Arvind Sodhani, the outgoing head of Intel Capital, revealed the former CEO of Intel, Andy Grove, “threw me out of his office” when Sodhani first proposed the company should begin investing in start-ups.
Sodhani, speaking in an emotional retirement appearance at Intel Capital’s annual Global Summit, after 34 years as a key figure at Intel, recounted the origins of what has now become the world’s biggest corporate venturing unit. Hei said: “Intel Capital got started in the late 80s. At that time Andy Grove was the CEO of Intel, and people were leaving Intel to start their own companies and there were lots of startups around us.”
Sodhani he made the case that it was becoming clear that Intel would not be able to do all the research and development itself needed for the early personal computer ecosystem, and so it should partner with start-ups. He added: “I was thinking about the Japanese Keiretsu system.” He said, laughing, “initially Andy threw me out”.
Although he is retiring, Sodhani will continue to frequent investing circle, Sodhani said: “Investing is what I am going to continue to do.” He also held up a just bottled “2013 vintage” Sodhani wine from his Napa vineyard.
Brooks also gave Sodhani a lifetime pass to the Global Summit, and the audience were treated to a video of many of the former luminaries at Intel praising Sodhani’s performance at what has become the world’s biggest venture capital firm.