Semiconductor Industry Quotes

For example, the lithographic process used to lay out integrated circuits was initially based on optical imaging techniques. When the size of individual device elements shrank to the point where the wavelength of visible light was too long to allow for further progress, the semiconductor industry moved on to X-ray lithography.

By the 1960s, the price had fallen to $8 or so per transistor. By 1972, the year of my birth, the average cost of a transistor had fallen to 15 cents,6 and the semiconductor industry was churning out between 100 billion and 1 trillion transistors a year. By 2014, humanity produced 250 billion billion transistors annually: 25 times the number of stars in the Milky Way. Each second, the world’s ‘fabs’ – the specialised factories that turn out transistors – spewed out 8 trillion transistors.7 The cost of a transistor had dropped to a few billionths of a dollar.

The orchestra musician’s plight caught the interest of Harvard researcher Richard Hackman, who was studying the job satisfaction of workers employed in a variety of industries. Orchestral musicians were near the bottom, scoring lower in job satisfaction and overall happiness than airline flight attendants, mental health treatment teams, beer salesmen, government economic analysts, and even federal prison guards. Only operating room nurses and semiconductor fabrication teams scored lower than these musicians.

In opting for large scale, Korean state planners got much of what they bargained for. Korean companies today compete globally with the Americans and Japanese in highly capital-intensive sectors like semiconductors, aerospace, consumer electronics, and automobiles, where they are far ahead of most Taiwanese or Hong Kong companies. Unlike Southeast Asia, the Koreans have moved into these sectors not primarily through joint ventures where the foreign partner has provided a turnkey assembly plant but through their own indigenous organizations. So successful have the Koreans been that many Japanese companies feel relentlessly dogged by Korean competitors in areas like semiconductors and steel. The chief advantage that large-scale chaebol organizations would appear to provide is the ability of the group to enter new industries and to ramp up to efficient production quickly through the exploitation of economies of scope.70 Does this mean, then, that cultural factors like social capital and spontaneous sociability are not, in the end, all that important, since a state can intervene to fill the gap left by culture? The answer is no, for several reasons. In the first place, not every state is culturally competent to run as effective an industrial policy as Korea is. The massive subsidies and benefits handed out to Korean corporations over the years could instead have led to enormous abuse, corruption, and misallocation of investment funds. Had President Park and his economic bureaucrats been subject to political pressures to do what was expedient rather than what they believed was economically beneficial, if they had not been as export oriented, or if they had simply been more consumption oriented and corrupt, Korea today would probably look much more like the Philippines. The Korean economic and political scene was in fact closer to that of the Philippines under Syngman Rhee in the 1950s. Park Chung Hee, for all his faults, led a disciplined and spartan personal lifestyle and had a clear vision of where he wanted the country to go economically. He played favorites and tolerated a considerable degree of corruption, but all within reasonable bounds by the standards of other developing countries. He did not waste money personally and kept the business elite from putting their resources into Swiss villas and long vacations on the Riviera.71 Park was a dictator who established a nasty authoritarian political system, but as an economic leader he did much better. The same power over the economy in different hands could have led to disaster. There are other economic drawbacks to state promotion of large-scale industry. The most common critique made by market-oriented economists is that because the investment was government rather than market driven, South Korea has acquired a series of white elephant industries such as shipbuilding, petrochemicals, and heavy manufacturing. In an age that rewards downsizing and nimbleness, the Koreans have created a series of centralized and inflexible corporations that will gradually lose their low-wage competitive edge. Some cite Taiwan’s somewhat higher overall rate of economic growth in the postwar period as evidence of the superior efficiency of a smaller, more competitive industrial structure.

Amelio did himself no favors. Rather than adapt to Apple, he seemed to try to get the company to take on his personality. He had surrounded himself with top executives drawn mostly from the semiconductor industry he knew so well, and he was never effective in public situations. Once, while talking to a group at a dinner party that included Larry Ellison, Amelio tried to put his company’s problems in perspective for the other guests. “Apple is a boat,” he said. “There’s a hole in the boat, and it’s taking on water. But there’s also a treasure on board. And the problem is, everyone on board is rowing in different directions, so the boat is just standing still. My job is to get everyone rowing in the same direction.” After Amelio walked away, Ellison turned to the person standing next to him and asked, “But what about the hole?” That was one story Steve never got tired of telling.

