Sturgeon Capital: Venture at the Frontier

The venture firm has succeeded by focusing on geographies in which most investors dare not tread. It is positioned to become a dominant force in emerging markets.

Venture capital has unlikely roots. Though it is usually associated with modern Silicon Valley, the industry’s earliest incarnation can be found on America’s east coast in the mid-19th century. In Massachusetts, circa 1850, intrepid investors sought high returns in the volatile world of whaling. Though voyages were treacherous and prone to end in ruin, …