Early business career
In 1985, Draper left the investment bank Alex. Brown & Sons to start his own venture capital firm. Former colleague John H.N. Fisher became a partner in 1991, and business student Steve Jurvetson became the third partner in the firm in 1994.
Hotmail and viral marketing
Draper invested in Jack Smith and Sabeer Bhatia, who presented him with their company, Hotmail. While numerous publications intimate that he "invented viral marketing" in 1996, this major acclaim was his early support for the founders, due to his idea of automatically attaching a brief advertising message to the bottom of outgoing Hotmail emails. Draper and Jurvetson then coined the term "viral marketing", though the neologism itself is documented as early as a 1989 edition of PC User.