John Pappajohn, one of the most consequential venture capitalists and philanthropists in the history of Des Moines and Iowa, has died at age 94 at his vacation home in Naples, Florida.
Pappajohn at one time was counted among the world’s leading art collectors, and his name is perhaps most associated with the John and Mary Pappajohn Sculpture Park. He and his wife, who died last year, created the expansive installation from 2007 to 2009 at a cost of up to $30 million, transforming downtown Des Moines’ Western Gateway with what is considered one of the most remarkable collections of its kind.
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Among other major gifts, he also gave millions of dollars to the University of Iowa Hospitals and Clinics, founded the John and Mary Pappajohn Higher Education Center in Des Moines in 1997 and bankrolled entrepreneurial centers at the University of Iowa, Iowa State University, the University of Northern Iowa and North Iowa Area Community College.
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Pappajohn was born in Greece in 1928. He came to America when he was 9 months old with his mother Maria, following his father George to Mason City. He graduated from Mason City High School and the University of Iowa.
In 1962, Pappajohn founded Guardsman Life Insurance Co., traveling the state to raise money and putting together a board for the company. Seven years later he sold his insurance business to become a venture capitalist.
“Insurance was boring to me,” Pappajohn said in 2016.
Pappajohn founded Equity Dynamics, a financial consulting firm. Later he launched Pappajohn Capital Resources, a venture capital fund. He was particularly successful with his investments in medical technology.
In 1996, when the Iowa economy was still reeling from the farm crisis and its economy, in Pappajohn’s words, was “lower than whale poop in the bottom of the ocean,” he had a vision to make the state a prime spot to start new businesses. He said that led to him to provide the funding to “plant the seed” of entrepreneurship at the five Iowa colleges.
The centers and their affiliated programs have helped launch thousands of businesses.
In 2021 Pappajohn added another $10 million to his support of the centers, totaling $35 million in all.
Throughout his life, Pappajohn said, he hoped to make Iowa a better place for entrepreneurs and startups.
“We’re not a Silicon Valley, but we’ve just expanded and done so well and people have a can-do philosophy now,” he said.
Speaking of the motivation behind his efforts, he said, “When the day of reckoning comes, your legacy, your reputation is number uno.”
This article will be updated.
Philip Joens covers retail, real estate and RAGBRAI for the Des Moines Register. He can be reached at 515-284-8184, pjoens@registermedia.com or on Twitter @Philip_Joens.
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