Founders - #356 How The Sun Rose On Silicon Valley: Bob Noyce (Founder of Intel)

Starting point is 00:00:00 So the book that I want to talk to you about today is not a book. It is a long form article, long form piece written for Esquire magazine all the way back in 1983. It is very well known long form piece for those that study the history of the technology industry, specifically the history of Silicon Valley. It is called The Tinkerings of Robert Noyce, How the Sun Rose on the Silicon Valley. And it was written by Tom Wolfe. And I was reading it and rereading it in anticipation for another book, another biography on Bob Noyce that I'm going to, at the end of this, encourage you to read along with me. But as I was reading this to serve as supplemental research for the other book, I realized like this piece is so good

Starting point is 00:00:42 that it could stand on its own and it should be an episode on its own. So I want to read to you and it gives you an idea of why this is so important. Because even though the technology has changed, like if you strip away what new technology is being invented in this article, you could easily replace it with the technology that is being created today. And yet humans reaction is almost identical. But let me give you the intro to this article because I think it sets it up perfectly. Remember, this is written in 1983, okay? America is today in the midst of a great technological revolution. With the advent

Starting point is 00:01:15 of the silicon chip, information processing, and communications, the national economy has been strikingly altered. The new technology is changing how we live, how we work, how we think. People say the exact same thing today. It's remarkable. The revolution didn't just happen. It was engineered by a small number of people. Collectively, they engineered tomorrow. Foremost among them is Robert Noyce. And so before I jump into the beginning of this piece, I want to read this quote that comes from Steve Jobs, because a little background on Bob Noyce in case it's the first time you come across him. He was the founder of Fairchild Semiconductor, the founder of Intel. He's known as like the godfather, the grandfather of Silicon Valley.

Starting point is 00:01:56 He was also one of Steve Jobs mentors. I've read in a bunch of Steve Jobs biographies, hilarious stories about like a young Steve Jobs is in his 20s. Bob Noyce is probably in his 50s by then would come over and, you know, Bob is just kind of like smacking him on the back of the head, telling him, hey, you need to learn how to act. It's just kind of funny because you think of Steve Jobs as, you know, one of the greatest entrepreneurs ever do it. This very formidable individual who seemed in complete control in any environment he was in. He's like, yeah, but he wasn't like that. He was in his 20s and he needed the guidance. But this is what Steve Jobs said about Bob Noyce after Bob died. He said he was one of the giants in this valley who provided 7,000 people called Grinnell, Iowa. And so Tom Wolfe writes, Grinnell, Iowa was one of the last towns in America

Starting point is 00:02:50 that people would have figured to become the starting point of a bolt into the future that would create the very substructure, the electronic grid of life in the year 2000 and beyond. It was in the summer of 1948 that Grant Gale, a 45-year-old physics professor at Grinnell College, ran across an item in a newspaper concerning a former classmate of his, John Bardeen. Bardeen was now working at Bell Laboratories, and Bardeen and another engineer at Bell, Walter Bertain, had invented a novel little device they called a transistor.

Starting point is 00:03:24 Many years later, the transistor is going to be called one of the most important inventions of the 20th century. But at the time, in 1948, in the newspaper, it certainly didn't register as that. This was only a small news item. However, the invention of the transistor in 1948 did not create headlines. The transistor performed the same function as the vacuum tube, which is an essential component of telephone relay systems and radios at the time. But this transistor was 50 times smaller than a vacuum tube. And so I'm going to pause right in the middle of this before I tell you what Grant Gale does next, which changes the trajectory of Bob Noyce's life. He just doesn't know it yet. So there's a great line that Paul Graham had when he

Starting point is 00:04:00 wrote this phenomenal essay. It's episode 314. It's called How to Do Great Work. I'm just going to read a paragraph for you because we're about to see a great illustration of this in the life of Grant Gale and Bob Noyce now. So Paul Graham talks about the importance of making yourself a big target for luck. He says, when you read biographies of people who've done great work, it's remarkable how much luck is involved. They discover what to work on as a result of a chance meeting or by reading a book or a newspaper in this case, and they happen to pick up. So you need to make yourself a big target for luck. And the way to do that is to be curious, try lots of things, meet lots of people, read lots of books, and ask a lot of questions.

