Bill Draper, an early pioneer in the venture capital industry who played a key role in the growth of Silicon Valley before it became a global tech hub, died on September 8 at his home in Atherton, California. He was 98. His death was confirmed by his daughter, Polly Draper.

Draper began his career in the early 1960s, a time when the phrase "venture capital" was little known and the tech industry remained nascent, with computer programming reliant on punched paper cards. He was a founder or managing director of multiple influential venture capital firms, including Sutter Hill Ventures and Draper Richards, helping to shape an industry that now commands hundreds of billions of dollars. He worked alongside other industry leaders such as Arthur Rock, Eugene Kleiner, Thomas J. Perkins, and Don Valentine.

Early in his career, Draper was known for his optimism and eagerness to back new ventures, earning the nickname "Dr. Yes" at Draper Richards for his willingness to commit to deals prior to completing extensive due diligence. His investment portfolio included early stakes in companies such as Activision, Skype, OpenTable, Qume (a printer manufacturer), and Corbin-Farnsworth, known for medical devices like defibrillators and pacemakers.

Draper arrived in California in 1959 after earning an MBA from Harvard Business School and joined Draper, Gaither and Anderson, co-founded by his father, William H. Draper Jr. The firm was recognized as the first venture capital firm west of the Mississippi River. In 1962, Draper partnered with Franklin Pitcher Johnson Jr. to launch Draper & Johnson Investment Company, operating amid the orchards of what was then known as the Valley of Heart’s Delight.

"We’d go look for doors to knock on that looked like they had to do with some kind of technology or electronics," Draper recalled, explaining how they introduced the relatively new idea of venture capital to skeptical local entrepreneurs. By the mid-1960s, after parting ways with Johnson, Draper joined Sutter Hill, where he helped transition the company into venture capital under his and Paul Wythes’ leadership.

Draper’s career also included significant periods of public service. In the 1980s, he served as president and chairman of the Export-Import Bank of the United States, promoting American exports through financing and loan programs. Following that, he headed the United Nations Development Program for seven years, overseeing a global staff of roughly 8,000 and expanding the agency’s operational budget from $890 million to $1.5 billion. During this time, he traveled extensively to developing countries, working to address poverty, environmental concerns, health initiatives, and democratic development.

In the 1990s, Draper returned to venture capital with an international focus, co-founding Draper International, one of the first U.S. venture funds targeting the Indian market. Domestically, Draper Richards invested in several technology companies, including Skype and OpenTable. Later, Draper helped establish the Draper Richards Kaplan Foundation, which supports social enterprises worldwide through "venture philanthropy," blending nonprofit and for-profit models to achieve social impact.

Reflecting on the evolution of venture capital over his career, Draper observed that the industry increasingly sought large, transformative returns rather than producing many moderate successes. He recounted a missed opportunity in the 1970s when his firm declined to invest in a then-startup called Apple Computer, due to concerns over valuation and founders’ attitudes.

Draper was born January 1, 1928, in White Plains, New York, and was the youngest child in a prominent family. After high school, he attended Yale University and later served as a second lieutenant during the Korean War. His father, a distinguished banker and government official, was deeply involved in post-World War II American policy.

Bill Draper is survived by three children, eight grandchildren, and thirteen great-grandchildren. His wife of over 60 years, Phyllis Culbertson Draper, passed away in 2018. Draper’s pioneering work helped lay the foundation for the flourishing venture capital industry that continues to drive innovation in Silicon Valley and beyond.