Hot Jobs: Entrepreneur in Residence?

Thursday, June 21, 2007 at 5:00pm by Site Administrator

Now here’s an interesting job for the entrpreneurial-minded: EIR, or Entrepreneur in Residence. Benchmark Capital, a venture capital firm in Silicon Valley, has always had EIRs. Though lately, they’ve bumped the average of two EIRs at any given time to four. And they’ve scooped the two newest EIRs from Google [Venture Beat].

The two newest, Bret Taylor and Jim Norris, were engineers working on the Google Maps application, which can be customized/ mashed up, then embedded into pretty much any website. These guys kept in touch with contacts at Benchmark for several months, and they say they’re ready to start a company now. They’ve actually worked together since college.

What’s interesting to note is that these two talented engineers, according to the Venture Beat article, started at Google at a point where they benefit somewhat from that company’s IPO (Initial Public Offering), but didn’t join early enough to have made many millions from share options. So this sort of employee – talented but lacking in capital – seems to be ripe for the picking. Provided they have the entrepreneurial passion.

I’m not familiar enough yet with the practices of venture capital firms to know if this is standard practice. The little I know, I thought VCs backed companies that already had a proof of concept, and preferably with some revenues or subscriber/ customer base, etc. This is in fact the first I’ve heard of Entrepreneur in Residence roles. They’ll be getting paid to come up with ideas.

So if you’ve got the technical smarts for a salable Internet idea but are still in the salaried employee stage, keep that VC’s business card handy. Not every entrepreneur wants to bootstrap their business, and there’s no shame in that.


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