It was only after World War II that Stanford began to emerge as a center of technical excellence, owing largely to the campaigns of Frederick Terman, dean of the School of Engineering and architect-of-record of the military-industrial-academic complex that is Silicon Valley. During World War II Terman had been tapped by his own mentor, presidential science advisor Vannevar Bush, to run the secret Radio Research Lab at Harvard and was determined to capture a share of the defense funding the federal government was preparing to redirect toward postwar academic research. Within a decade he had succeeded in turning the governor’s stud farm into the Stanford Industrial Park, instituted a lucrative honors cooperative program that provided a camino real for local companies to put selected employees through a master’s degree program, and overseen major investments in the most promising areas of research. Enrollments rose by 20 percent, and over one-third of entering class of 1957 started in the School of Engineering—more than double the national average.4 As he rose from chairman to dean to provost, Terman was unwavering in his belief that engineering formed the heart of a liberal education and labored to erect his famous “steeples of excellence” with strategic appointments in areas such as semiconductors, microwave electronics, and aeronautics. Design, to the extent that it was a recognized field at all, remained on the margins, the province of an older generation of draftsmen and machine builders who were more at home in the shop than the research laboratory—a situation Terman hoped to remedy with a promising new hire from MIT: “The world has heard very little, if anything, of engineering design at Stanford,” he reported to President Wallace Sterling, “but they will be hearing about it in the future.

s s i o n o f R a t i o n a l S o f t w a r e C o r p o r a t i o n i s t o e n s u r e t h e s u c c e s s o f c u s t o m e r s c o n s t r u c t i n g t h e s o f t w a r e s y s t e m s t h a t t h e y d e p e n d o n . We enable our customers to achieve their business objectives by turning software into a source of competitive advantage, speeding time-to-market, reducing the risk of failure, and improving software quality. We fulfill our mission with the Rational ApproachTM, a comprehensive softwareengineering solution consisting of three elements: • A configurable set of processes and techniques for the development of software, based on iterative development, object modeling, and an architectural approach to software reuse. • An integrated family of application construction tools that automate the Rational Approach throughout the software lifecycle. • Technical consulting services delivered by our worldwide field organization of software engineers and technical sales professionals. Our customers include businesses in the Asia/Pacific region, Europe, and North America that are leaders in leveraging semiconductor, communications, and software technologies to achieve their business objectives. We serve customers in a diverse range of industries, such as telecommunications

o n o f R a t i o n a l S o f t w a r e C o r p o r a t i o n i s t o e n s u r e t h e s u c c e s s o f c u s t o m e r s c o n s t r u c t i n g t h e s o f t w a r e s y s t e m s t h a t t h e y d e p e n d o n . We enable our customers to achieve their business objectives by turning software into a source of competitive advantage, speeding time-to-market, reducing the risk of failure, and improving software quality. We fulfill our mission with the Rational ApproachTM, a comprehensive softwareengineering solution consisting of three elements: • A configurable set of processes and techniques for the development of software, based on iterative development, object modeling, and an architectural approach to software reuse. • An integrated family of application construction tools that automate the Rational Approach throughout the software lifecycle. • Technical consulting services delivered by our worldwide field organization of software engineers and technical sales professionals. Our customers include businesses in the Asia/Pacific region, Europe, and North America that are leaders in leveraging semiconductor, communications, and software technologies to achieve their business objectives. We serve customers in a diverse range of industries, such as telecommunications, banking and financial services, manufacturing, transportation, aerospace, and defense.They construct software applications for a wide range of platforms, from microprocessors embedded in telephone switching systems to enterprisewide information systems running on company-specific intranets. Rational Software Corporation is traded on the NASDAQ system under the symbol RATL.1

Note: The ICT industry, as defined by the Bank of Korea, includes both ICT device manufacturing (office, computing and accounting machinery and semiconductors and telecom devices) and ICT services (telecommunications, broadcasting, software and computer

