We hear plenty about Chad Hurley and Steve Chen; almost enough to forget that YouTube had a third founder: Jawed Karim, who decided to return to Stanford instead of sticking around for the company’s meteoric rise.
But even though Karim never drew a salary doesn’t mean he wasn’t rewarded for his contribution. He told the NYTimes in 2006 he actually pitched the idea of a video sharing site to Hurley and Chen, and was one of its largest individual shareholders when it was bought out by Google (GOOG) for $1.65 billion in 2005.
And that payout followed the one that Karim, like Hurley and Chen, had already received when PayPal, their former employer, was acquired by eBay (EBAY) in 2002. So he’s got some dough. What now?
Investing, of course. The 29-year-old tells his hometown paper, the Minneapolis-St. Paul Tribune, about his venture fund, Youniversity Ventures, which seeks out first-time entrepreneurs and students, offering $50,000 to $300,000 in seed funds. He’s also will to offer his advice, gratis. “We will coach people along if it falls into our area of interest, even though we don’t make an investment,” he says.
The fund is focused on two geographies: the SF Bay area and the Twin Cities, where Karim graduated from high school at St. Paul Central. As of last week, the Trib says Karim was “scouring the Twin Cities for the next YouTube,” which is probably a good reason to land a Q&A in the paper. Why the Twin Cities? There are fewer entrepreneurs, but also a lot less crummy Facebook apps:
Silicon Valley has a lot of noise, a lot of hype. People are very excited about all of the Facebook stuff, Facebook applications. It’s just been a huge hype over the last year when actually … there isn’t really that much value. It’s just a bubble. It’s almost a distraction.
Google, Viacom Still Negotiating On YouTube Logs, Employee Data
Viacom Doesn’t Want Everyone’s YouTube’s History. It Wants Chad Hurley’s
Google: We Still Haven’t Made Anything From YouTube, Postini. But DoubleClick Is A Cash Machine
Business Insider Emails & Alerts
Site highlights each day to your inbox.