- John Doerr discussed his early wagers on Amazon and Google in a recent interview.
- The billionaire venture capitalist expressed regret that he passed on Elon Musk's Tesla.
- The Kleiner Perkins chairman trumpeted the rich potential of the climate-technology space.
John Doerr reflected on his early investments in Amazon and Google, and said he regretted passing on Elon Musk's Tesla, speaking in a recent episode of "Bloomberg Wealth with David Rubenstein."
The billionaire venture capitalist and Kleiner Perkins chairman also predicted massive growth in the climate-technology space, and explained why company founders increasingly need to have ambitions beyond making money.
Here are Doerr's 6 best quotes from the interview, lightly edited for length and clarity:
1. "Google was controversial within the partnership and within the industry. It was a $100 million valuation on a company with no revenues, and no business plan, and founders with no business experience. It turned out to be an epic idea and company. "
2. "I said, 'Larry, how big do you think this can be?' Without batting an eyelash, he said, '$10 billion.' And I said, 'Surely you mean market cap, right?' He said, 'No, I'm talking revenues.'" (Doerr was recalling a conversation with Google cofounder Larry Page. Google's parent company, Alphabet, earned $258 billion in revenue last year.)
3. "My partners and I decided not to back Elon Musk. That's probably the worst investment decision of all time." (Doerr recalled Musk coming across as an "ambitious, slightly crazy entrepreneur" when he first met him.)
4. "They need to be more than mercenaries. They must be missionaries." (Doerr was referring to company founders realizing they need a compelling vision beyond getting rich to attract and retain the top talent in the tech industry today.)
5. "Climate science is going to become the new computer science. It's where all the young people want to work, for all the right reasons."
6. "At the start of the internet revolution, I went around and kicked up a lot of controversy, declaring that the internet had been underhyped. I say the same thing today about the climate revolution. I think the move to a new, clean-energy economy is not some kind of green kumbaya. It's a revolution."
