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What prompted Don Valentine to start a venture capital firm?

At the time, even in Silicon Valley, there was no environment where one could raise money and start a company, and any available money was carefully restricted in terms of what you were allowed to invest in.

Meanwhile, Stanford and Berkley, these universities became sources of people interested and capable in technology, and the universities were wonderfully funded. So it was a perfect environment for technology startups, from that point of view.