lessons from Legendary Investors Who Shaped the Industry"](https://www.goingvc.com/post/vc-titans-of-the-past-lessons-from-legendary-investors-who-shaped-the-industry). *www.goingvc.com*. Retrieved November 17, 2025.

1. ^ [***a***](#cite_ref-:5_11-0) [***b***](#cite_ref-:5_11-1) [***c***](#cite_ref-:5_11-2) “Peaks and Valleys.” *Inc.*, vol. 7, May 1985, pp. 29–41.

1. ^ [***a***](#cite_ref-:12_12-0) [***b***](#cite_ref-:12_12-1) ["Donald T. Valentine: Executive Profile & Biography – Businessweek"](https://www.bloomberg.com/research/stocks/private/person.asp?personId=75139&privcapId=22903&previousCapId=22903&previousTitle=Sequoia%2520Capital). *Businessweek.com*. [Archived](https://web.archive.org/web/20170107162153/http://www.bloomberg.com/research/stocks/private/person.asp?personId=75139&privcapId=22903&previousCapId=22903&previousTitle=Sequoia%2520Capital) from the original on January 7, 2017. Retrieved December 3, 2015.

1. **[^](#cite_ref-13)** [too-far/ Sequoia branches too far](http://fortune.com/2009/10/23/sequoia-branches-) [Archived](https://web.archive.org/web/20170124231753/http://fortune.com/2009/10/23/sequoia-branches-/) January 24, 2017, at the [Wayback Machine](/source/Wayback_Machine), Adam Lashinsky, October 23, 2009, *Fortune*, retrieved August 24, 2016

1. ^ [***a***](#cite_ref-:6_14-0) [***b***](#cite_ref-:6_14-1) [***c***](#cite_ref-:6_14-2) [***d***](#cite_ref-:6_14-3) [***e***](#cite_ref-:6_14-4) ["Sequoia's Don Valentine: What Problem are you Solving?"](https://www.gsb.stanford.edu/insights/sequoias-don-valentine-what-problem-are-you-solving). *Stanford Graduate School of Business*. Retrieved November 17, 2025.

1. **[^](#cite_ref-15)** *A History of Silicon Valley* by Arun Rao, Cambridge: MIT Press, 2010.

1. **[^](#cite_ref-16)** [Something Ventured' tells story of tech investors](http://www.sfgate.com/news/article/Something-Ventured-tells-story-of-tech-investors-2374565.php) [Archived](https://web.archive.org/web/20160310190128/http://www.sfgate.com/news/article/Something-Ventured-tells-story-of-tech-investors-2374565.php) March 10, 2016, at the [Wayback Machine](/source/Wayback_Machine), Julian Guthrie, April 18, 2011, *SFGate*, retrieved March 23, 2016

1. **[^](#cite_ref-17)** *Return to the Little Kingdom* by Michael Moritz, 2009, The Overlook Press.

1. **[^](#cite_ref-18)** *A History of Silicon Valley* by Arun Rao, 2010, Cambridge: MIT Press.

1. **[^](#cite_ref-19)** Bresiger, Gregory. “Bookstore Browser - A Look Behind Web Mania: Positioning Cisco as a Unique Business Entity Helped Make It One of the Stars of the Internet Investing Boom.” *On Wall Street* [New York, United States], May 2000, p. 1.

1. ^ [***a***](#cite_ref-:4_20-0) [***b***](#cite_ref-:4_20-1) Mamis, Robert A. “Venture Capital After the Fall.” *Inc* [Boston, United States], vol. 9, no. 13, Dec. 1987, p. 187.

1. **[^](#cite_ref-21)** Meyer, Michael. *High Tech, High Risk.* Accessed 10 Nov. 2025.

1. **[^](#cite_ref-22)** ["Sequoia – Donald Valentine"](https://www.sequoiacap.com/people/donald-valentine/). *Sequoia Capital*. [Archived](https://web.archive.org/web/20191027072714/https://www.sequoiacap.com/people/donald-valentine/) from the original on October 27, 2019. Retrieved October 27, 2019.

