After 12 years running New York hedge fund Pequot Capital Management Inc.'s venture capital business, Larry Lenihan is not only in the midst of splitting off the business into a new venture capital firm, but he also has gone back to school.
Mr. Lenihan's goal is to turn college students into entrepreneurs using new business models in a class he calls, Ready. Fire. Aim. He taught the undergraduate course for the first time at New York University, Stern School of Business, in the spring. He plans to teach it again in the fall. Already two of his students launched businesses that are generating revenues.
The way a 21-year-old thinks about the world is different from a 30-year-old that may have a family and student loans to pay, said Mr. Lenihan, chief executive officer and manager of FirstMark Capital, New York, the spinoff of Pequot's venture capital business.
The cost of failure is higher with the 30-year-old. So, the time to start a business is when you are still in school, he maintains.
Teaching the course is not only an avocation but also could be good for the growth of the venture capital industry in New York, hundreds of miles from the Silicon Valley epicenter. The lifeblood of venture capital is its talent, Mr. Lenihan said.
Talent attracts talent, he said. Arleen Jacobius