I want to share with you the thought that chemistry provides the infrastructure of the modern world. There is hardly an item of everyday life that is not furnished by it or based on the materials it has created. Take away chemistry and its functional arm the chemical industry and you take away the metals and other materials of construction, the semiconductors of computation and communication, the fuels of heating, power generation, and transport, the fabrics of clothing and furnishings, and the artificial pigments of our blazingly colourful world. Take away its contributions to agriculture and you let people die, for the industry provides the fertilizers and pesticides that enable dwindling lands to support rising populations. Take away its pharmaceutical wing and you allow pain through the elimination of anaesthetics and deny people the prospect of recovery by the elimination of medicines. Imagine a world where there are no products of chemistry (including pure water): you are back before the Bronze Age, into the Stone Age: no metals, no fuels except wood, no fabrics except pelts, no medicines except herbs, no methods of computation except with your fingers, and very little food.

Around a quarter of the chip industry’s revenue comes from phones; much of the price of a new phone pays for the semiconductors inside. For the past decade, each generation of iPhone has been powered by one of the world’s most advanced processor chips. In total, it takes over a dozen semiconductors to make a smartphone work, with different chips managing the battery, Bluetooth, Wi-Fi, cellular network connections, audio, the camera, and more.

TSMC has been building an increasingly rich ecosystem for over 25 years and feedback from partners is that they see benefits sooner and more consistently than when dealing with other foundries

Scientists and engineers tend to divide their work into two large categories, sometimes described as basic research and directed research. Some of the most crucial inventions and discoveries of the modern world have come about through basic research—that is, work that was not directed toward any particular use. Albert Einstein’s picture of the universe, Alexander Fleming’s discovery of penicillin, Niels Bohr’s blueprint of the atomic nucleus, the Watson-Crick “double helix” model of DNA—all these have had enormous practical implications, but they all came out of basic research. There are just as many basic tools of modern life—the electric light, the telephone, vitamin pills, the Internet—that resulted from a clearly focused effort to solve a particular problem. In a sense, this distinction between basic and directed research encompasses the difference between science and engineering. Scientists, on the whole, are driven by the thirst for knowledge; their motivation, as the Nobel laureate Richard Feynman put it, is “the joy of finding things out.” Engineers, in contrast, are solution-driven. Their joy is making things work. The monolithic idea was an engineering solution. It worked around the tyranny of numbers by reducing the numbers to one: a complete circuit would consist of just one part—a single (“monolithic”) block of semiconductor material containing all the components and all the interconnections of the most complex circuit designs. The tangible product of that idea, known to engineers as the monolithic integrated circuit and to the world at large as the semiconductor chip, has changed the world as fundamentally as did the telephone, the light bulb, and the horseless carriage. The integrated circuit is the heart of clocks, computers, cameras, and calculators, of pacemakers and Palm Pilots, of deep-space probes and deep-sea sensors, of toasters, typewriters, cell phones, and Internet servers. The National Academy of Sciences declared the integrated circuit the progenitor of the “Second Industrial Revolution.” The first Industrial Revolution enhanced man’s physical prowess and freed people from the drudgery of backbreaking manual labor; the revolution spawned by the chip enhances our intellectual prowess and frees people from the drudgery of mind-numbing computational labor. A British physicist, Sir Ieuan Madlock, Her Majesty’s Chief Science Advisor, called the integrated circuit “the most remarkable technology ever to hit mankind.” A California businessman, Jerry Sanders, founder of Advanced Micro Devices, Inc., offered a more pointed assessment: “Integrated circuits are the crude oil of the eighties.” All

These low-cost “ETFs” sometimes offer the only means by which an investor can gain entrée to a narrow market like, say, companies based in Belgium or stocks in the semiconductor industry. Other index ETFs offer much broader market exposure. However, they are generally not suitable for investors who wish to add money regularly, since most brokers will charge a separate commission on every new investment you make.

