Word: intel
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Dates: during 1980-1989
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Some business people blame such fiascoes on overeager venture capitalists who drive companies to market prematurely so that they can cash in their stakes. One of their most prominent critics is Intel President Andrew Grove. Grove accuses what he calls "vulture capitalists" of roaming around companies and tempting talented employees with promises of quick riches. He says that venture capitalists are in the process of wrecking some good high-tech firms. Of course, several of Intel's senior executives are partners in venture capital funds. Moreover, the company was started by two scientists who left Fairchild Camera and Instrument...
Robert Noyce: Scientist Turned Investor. Noyce is the co-inventor of the integrated circuits that form the core of all modern computers, winner of the 1979 National Medal of Science and a co-founder of two pioneering and profitable California electronics companies, Fairchild Semiconductor and Intel. Noyce, 55, also plays a less publicized role as a venture capitalist. With his success has come enormous wealth. His 1.5 million shares in Intel, where he now serves as vice chairman, are worth $60 million. Along with Arthur Rock, his friend of 30 years, Noyce in 1977 helped bankroll Diasonics, the medical-instrument...
...billion. In 1961, the year he co-founded the Davis & Rock venture capital firm, Rock put up $280,000 to help start Scientific Data Systems, a computer maker; in 1969 the company was sold for some $950 million. In 1968 Rock was one of the three founders of Intel, the first company to make a computer on a chip. Last February IBM paid $250 million for a 12% interest in the firm, and has since increased its holding to 17.5%. In 1978 Rock invested $57,400 in a fledgling personal-computer company with a whimsical name: Apple. Six years...
Once Rock invests in a company, he remains active in its management. He is a director of Intel and Apple, for example, and vice chairman of Diasonics. He stays in close touch with his managers, most of whom recognize that his advice is worth far more than his money. He maintains a delicate balance between guiding them and letting them find their own way. Last year, when Diasonics announced that it would lose $5 million to $7 million in the third quarter. Rock spent hours huddled with senior managers, helping them pinpoint weaknesses and reorganize the company. Says Joseph Rizzi...
Innovation, however, has seldom been IBM's strongest selling point. The company has traditionally stressed service and reliability. The PC, for example, was not a technological breakthrough and is assembled largely from parts made by outside suppliers. Its microprocessing heart is manufactured by California-based Intel, while the monitor's display tube is produced by Japan's Matsushita. Microsoft of Bellevue, Wash., provides the operating system, or master program. The PC has been successful largely because the IBM name symbolizes confidence and security in a field known for instability and uncertainty...