Former secretary of state joining venture capitalists

San Francisco Chronicle ^ | 7/13/5 | Jenny Strasburg

[SmithL]

Former Secretary of State Colin Powell's resume includes jobs as soldier, security adviser and statesman.

Now add Silicon Valley venture capitalist to the list.

Kleiner, Perkins, Caufield & Byers -- early backers of AOL, Genentech and Google and one of the valley's most successful venture shops -- has signed Powell as a strategic limited partner, the firm is set to announce today.

Powell, 68, will serve as a part-time adviser to Kleiner, Perkins in decisions about what young companies to fund. In addition, he will help it and its portfolio companies assess technology trends in fast-growing markets like India and China, said general partner Ray Lane.

"Don't think of me as sort of a board member who's there on a quarterly basis to sit in a meeting. Think of me as an adviser who's always available," the former secretary of state said in a phone interview Tuesday.

He will travel here often from his home in Washington but isn't moving to California or buying property here, he said. "You have some wonderful hotels in San Francisco," he quipped.

As a limited partner, Powell won't be involved in management or day-to- day operations.

"I don't consider that I've taken a full-time job," Powell said. He noted that he has long had an interest in technology, and that has led him to Silicon Valley.

Retired government officials commonly show up in Wall Street financial offices and Fortune 500 firms, where their connections and influence are valuable. However, venture capital firms haven't usually gone that route.

[SmithL]

Good. I hope he gets rich.

[Dashing Dasher]

I saw this on the news this AM.
This should be interesting to watch.

I wonder if he's a figurehead or will have some real added value. Only time will tell.

[Patti_ORiley]

$$$$$CHAA-CHING$$$$$$

[GOP_1900AD]

Remind me never to deal with this firm. Powell's judgement is horrid. Naive in the extreme.