Jim Barksdale, Internet Angel

There will be no lazing on the front porch in a rocking chair for James L. Barksdale. Just a month after completing the sale of Netscape Communications Corp. to America Online Inc., the former Netscape CEO invested $5 million in HomeGrocer.com, a Bellevue (Wash.) startup that takes food orders over the Internet and delivers them with a fleet of trucks. CEO J. Terrence Drayton is ecstatic that Barksdale has agreed to serve on his board. "We're really lucky to get his advice," says Drayton. "He's a business legend."

This is one legend that isn't content to rest on his laurels. The folksy Southerner is launching the next phase of his career--this time as a high-profile financial backer and adviser to startups. After handling day-to-day operations at Federal Express Corp. and McCaw Cellular Communications Inc.--then piloting Netscape for five years--the silverhaired 56-year-old is done with running companies. He believes he can contribute better as an investor. Barksdale pocketed $700 million after Netscape was sold to AOL for $10.2 billion in March. But he wants even more--with the goal of gradually giving it all to charity. "If there's a penny left in my account when I die, it will be because I miscalculated," says Barksdale in his characteristic drawl.