The spread of semiconductors was enabled as much by clever manufacturing techniques as academic physics. Universities like MIT and Stanford played a crucial role in developing knowledge about semiconductors, but the chip industry only took off because graduates of these institutions spent years tweaking production processes to make mass manufacturing possible. It was engineering and intuition, as much as scientific theorizing, that turned a Bell Labs patent into a world-changing industry

The 2011 Chinese National Patent Development Strategy highlighted seven industries to focus on in the coming decade: biotechnology, high-end equipment manufacturing, broadband infrastructure, high-end semiconductors, energy conservation, alternative energy, and clean-energy vehicles. In 2017, it added artificial intelligence to the list.

As chairman in 2015 of the Semiconductor Industry Association, the U.S. chip industry’s trade group, Krzanich was tasked with hobnobbing with U.S. government officials.

During Biden’s long period of flailing, I had feared that he had missed his chance to avert the worst consequence of climate change—and that another opportunity to protect the planet wouldn’t come around for years, after it was far too late. But then in the summer of 2022, Congress passed the Inflation Reduction Act, a banally named bill that will transform American life. Its investments in alternative energy will ignite the growth of industries that will wean the economy from its dependence on fossil fuels. That achievement was of a piece with the new economics that his presidency had begun to enshrine. Where the past generation of Democratic presidents was deferential to markets, reluctant to challenge monopoly, indifferent to unions, and generally encouraging of globalization, Biden went in a different direction. Through a series of bills—not just his investments in alternative energy, but also the CHIPS Act and his infrastructure bill—he erected a state that will function as an investment bank, spending money to catalyze favored industries to realize his vision, where the United States controls the commanding heights of the economy of the future. The critique of gerontocracy is that once politicians become senior citizens, they will only focus on the short term, because they will only inhabit the short term. But Biden, the oldest president in history, pushed for spending money on projects that might not come to fruition in his lifetime. His theory of the case—that democracy will succeed only if it delivers for its citizens—compelled him to push for expenditures on unglamorous but essential items such as electric vehicle charging systems, crumbling ports, and semiconductor plants, which will decarbonize the economy, employ the next generation of workers, and prevent national decline.

The nature of the reconciliation process is that it doesn’t leave the minority party with many obstructionist options. But Mitch McConnell was determined to test them all. He announced that if the Democrats moved forward with reconciliation, he would sink the bipartisan CHIPS bill, which needed at least ten Republican votes to pass. The bill would invest nearly $300 billion in developing the American semiconductor industry, reducing the economy’s dependence on the foreign import of the single most important component of modern life. After a year of wallowing in limbo, CHIPS was weeks away from finally passing. McConnell felt that his threat might deter Schumer, who considered CHIPS a pet project. More

TI hammered its competitors in diodes and transistors, moved on to prevail in semiconductors, and ultimately in hand-held calculators and digital watches. Later, however, the management of TI encountered severe competitive problems in its watch and calculator businesses. Overreliance on experience-curve-based strategies at the expense of market-driven strategies is often cited as the underlying flaw in TI’s approach. This is an oversimplification. TI’s determined effort to drive costs down allowed no room for product-line proliferation. That single-minded focus created an opening for hard-pressed competitors such as Casio and Hewlett-Packard to sell on features rather than on price—a strategy that eventually became the standard for the industry when costs and prices declined to the point that consumers cared more for function and style than for price.

The research director at Fairchild Semiconductor Co., a brilliant engineer named Gordon Moore, contributed a four-page piece insouciantly entitled “Cramming More Components onto Integrated Circuits.” The essay forecast that as circuits became more densely packed with microscopic transistors, computing power would exponentially increase in performance and diminish in cost over the years. Moore contended that this trend could be predicted mathematically, so that memory costing $500,000 in 1965 would come all the way down to $3,000 by 1985—an insight so basic to the subsequent growth and expansion of the computer industry that ever since then it has been known as “Moore’s Law.

So at the depths of the crisis Chang rehired the workers the former CEO had laid off and doubled down on investment in new capacity and R&D. He announced several multibillion-dollar increases to capital spending in 2009 and 2010 despite the crisis. It was better “to have too much capacity than the other way around,” Chang declared. Anyone who wanted to break into the foundry business would face the full force of competition from TSMC as it raced to capture the booming market for smartphone chips. “We’re just at the start,” Chang declared in 2012, as he launched into his sixth decade atop the semiconductor industry.

