But expanding its microprocessor market was not the only purpose
of Intel’s VC investments. The company decided that its investments
could not only help grow its current business, but also help explore new
businesses beyond microprocessors. As Vadasz put it: “I want to invest
in market success, to have more complementors, and a broader market,
sooner. That is probably the most important step we’ve taken. The
other step is the realization that investment can be a good way to understand
new technologies that are not today’s concern in the business
units, but might become important in the future.”17
Vadasz also oversaw an internal seed capital research program designed
to fund internal technical investigations of technologies that did
not yet intersect with the business units, but were thought to be important
to Intel’s future. These seed projects permitted experimentation with
new technologies and ended within six to twenty-four months. Vadasz
was eager to move projects that grew beyond this phase into other areas
of the company for development: “You need to keep things turbulent.
When [an internal] project becomes $10 million a year, even $5 million
a year, I don’t want my group to fund it any further. At that point, it needs
to survive on its own—meaning that a business unit has to pick up funding
for it. Our funding focuses on the initial phase, on technological
investigation. You don’t want 10-year projects. That may be good in a
research lab or in a university, but not in an industrial environment.”
But expanding its microprocessor market was not the only purpose
of Intel’s VC investments. The company decided that its investments
could not only help grow its current business, but also help explore new
businesses beyond microprocessors. As Vadasz put it: “I want to invest
in market success, to have more complementors, and a broader market,
sooner. That is probably the most important step we’ve taken. The
other step is the realization that investment can be a good way to understand
new technologies that are not today’s concern in the business
units, but might become important in the future.”17
Vadasz also oversaw an internal seed capital research program designed
to fund internal technical investigations of technologies that did
not yet intersect with the business units, but were thought to be important
to Intel’s future. These seed projects permitted experimentation with
new technologies and ended within six to twenty-four months. Vadasz
was eager to move projects that grew beyond this phase into other areas
of the company for development: “You need to keep things turbulent.
When [an internal] project becomes $10 million a year, even $5 million
a year, I don’t want my group to fund it any further. At that point, it needs
to survive on its own—meaning that a business unit has to pick up funding
for it. Our funding focuses on the initial phase, on technological
investigation. You don’t want 10-year projects. That may be good in a
research lab or in a university, but not in an industrial environment.”
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