There was once a distinguished old engineering company which decided to get into semiconductors.
In the 1970s it spent $200 million on R&D trying to get into the industry but, by the end of the decade, it was still some four years behind the US.
The company persisted with its aspiration and, in the 1980s, formed alliances to help its aims. It allied with Philips, with SGS-Thomson, with Toshiba and with Motorola.
In 2000, the company IPO’d its semiconductor subsidiary which achieved an immediate valuation of €45 billion.
Moral: Persistence pays.