Pioneering "Creative Capital"

These days, most start-ups rely on venture capital funding. But before World War Two, investors had to use their own money or borrow from wealthy individuals.

That all changed in 1946, in Boston, where Frenchman Georges Doriot pioneered the high risk — potentially high-reward — venture capital industry.

He never graduated from college or graduate school, but Doriot became an eminent business professor at Harvard University and founded the first publicly traded venture capital firm.

He's now the subject of a new book, 'Creative Capital.' It's by Business Week journalist Spencer Ante ... who joined WBUR's Bob Oakes from New York.

Their first question: Why did Doriot think it was time to change things?

Audio for this story will be available on WBUR's web site later today.