Sen. J.D. Vance (R-Ohio) was selected to be Donald Trump's running mate in the 2024 presidential election, bringing a short political career into one of the most important political positions in the U.S.
Prior to his political career, Vance was in the venture capital sector. Vance's time there is drawing more attention a week after Trump's announcement.
What Happened: Perhaps best known as the author of "Hillbilly Elegy," Vance's career as an author and venture capitalist may have collided.
Two months before the bestselling book came out, Vance moved to San Francisco to join Mithril Capital, a venture capital firm backed by Peter Thiel.
"It never seemed like he was even working," a former coworker told Business Insider. "It felt like his full-time job was the book."
Former coworkers said Vance did not close a single deal a year after he started with the firm.
Vance has acknowledged his potential lack of contribution at Mithril.
"How useful I've been on that front is probably debatable," Vance said in a previous interview on his venture capital history.
Vance went on to work at Revolution, a venture capital firm founded by AOL founder Steve Case. While at Revolution, Vance was able to help close several deals investing in companies in the artificial intelligence and military tech sectors.
One former investor said they couldn’t recall what Vance “brought to the fund” while working at Revolution.
His success at Revolution led to Vance founding his own venture capital firm Narya Capital in 2019. Among the investments made by Narya was one in video sharing platform Rumble Inc RUM.
Why It's Important: Most presidents and vice presidents come with backgrounds in law or politics. Vance was elected to the U.S. Senate in the 2022 election and served since early 2023.
Following in the footsteps of Trump, Vance could bring a business acumen to the White House with little political experience.
During Vance's run for Senate, venture capital expert Jeff Stohl was skeptical. Stohl, who is the director of the University of New Hampshire's Center for Venture Research, said there were "thousands of red flags" for Vance.
"You're either going to be a really great VC and a bad senator or a bad VC and a great Senator. Or what will likely happen is you're worse at both because you can't do both jobs," Stohl previously told Business Insider.
Vance's past venture capital ties could help Trump raise more money in the 2024 election and could be behind several technology leaders endorsing the former president in the race.
Trump praised Vance's business career in technology and finance when announcing the senator as his running mate.
The former president also praised the bestselling book by Vance.
"Hillbilly Elegy became a major best-seller and movie, as it championed the hardworking men and women of our country," Trump said.
Vance was likely selected to be the vice-presidential pick for several reasons. Past venture capital experience appears to be a mixed bag of success and lack of contribution, according to first-hand testimonials.
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Photo: “Hillybilly Elegy” via First Edition; J.D. Vance by Consolidated News Photos via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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