American Research and Development Corporation (ARDC) was a venture capital and private equity firm founded in 1946 by Georges Doriot, Ralph Flanders, , and Karl Compton. ARDC is credited with the first major venture capital success story when its 1957 investment of $70,000 in equity ("70% of the company") and approximately $2 million in loans in Digital Equipment Corporation (DEC) became valued at many times the amount invested after the company's success after its initial public offering in 1966.