Bill Draper III and Franklin “Pitch” Johnson formed the Draper and Johnson Investment Company in California in 1962. They were good friends and had previously worked together at Inland Steel—Draper as a salesman and Johnson as a plant foreman. They parted ways just three years later to start new private equity firms. Draper founded Sutter Hill Ventures with Paul Wythes, and Johnson established a company called Asset Management. They went on to finance hundreds of high tech startups and to become known as leading Silicon Valley venture capitalists.