1. **[^](#cite_ref-23)** Rao, Leena (August 6, 2013). ["Something Ventured: VC Titans Don Valentine And Tom Perkins Will Take The Stage At Disrupt SF"](https://techcrunch.com/2013/08/06/something-ventured-vc-titans-don-valentine-and-tom-perkins-will-take-the-stage-at-disrupt-sf/). *TechCrunch*. [Archived](https://web.archive.org/web/20160528223717/http://techcrunch.com/2013/08/06/something-ventured-vc-titans-don-valentine-and-tom-perkins-will-take-the-stage-at-disrupt-sf/) from the original on May 28, 2016. Retrieved December 4, 2015.

1. ^ [***a***](#cite_ref-:3_24-0) [***b***](#cite_ref-:3_24-1) “He Keeps on Ticking.” *Upside, U.S. Ed.* [Foster City, United States], vol. 9, no. 8, Sept. 1997, p. 58.

1. **[^](#cite_ref-news.com200411_25-0)** Gilbert, Alorie (November 27, 2004). ["Legendary venture capitalist looks ahead"](https://news.cnet.com/Legendary-venture-capitalist-looks-ahead/2008-1082_3-5466478.html). CNET News. [Archived](https://web.archive.org/web/20140201175102/http://news.cnet.com/Legendary-venture-capitalist-looks-ahead/2008-1082_3-5466478.html) from the original on February 1, 2014. Retrieved October 7, 2011.

1. **[^](#cite_ref-26)** Krishnan, C. N. V.; Ivanov, Vladimir I.; Masulis, Ronald W.; Singh, Ajai K. (2011). ["Venture Capital Reputation, Post-IPO Performance, and Corporate Governance"](https://www.jstor.org/stable/41409651). *The Journal of Financial and Quantitative Analysis*. **46** (5): 1295–1333. [ISSN](/source/ISSN_(identifier)) [0022-1090](https://search.worldcat.org/issn/0022-1090).

1. **[^](#cite_ref-27)** Griffin, Tren (2017). [*A Dozen Lessons for Entrepreneurs*](https://www.jstor.org/stable/10.7312/grif18482). Columbia University Press. [doi](/source/Doi_(identifier)):[10.7312/grif18482.31](https://doi.org/10.7312%2Fgrif18482.31). [ISBN](/source/ISBN_(identifier)) [978-0-231-18482-3](https://en.wikipedia.org/wiki/Special:BookSources/978-0-231-18482-3).

1. **[^](#cite_ref-28)** Lippoldt, Douglas (2024). [Leading AI-Intensive Firms: A Few Stylized Facts](https://www.jstor.org/stable/resrep59331.8) (Report). Centre for International Governance Innovation. pp. 9–18.

1. **[^](#cite_ref-29)** Griffith, Erin (October 25, 2019). ["Don Valentine, Founder of Sequoia Capital, Is Dead at 87"](https://www.nytimes.com/2019/10/25/obituaries/don-valentine-sequoia-capital.html). *The New York Times*. [Archived](https://web.archive.org/web/20191028060501/https://www.nytimes.com/2019/10/25/obituaries/don-valentine-sequoia-capital.html) from the original on October 28, 2019. Retrieved October 28, 2019.

## External links

Wikimedia Commons has media related to [Don Valentine](https://commons.wikimedia.org/wiki/Category:Don_Valentine).

- [Sequoia Capital U.S.](https://web.archive.org/web/20100710085117/http://www.sequoiacap.com/us)

- [Sequoia website profile](http://www.sequoiacap.com/us/donald-valentine/)

- [Stanford Business School presents Don Valentine, Sequoia Capital: "Target Big Markets"](https://www.youtube.com/watch?v=nKN-abRJMEw) on [YouTube](/source/YouTube_video_(identifier))

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Adapted from the Wikipedia article [Don Valentine](https://en.wikipedia.org/wiki/Don_Valentine) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/Don_Valentine?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.