Months before his Davos debut, Xi had struck a different tone in a speech to Chinese tech titans and Communist Party leaders in Beijing for a conference on “cyber security and informatization.” To an audience that included Huawei founder Ren Zhengfei, Alibaba CEO Jack Ma, high-profile People’s Liberation Army (PLA) researchers, and most of China’s political elite, Xi exhorted China to focus on “gaining breakthroughs in core technology as quickly as possible.” Above all, “core technology” meant semiconductors. Xi didn’t call for a trade war, but his vision didn’t sound like trade peace, either. “We must promote strong alliances and attack strategic passes in a coordinated manner. We must assault the fortifications of core technology research and development…. We must not only call forth the assault, we must also sound the call for assembly, which means that we must concentrate the most powerful forces to act together, compose shock brigades and special forces to storm the passes.” Donald Trump, it turned out, wasn’t the only world leader who mixed martial metaphors with economic policy. The chip industry faced an organized assault by the world’s second-largest economy and the one-party state that ruled it.

At the same time, many of the pioneering venture capitalists were not moneymen but graduates of the semiconductor industry. One of the eight men who had formed Fairchild Semiconductor, Eugene Kleiner, would found the venture capital firm Kleiner Perkins in 1972, not coincidentally the year after the Intel IPO. In the same year, Don Valentine, a former Fairchild sales executive, founded Sequoia Capital. Kleiner Perkins and Sequoia would become as intrinsic to Silicon Valley as the entrepreneurs themselves—the equivalent of the grand Hollywood studios, with the entrepreneurs analogous to actors, directors, and producers. Over the next forty-five years, several of America’s most valuable corporations, including three of the top four, would be funded early on by Kleiner Perkins or Sequoia or both. This birth of venture capital—a rebirth, really—was a return to the most American of roots, older than its founders’ democracy. The organizers of the Virginia Company had called upon “adventurers” to risk capital. A few years later, the Merchant Adventurers in London coffeehouses had agreed to finance the voyage of a large molasses ship known as the Mayflower. Three hundred fifty years later, an improved concept of venture capital was being applied to the next era of American discovery.

One Stanford op-ed in particular was picked up by the national press and inspired a website, Stop the Brain Drain, which protested the flow of talent to Wall Street. The Stanford students wrote, The financial industry’s influence over higher education is deep and multifaceted, including student choice over majors and career tracks, career development resources, faculty and course offerings, and student culture and political activism. In 2010, even after the economic crisis, the financial services industry drew a full 20 percent of Harvard graduates and over 15 percent of Stanford and MIT graduates. This represented the highest portion of any industry except consulting, and about three times more than previous generations. As the financial industry’s profits have increasingly come from complex financial products, like the collateralized debt obligations (CDOs) that ignited the 2008 financial meltdown, its demand has steadily grown for graduates with technical degrees. In 2006, the securities and commodity exchange sector employed a larger portion of scientists and engineers than semiconductor manufacturing, pharmaceuticals and telecommunications. The result has been a major reallocation of top talent into financial sector jobs, many of which are “socially useless,” as the chairman of the United Kingdom’s Financial Services Authority put it. This over-allocation reduces the supply of productive entrepreneurs and researchers and damages entrepreneurial capitalism, according to a recent Kauffman Foundation report. Many of these finance jobs contribute to volatile and counter-productive financial speculation. Indeed, Wall Street’s activities are largely dominated by speculative security trading and arbitrage instead of investment in new businesses. In 2010, 63 percent of Goldman Sachs’ revenue came from trading, compared to only 13 percent from corporate finance. Why are graduates flocking to Wall Street? Beyond the simple allure of high salaries, investment banks and hedge funds have designed an aggressive, sophisticated, and well-funded recruitment system, which often takes advantage of [a] student’s job insecurity. Moreover, elite university culture somehow still upholds finance as a “prestigious” and “savvy” career track.6

