Rand Capital Corporation (Rand) was founded in 1969 by George Rand and Don Ross, with the mission to invest in and assist entrepreneurs. They took the company public through an Initial Public Offering in 1971. Don Ross continued to lead the company until 1996, when Allen “Pete” Grum was named President. Mr. Grum subsequently recruited Daniel P. Penberthy as Executive Vice President and Margaret Brechtel as Controller. In 2001, the company elected to become a Business Development Company (BDC) to facilitate the creation of a Small Business Investment Company (SBIC), which occurred in 2002. Rand continues to fulfill George Rand’s original mission of investing in and assisting entrepreneurs.