Philly tech remembers Safeguard Scientifics founder Pete Musser - Technical.ly Philly

Business

Nov. 26, 2019 11:49 am

Philly tech remembers Safeguard Scientifics founder Pete Musser

The investor and entrepreneur died early Monday at age 92: "While we mourn his loss, we also celebrate his remarkable life, and the legacy of innovation, humility, generosity and integrity he leaves behind," his family said in a statement.
Pete Musser in his Radnor offices, decorated with mementos from decades of tech investing, in 2017.

Pete Musser in his Radnor offices, decorated with mementos from decades of tech investing, in 2017.

(Photo by Roberto Torres)

Warren V. “Pete” Musser, the Safeguard Scientifics founder who over the years championed many tech investments along the Route 202 corridor, has died at the age of 92.

Safeguard confirmed the news in a statement, saying the founder died at Bryn Mawr Hospital early Monday morning after experiencing cardiac arrest.

“Pete was a pioneer in private equity and venture capital. He loved work, and in a career spanning over six decades, he went to the office five days a week until the end,” Musser’s family said in a statement. “His presence will be deeply missed in all of our lives; and while we mourn his loss, we also celebrate his remarkable life, and the legacy of innovation, humility, generosity and integrity he leaves behind.”

Musser began his career at Pennsylvania Bell (which today, most of us know as Verizon), and went on to start his own brokerage firm, Philadelphia Securities Company, with a coworker.

By 1953, they’d started another venture, the Lancaster Corporation. The founders sold stock in the company and set out to invest in the field of atomic energy. One of its first investments? A company they later sold for $600,000 and went on to become broadcast giant Comcast.

The deal that launched Comcast kicked off a career in which Musser supported a plethora of tech investments in Greater Philadelphia, as Technical.ly wrote in an in-depth 2017 profile of the investor.

The first tech breakthrough was a check-writing machine from the Safe-Guard Corporation, a company Musser’s firm acquired in 1955. The machine was such a hit that by 1966, the Lancaster Corporation changed its name to Safeguard Industries.

Musser’s personal worth, which topped at a billion dollars in the year 2000, dipped when the price of Safeguard’s stock went from $98 a share to $6 by the end of 2000. But, as Musser’s friends and family would tell you — he learned and bounced back.

pete musser

Pete Musser in 2011.

“The main thing is: Don’t get so caught up in your own enthusiasm that you can’t weather a change in the cycle,” Musser said in 2017. “That’s what a lot of us entrepreneurs have the habit of doing: Get so caught up in it and then get caught short when it doesn’t happen. That was exactly my cycle. Of course, there’s no excuse for that at all. You’re supposed to know better.”

Advertisement

Members of Philly’s tech and entrepreneurship community herald Musser as a legend, a role model and one of the original founders who gave innovative companies and people a chance.

Lucinda Duncalfe, former president and CEO of Monetate, said that when she first started the company in 1996, she sought out Musser as a mentor.

“We were far too small for Safeguard to be interested in investing — I simply wanted to learn from him,” Duncalfe wrote in a Tuesday morning email to Technical.ly.

Over the course of many breakfast meetings, Duncalfe said that she learned from him, but that Safeguard never invested in any of her companies.

“That’s not why Peter spent time with me — he simply loved entrepreneurs,” she said.

Ronald Anderson, dean of Temple University’s Fox School of Business and the School of Sport, Tourism and Hospitality Management, said that after a student would have a conversation with Musser, they would come away with the “spark” needed to take their idea from a concept to reality.

“Pete is known for helping launch companies like QVC and Comcast, but his ultimate legacy will be how he empowered so many others to pursue their dreams,” Anderson said.

We’ve reached out to more of his peers and mentees for comment and will be updating this story as we hear back from them. Here’s what other folks had to say in memoriam:

(We’ve previously compared Kopelman to Musser.)

-30-
CONTRIBUTE TO THE
JOURNALISM FUND

Already a contributor? Sign in here
Connect with companies from the Technical.ly community
New call-to-action

Advertisement

Relay Network just raised $30M. Here’s what its 2020 looks like

Village Capital’s Victoria Fram is the first guest on ‘Off the Sidelines,’ our new investor education podcast

10 life lessons I learned from Pete Musser

SPONSORED

Philly

Say ‘Ahoy’ to the technical opportunities at Vanguard

Chesterbrook

Deacom

Data Specialist

Apply Now

Philadelphia, PA

PromptWorks

Operations Manager

Apply Now

Chesterbrook, PA

Deacom

Software Developer

Apply Now

Ben Franklin Tech Partners just pumped more than $1M into these local companies

3 words that describe these startup founders’ experiences raising VC

SPONSORED

Philly

Packed with growth opportunities, WSFS Bank moves into Philly

1217 Sansom Street, Philadelphia, PA 19107

Perpay

Director of Merchandising

Apply Now

1217 Sansom Street, Philadelphia, PA

Perpay

Data Engineer

Apply Now

1217 Sansom Street, Philadelphia, PA 19107

Perpay

Accounting Manager

Apply Now

Sign-up for daily news updates from Technical.ly Philadelphia

Do NOT follow this link or you will be banned from the site!