STARTUP THINKING New technology tends to come from new ventures—startups. From the Founding Fathers in politics to the Royal Society in science to Fairchild Semiconductor’s “traitorous eight” in business, small groups of people bound together by a sense of mission have changed the world for the better. The easiest explanation for this is negative: it’s hard to develop new things in big organizations, and it’s even harder to do it by yourself. Bureaucratic hierarchies move slowly, and entrenched interests shy away from risk. In the most dysfunctional organizations, signaling that work is being done becomes a better strategy for career advancement than actually doing work (if this describes your company, you should quit now). At the other extreme, a lone genius might create a classic work of art or literature, but he could never create an entire industry. Startups operate on the principle that you need to work with other people to get stuff done, but you also need to stay small enough so that you actually can. Positively defined, a startup is the largest group of people you can convince of a plan to build a different future. A new company’s most important strength is new thinking: even more important than nimbleness, small size affords space to think. This

It was only after the Second World War that the US-with its industrial supremacy now unchallenged- liberalized its trade and started championing the cause of free trade. But the US has never practised free trade to the same degree as Britain did during its free trade period (1860 to 1932). It has never had a zero-tariff regime like Britain. It has also been much more aggressive in using non-tariff protectionist measures when necessary. Morever, even when it shifted to freer (if not absolutely free) trade, the US government promoted key industries by another means, namely, public funding of R&D. Between the 1950s and the mid-1990s, US federal government funding accounted for 50-70% of the country's total R&D funding, which is far above the figure of around 20%, found in such 'governemen-led' countries as Japan and Korea. Without federal government funding for R&D, the US would not have been able to maintain its technological lead over the rest of the world in key industries like computers, semiconductors, life sciences, the internet and aerospace.

fulfill our mission with the Rational ApproachTM, a comprehensive softwareengineering solution consisting of three elements: • A configurable set of processes and techniques for the development of software, based on iterative development, object modeling, and an architectural approach to software reuse. • An integrated family of application construction tools that automate the Rational Approach throughout the software lifecycle. • Technical consulting services delivered by our worldwide field organization of software engineers and technical sales professionals. Our customers include businesses in the Asia/Pacific region, Europe, and North America that are leaders in leveraging semiconductor, communications, and software technologies to achieve their business objectives. We serve customers in a diverse range of industries, such as telecommunications, banking and financial services, manufacturing, transportation, aerospace, and defense.They construct software applications for a wide range of platforms, from microprocessors embedded in telephone switching systems to enterprisewide information systems running on company-specific intranets. Rational Software Corporation is traded on the NASDAQ system under the symbol RATL.1

Our customers include businesses in the Asia/Pacific region, Europe, and North America that are leaders in leveraging semiconductor, communications, and software technologies to achieve their business objectives. We serve customers in a diverse range of industries, such as telecommunications, banking and financial services, manufacturing, transportation, aerospace

STARTUP THINKING New technology tends to come from new ventures—startups. From the Founding Fathers in politics to the Royal Society in science to Fairchild Semiconductor’s “traitorous eight” in business, small groups of people bound together by a sense of mission have changed the world for the better. The easiest explanation for this is negative: it’s hard to develop new things in big organizations, and it’s even harder to do it by yourself. Bureaucratic hierarchies move slowly, and entrenched interests shy away from risk. In the most dysfunctional organizations, signaling that work is being done becomes a better strategy for career advancement than actually doing work (if this describes your company, you should quit now). At the other extreme, a lone genius might create a classic work of art or literature, but he could never create an entire industry. Startups operate on the principle that you need to work with other people to get stuff done, but you also need to stay small enough so that you actually can. Positively defined, a startup is the largest group of people you can convince of a plan to build a different future. A new company’s most important strength is new thinking: even more important than nimbleness, small size affords space to think. This book is about the questions you must ask and answer to succeed in the business of doing new things: what follows is not a manual or a record of knowledge but an exercise in thinking. Because that is what a startup has to do: question received ideas and rethink business from scratch.

The whole semiconductor industry coordinated around achieving a higher level of integration, based on smaller transistors, about every eighteen months. This rate of progress was called Moore’s law. No one could jump much ahead of this pace because all the technologies, from photolithography to optical design to metal deposition to testing, had to advance in lockstep. The industry called this pattern of collective advance the “road map.

