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by discussing your roots in West Virginia. Could you reflect on the lessons you learned from your youth?The lessons I learned from growing up in West Virginia are as follows. I grew up in a tight family, and we were extremely close to our relatives. Whether it was in Charleston, Ravenswood, or Morgantown, the atmosphere encouraged bringing groups together, being open, and looking out for one another. When I was growing up, West Virginia was nailing the market transitions.
While I learned about the market transitions in West Virginia, I grasped the topic at IBM. IBM should be the top technology company in the world today, but they fell after the mainframe. While the company had all the momentum, they failed to reinvent themselves, and they missed the market transitions that came at them with PCs and the Internet. My experiences at IBM taught me the ways of an extremely successful company, but I also learned about the consequences of not changing.
I got a call from the head of the NASDAQ, who is a good friend of mine, and he said,"Just for your awareness, you should be buying this company, and your competitors have been all over it for six months." I had never heard of the company before, and I had no idea what they did. The person in charge of business development went to that account the next morning, and he called me and said,"John, you have to get over here.
Lastly, I look to see if they are near an inflection point where they could become a top two player within their respective area. When looking at companies, we expected a minimum of 40 percent of the market share, which even GE did not stretch to. We additionally expected a lack of large barriers to entry, such as huge capital outliers, patents, or big fabrication plants. Having these lofty standards was unheard of, yet we were able to do it because we dreamed big. We accomplished what many people thought was impossible, and we changed the way the world works.
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