California, San Francisco lab. The short meeting was extended to three hours, and Boyer came out determined to commercialize the technology he had helped pioneer. He would deal with the science behind the product, whereas Swanson would work on obtaining funds, and managing the organization as a whole. The two agreed to form a partnership, and each put down $500 to cover legal fees. Swanson made the decision to pursue the creation of the company full-time, rather than obtain a job at an established institution or company. He explains his logic in an interview: "(I told myself) "Look, I think this is important. If I don't do this, I'm not going to like myself so much for not having given it a shot." So that was what made that decision." Swanson then set out to identify their first marketable product, and quickly focused on the human protein insulin. From a scientific standpoint, it was a well characterized protein, whose structure had already been elucidated, making it easier to work with, in theory. Additionally, the widely available insulin at the time was pig insulin, and many people presented allergic reactions to this insulin. Human insulin, then, was preferable, for it was believed that people would not have allergic reactions to it. From a business standpoint, there was a large market for insulin; at the time, world sales were greater than $100 million, and growing. Boyer agreed that the insulin hormone should be their first target molecule. After concluding the market research, Swanson prepared Genentech's first business proposal by March 1976. It was with this proposal that Swanson pitched Genentech to Kleiner & Perkins. Perkins later explained that they considered the technical risks to be enormous: "(The risk of failure was) Very high. I figured better than 50–50 we'd lose it... (However) If it worked, the rewards would be obvious.". Boyer's scientific expertise and Swanson's business plan convinced the venture capitalists. While acknowledging the tremendous risk associated with the company, Kleiner and Perkins promised to invest $100,000 in Genentech. This was just a small fraction of Kleiner and Perkins's $8 million venture capital fund. Career at Genentech Because of the Kleiner and Perkins investment, Swanson and Boyer dissolved their partnership and created the legal entity Genentech. Kleiner and Perkins provided $100,000 on the May closing, and acquired 20,000 shares of preferred stock from Genentech. Swanson was made the president and treasurer of