Franklin Pitcher Johnson Jr.
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[[File:|thumb|Pitch Johnson (2014)]]
Franklin Pitcher Johnson Jr. | |
|---|---|
.jpg) Johnson Jr. in 2014 | |
| Born | 1928 |
| Education |
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| Occupations |
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| Years active | 1962–present |
| Known for | Founder of Asset Management Company |
| Spouse | Catherine Johnson |
| Children | 4 |
| Father | Pitch Johnson |
Franklin Pitcher Johnson Jr., or Pitch Johnson, (born 1928 in Quincy, Illinois) is an American venture capitalist and founder of multiple companies.[1][2][3]
Personal life
Franklin Pitcher Johnson Jr. was born in 1928 in Quincy, Illinois and is the son of Franklin Pitcher "Pitch" Johnson, an Olympic track and field athlete and college coach. When he was 12 years old his family moved to Palo Alto, California. He studied at the Palo Alto High School where he ran on a track team. According to Johnson Jr., he was not as good at running as his father. Despite that, according to him, he has learned a lot of things from his father, "My dad taught me to shake hands with my opponents after the race, win or lose."[4]
Johnson Jr. studied mechanical engineering at Stanford University (1946–50).[1] After attending Harvard Business School (1950–52) he joined the US Air Force (1952–54) as an aircraft maintenance officer and worked in the Inland Steel Company's Indiana Harbor Works.[4]
He has a wife Catherine, three sons, and one daughter. He describes himself as an Episcopalian and a Republican.[1]
Career
Venture capitalist
The US Congress passed a law in 1958 to foment the creation of venture capital under which the government would lend private capital.[1] Johnson and his friend, Bill Draper, decided to co-found a venture capital company in Palo Alto.[4] With a combination of savings and family loans, they formed Draper and Johnson Investment Company (D+J) in 1962.[5] Johnson then took courses at Stanford at age 35 to study molecular biology and computer science. These studies were later useful for his investments in biotechnology and informatics. According to him, being "a local guy" has helped him since he knew many local entrepreneurs, lawyers, and other professionals and was easier for him to "check out" potential business partners.[1]
In 1965 he founded a venture capital company, Asset Management Company, which is still in operation.[2]
He helped found companies including Amgen, Biogen Idec and Tandem.[1] He said that as a rough estimate, of every 10 companies that he helped find, one would return 20 or more times the investment, 3 or 4 doubled it, and the rest didn't lose nor win money, and they had to be sold, sometimes with losses and sometimes ending even.[1] Some don't succeed or fail and keep going: he calls them the "living dead."
Business leader and educator
He was director of the National Venture Capital Association and of the Western Association of Venture Capitalists, and also a trustee of the Foothill–De Anza Community College District for 12 years.[2] He taught a class in entrepreneurship and venture capital for 12 years at Stanford Business School, and he remained active in the faculty through 2009.[2][3] Currently, he works as a lecturer in Management at the Stanford Graduate School of Business.[3]
He is a member of the board of international advisers to the IESE Business School in Barcelona.
The Columbia Business School has a position named Franklin Pitcher Johnson, Jr. Professor of Finance and Economics, which was donated by his friend, Lionel Pincus.
References
- ^ a b c d e f g Lluís Amiguet (30 September 2010), "Franklin Pitcher Johnson jr., creador de empresas, Amgen, Tandem, Teradyne", La Vanguardia (in Spanish), p. 80
- ^ a b c d 2009 Technology Symposium at Stanford. Pitch Johnson, Founder, Asset Management Company, archived from the original on 2010-04-23, retrieved 2010-09-30
- ^ a b c "Franklin 'Pitch' Johnson | Stanford Graduate School of Business". Stanford University. Retrieved 2020-05-12.
- ^ a b c "Franklin P. "Pitch" Johnson Jr., MBA 1952". January 1, 2012. Retrieved May 11, 2020.
- ^ Leigh Buchanan. "Inside the Mind of an Investor". Inc. Retrieved May 12, 2020.