David T. Morgenthaler — A Life of Purpose, Courage & Vision

His Legacy

David Morgenthaler left an extraordinary legacy — of venture capital and entrepreneurial institutions, of landmark U.S. capital-gains and ERISA legislation, of technologies and healthcare advances, of academic and philanthropic support, and of the thousands of entrepreneurs, partners, and colleagues he mentored along the way.

But he also left an indelible imprint on the lives of innumerable people who remember his love, leadership, kindness, clarity, generosity, respectfulness, humility, and public service. He always gave us the best of himself and brought out the best from us in return.

The lessons he taught us — and the lessons of his life — remain in the thoughts and hearts of all who knew him.

The Greatest Generation

Leadership Learned Under Fire

c. 1937

The young Carolinian, bound for MIT

David Morgenthaler as a U.S. Army officer

1941–45

U.S. Army Corps of Engineers

1945

David & Lindsay, newly married

Later years

The elder statesman of venture

Born in Chester, South Carolina, in 1919, David worked the cotton fields as a boy. An English teacher spotted his gift for the technical, and at seventeen — without ever having taken calculus — he talked his way into MIT, earning both his bachelor's and master's in mechanical engineering by 1941.

On December 8, 1941 — the day after Pearl Harbor — he reported for active duty. Commanding a line company in the Army Corps of Engineers, he built airfields across North Africa and Italy, rising to major and leading 178 men before he turned twenty-five.

"I learned it was one thing to give an order, and another to get it carried out."David T. Morgenthaler

His company was, in his colonel's words, "the strictest in the regiment" — and yet held "the highest morale." He warned his cooks they'd dig ditches if they burned dinner, then made sure his unit ate the best food in the regiment. He had his officers share the enlisted mess, and stayed awake each night until every one of his men was bedded down.

When ordered to prosecute soldiers he believed had been treated unfairly, he refused — offering instead to defend them himself, and guaranteeing their acquittal. A court-martial freed both men in thirty-five minutes. His colonel's response: "Goddamn you, Morgenthaler — let's go have a drink."

The Germans held nine airfields in eastern Italy when U.S. forces arrived in 1943. By early 1945, his regiment ran twenty-seven — launching as many as 1,500 aircraft a day. He came home with three battle stars and a philosophy of leadership he would spend the rest of his life refining.

The Architect of an Industry

He Helped Build the Engine of Innovation

In 1968, at forty-eight, David founded the firm that became Morgenthaler Ventures. But his greatest contribution reached far beyond any single fund. As a founding director and chairman of the National Venture Capital Association, he led the fights that unlocked American entrepreneurship for a generation.

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Startups Funded

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Capital Invested

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Years Investing

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Boards Led

1978 — The Capital Gains Fight. He championed the Steiger Amendment to the Revenue Act of 1978, helping cut the capital-gains tax from 49% to 28% — and reopening the flow of risk capital to young companies.

1979 — Freeing the Pensions. Under his leadership, the NVCA won the amendment of ERISA's "Prudent Man" rule, allowing pension funds to invest in venture capital for the first time. Together, these two reforms ignited the modern venture era.

Over more than four decades, his firm backed the companies that shaped how the world works and communicates — from the earliest days of personal computing to the voice in your pocket.

Apple Siri Nuance VeriFone Synopsys Evernote

The Measure of the Man

More Than His Achievements

Integrity

He gave his word rarely and kept it always. Honesty and fairness weren't strategies to him — they were the whole point.

Humility

He shared the mess hall with his men and the credit with his partners. He led from beside people, never above them.

Vision

He saw the future in fragile young companies and unproven founders, and had the patience and courage to back them.

Generosity

Endowed chairs, fellowships, and centers at MIT, Carnegie Mellon, Stanford, and the Cleveland Clinic carry his name forward.

Courage

From the airfields of North Africa to the halls of Congress, he stood on principle even when it cost him.

Devotion

Married to Lindsay for seven decades, father of four, grandfather and great-grandfather — family was his foundation.

In His Own Words

A Voice Worth Remembering

Drawn from his oral history, recorded in his ninety-second year.

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I wanted to set up shop at the crossroads of the world — where all of these opportunities pass you by.

On why he chose venture capital

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Your men have to feel you are absolutely implacable — the mission is going to happen. But I'm going to do everything I can to get you home in one piece.

On command, at twenty-four

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