The Lost Elephant

Venture Capitalist Tim Draper supporting Barack Obama (and contributing to his campaign) wouldn't be unlike John Doerr appearing on Bill O'Reilly's show to endorse John McCain.

That's to say, it's a pretty big deal for someone who has watched Valley politics since its diaper days.

Declan McCullugh has the story:

Salon once dubbed him "George W.'s point man in Silicon Valley." The Draper, Fisher Jurvetson managing partner is a longtime proponent of limited government, free markets, and libertarian concepts like school vouchers, making him a natural fit for a political party whose platform lauds "lower taxes, reasonable regulation, and smaller, smarter government."

This year, though, something odd happened. Draper gave $2,300 -- the legal maximum -- to Barack Obama and zero to John McCain. Draper also did something that would have been unthinkable in the days when Bush was touting laissez-faire principles: he disclosed publicly that he will vote for a Democrat.

VC Tim Draper, once George W. Bush's point man in Silicon Valley, is now voting for Barack Obama.
(Credit: Draper Fisher Jurvetson)

"It's good to have a fresh face," Draper told CNET News on Thursday. "At least from the press, we've seen about six years of fear. I'd like to see six years of opportunity and what that could do for our country, and I think that might happen with Obama."

Declan continues:

He's not alone. A review of 2008 campaign contributions show what amounts to a startling number of defections by Silicon Valley leaders well-known for their support of Republican candidates in the past.

Intel Chairman Craig Barrett wrote checks to Bush during the last two presidential elections. He's handed $2,300 to onetime candidate Mitt Romney, but nothing to McCain. Neither have usual party loyalists Floyd Kvamme or Michael Kim of Rustic Canyon Partners. Lead21, a once-thriving outpost of free-market Republicanism in Silicon Valley, has not updated its blog since April 2007 (though it is holding an election party in San Francisco next Tuesday).

Declan then goes on to to quote a handful of smart people about why the shift has been made away from what used to be a pretty even split in the Valley (where money is concerned).... Republicans have spent too much... Wiretapping... McCain's mixed record on tech.... Obama promising tax break and spending goodies for tech projects.... And, Bush's lack of action on tech issues.

Personally, while all of these aspects are factors, my sense in this presidential election and in most others is that the vast majority of Valley money is driven by individuals' full belief systems that extend far beyond their selfish tech policy tech interests. Action oriented money is what the company PAC and giving to random congresspeeps that you have barely heard of is for.

Although, the pervasive feeling among many influentials that Bush froze the tech clock for eight years can't help McCain.

This Dem-friendly movement apparently extends to IT workers who aren't big name VCs and CEOs. CompTIA today released a study that found:

53% of IT workers favor Obama. Thirty-eight percent said they would vote for his Republican rival, John McCain. Four percent said they would choose another candidate, and 6% said they were undecided.

It also found that:

In terms of technology policy, 79% of respondents said the government should not regulate the Internet the way it regulates telephone service providers and television broadcasts. Fifty-nine percent said free trade aids the U.S. economy, and 57% said the government should do more to protect the environment.

(photo by iamquentin)

Comments

[I actually think for a living]

Tim Draper (like other VCs) has made some good investments but notoriously short-sighted in others. His investment in Obama will come back to haunt him. Obama's set of economic policies is demonstrably hostile to a future-oriented, pro-growth tax and regulatory environment. These idiots in the Valley will have a rude (very rude) awakening pretty quickly if Obama's elected. But hey, they're the same crowd who created & got burned by the dot-com Bubble...

[Resveratrol]

These idiots in the Valley will have a rude (very rude) awakening pretty quickly if Obama's elected.

[Acai]

well, If Obama promising tax break and spending goodies for tech projects.... And, Bush's lack of action on tech issues.

[colon cleanse]

Obama's set of economic policies is demonstrably hostile to a future-oriented, pro-growth tax and regulatory environment.