Fable: The Company Which Missed The Boat
There was once a famous manufacturer of radios – employer of both Philo Farnsworth the CRT pioneer and Bob Noyce – which was the world’s No.1 supplier of radios for 20 years between 1930 and 50.
In 1966, the company was sold to Ford. That same year Ford bought General Microelectronics which employed Frank Wanlass who had made GMe the world’s first company to produce and sell MOS.
Ford decided that its new microelectronics businesses should report to its tractor division.
In 1971 Ford closed the business down with the President of Ford blaming ‘substantial overcapacity’ in the chip industry, adding: “We are unable to forecast any change in these conditions in the foreseeable future.”
The following year, 1972, the semiconductor industry grew over 20% and the year after that, 1973, it grew over 50%
Moral: Be patient