12
July
2005
|
23:46 PM
America/Los_Angeles

Powell joins Kleiner, Perkins in mentor role

'Yes, General, we respect your technical knowledge ... by the way, are you still on good terms with Wen Jiabao?'




But don't worry, he won't be talking about you at the UN ...


Former Sec. of State Colin Powell will join venture capitalist firm Kleiner, Perkins, Caufield and Byers as "strategic limited partner," a title that reveals both his investor status and his real job as entrepreneur mentor.


"I wanted to be on the leading edge of technology developments in America and in the world, which will not only benefit America, but all of human kind," Powell said in an interview with the San Jose Mercury News.


Kleiner partner Brook Byers said in a conference call, according to the Mercury: ``The real role he's going to play for us is mentorship.'' The Times quotes Ray Lane, Kleiner partern and ex president of Oracle, on Powell's international expertise: "General Powell has a global perspective. So we think he will be very helpful in helping us figure out what we should do overseas, and how we do it, and what we should eventually invest in."


Really. While Powell has sat on the boards of tech companies like AOL and Steve Case's Revolution - he is, he said, "not a total rookie" - what does he really bring to the party? The Times quotes Paul Kedrosky, a professor at the University of California San Diego and a specialist in venture capital, who thinks that Kleiner wanted him for the usual reasons former government bigshots are wooed by the private sector - access.



"There are any number of coaches who would happily sign up with Kleiner in a limited role given the payoff," Mr. Kedrosky said. "But it sure helps if you've got a coach who can pick up a phone and get Donald Rumsfield on the line." Security is currently a hot area for venture investing, Mr. Kedrosky noted - and one in which Kleiner Perkins "has been underinvested in relative to other large venture firms."


Makes sense. But imagine just how strained the call-opening small talk will be as Colin and Don reminisce on their chummy White House relationship.