Two decades later, when the American semiconductor industry was facing an all-out battle with Japanese competitors, U.S. electronics companies complained loudly that Japanese firms had an unfair advantage because much of their development funds were provided by the government in Tokyo. On this point, the American manufacturers lived in glass houses. The government in Washington—specifically, the National Aeronautics and Space Administration and the Defense Department—played a crucial role in the development of the American semiconductor industry. The Apollo project was the most glamorous early application of the chip, but there were numerous other rocket and weapons programs that provided research funds and, more important, large markets when the chip was still too expensive to compete against traditional circuits in civilian applications. A study published in 1977 reported that the government provided just under half of all the research and development money spent by the U.S. electronics industry in the first sixteen years of the chip’s existence.

how special the early years of the semiconductor industry, from the ‘60s to the ‘90s, were, especially in regard to the productive, informal relationships between all stakeholders. Company founders, managers, process, design and test engineers, supervisors, maintenance technicians and hourly operators all contributed to the success of their companies

The eight traitors — a metallurgist, Sheldon Roberts; three physicists, Jean Hoerni, Jay Last and Robert Noyce; an electrical engineer, Victor Grinich; an industrial engineer, Eugene Kleiner; a mechanical engineer, Julius Blank and Gordon Moore, a physical chemist — formed Fairchild Semiconductor. Fairchild became enormously successful. Shockley Labs closed in 1968.

New technology tends to come from new ventures—startups. From the Founding Fathers in politics to the Royal Society in science to Fairchild Semiconductor’s “traitorous eight” in business, small groups of people bound together by a sense of mission have changed the world for the better. The easiest explanation for this is negative: it’s hard to develop new things in big organizations, and it’s even harder to do it by yourself. Bureaucratic hierarchies move slowly, and entrenched interests shy away from risk. In the most dysfunctional organizations, signaling that work is being done becomes a better strategy for career advancement than actually doing work (if this describes your company, you should quit now). At the other extreme, a lone genius might create a classic work of art or literature, but he could never create an entire industry. Startups operate on the principle that you need to work with other people to get stuff done, but you also need to stay small enough so that you actually can. Positively defined, a startup is the largest group of people you can convince of a plan to build a different future. A new company’s most important strength is new thinking: even more important than nimbleness, small size affords space to think. This book is about the questions you must ask and answer to succeed in the business of doing new things: what follows is not a manual or a record of knowledge but an exercise in thinking. Because that is what a startup has to do: question received ideas and rethink business from scratch.

Long-tail returns have always been difficult to generate, and the VC industry has sometimes been chaotic and subject to the destructive ebbs and flows of investment cycles. History shows, however, that the social benefits of venture capital have been immense. By facilitating the financing of radical new technologies, US venture capitalists have supported a large range of high-tech firms whose products, from semiconductors to recombinant insulin, telecommunications inventions, and search engines, have revolutionized the way we work, love, and produce. While technological change can often disrupt labor markets and increase wage inequality, in the long run, innovation is essential to productivity gains and economic growth. The venture capital industry has been a powerful driver of innovation, helping to sustain economic development and US competitiveness.

Guzik Technical Enterprises provides test solutions to the disk drive industry, as well as waveform acquisition tools for demanding ATE and OEM applications in avionics, signal intelligence, military electronics, physics, astronomy, semiconductors, and a variety of other disciplines. We provide High-Performance Data Acquisition (DAQ), Digital Signal Processing (DSP) and Data Streaming Solutions for demanding Electronic Test and Measurement (ETM), Automatic Test Equipment (ATE) and Original Equipment Manufacturer (OEM) applications.

Venture capital has succeeded mainly when high-potential industries are emerging. Historically, VCs earned high returns from emerging, high-potential industries such as semiconductors, personal computers, biotechnology, and telecommunications in the 1970s and 1980s; Internet 1.0 in the 1990s; and Internet 2.0 in the 2000s. When there are no major industries at the emerging stage, VC returns have fallen.

researchers who examined the semiconductor industry found that firms in growing markets were much more successful than firms in mature or emerging markets.

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