Starting point is 00:04:35 And so Grant Gale, who is the mentor and the professor of Bob Noyce, reading the newspaper is like, oh, this is interesting. And he says he thought it would be terrific to get some transistors for his physics department at Grinnell. So he wrote to Bardeen about Bell Laboratories just to make sure his request didn't get lost in the shuffle. He also wrote to the president of Bell Laboratories, this guy named Oliver Buckley. Buckley was from Iowa as well and happened to be a Grinnell graduate. It's incredible how important Grinnell, this tiny little college in a town of 7,000 people in Iowa in the 1940s winds up being. In fact, I'll just tell you now, there's a great story about this, how important Grinnell is later on, where they actually invest in the founding of Intel.

Starting point is 00:05:18 And I think it doubles their entire, that one investment just doubled their entire endowment. But back to this, you have this Iowa, the small town Iowa connection between all these really influential people. So by the fall of 1948, Gale had obtained two of the first transistors ever made, and he presented the first academic instruction in solid state electronics available anywhere in the world for the benefit of the 18 students majoring in physics at Grinnell College, you already know where this is going. One of those 18 students is Bob Noyce. And Bob, like most entrepreneurs, is a misfit, a rebel, a juvenile delinquent.

Starting point is 00:05:58 In fact, Grant Gale had done more of his share of agonizing over Bob Noyce. Bob was a very bright student, but he'd just been thrown out of school for a semester, and it had taken every favor that Gale had to keep the boy from being expelled and charged with a felony, just like Bob Noyce played a very influential and impactful role in the lives of Steve Jobs. We see that Grant Gale played that same role for a young Bob Noyce. And the reason he knew that he was special, I'll get into it, since he steals a pig, and we'll get to it in a minute, about saving this kid. He's a good kid. He's very smart.

Starting point is 00:06:38 He's a little rebellious, doesn't really follow the rules, typical entrepreneur behavior. But he knew from the time that Bob Noyce was in high school, he's like, oh, this guy's brilliant. And in fact, Bob had done so well in science at Grinnell High School that Grant Gale had invited him to take the freshman's physics course at college during his high school senior year. And Bob Noyce very quickly became one of Gale's star students, said he had a fierce work ethic, and he had a passion for the scientific grind. Now, Bob is going to be one of the greatest inventors and entrepreneurs, but he's also very well-rounded. He was very trim, muscular. He was on the college swimming team.

Starting point is 00:07:10 He won a bunch of awards in diving. He sang in the choir. He was an actor in the College Dramatic Society. He was even the leading man in a soap opera that was broadcast in radio during college. And we see this later on, even when he's running Fairchild Semiconductor and Intel, he has all these hobbies. He's, you know, hang gliding and scuba diving and skiing. But he had a passion for tinkering. Remember that the title of this of this essay

Starting point is 00:07:34 is called The Tinkerings of Robert Noyce. And we see that even when he was a young boy, when he was 13, he had come across some plans for building a box kite, which is a kite that a person could ride in. And he found the plans in the magazine Popular Science. And so Bob Noyce had this innate gift from a very young age of getting people to collaborate. He has an idea, then he'll gather people together and say, hey, let's make this idea real. He almost winds up killing himself doing this because they try to launch the kite off of the roof of a house. Then they convince a neighbor to tie the kite to the back of their car, which he agrees. Noyce is his master salesman, very charismatic person as well,

Starting point is 00:08:14 and says Bob rode the kite and managed to get about 12 feet off the ground and glide for 30 seconds. And as you can imagine, if you have kids, you wouldn't be too happy with your 13-year-old boy being pulled behind a car and a kite. But he had this rebellious streak. And this is what got him in trouble. And this is where Gail Grant saves his behind.

Starting point is 00:08:31 So the major capital asset in Grinnell, Iowa at the time is livestock. And Bob's in college. And they have this idea to do a luau. And you can't do a luau without a roasted suckling pig. And so Bob convinces two other boys to go with them and they wind up going on to, they sneak onto a farm and they wind up wrestling a 25 pound pig to the ground out of the livestock or out of the pig pen rather, and then bring them back to college so they could roast that pig over a fire. Here's the problem. What they thought was like a silly

Starting point is 00:09:03 little prank was actually a larceny. It was a felony. Stealing livestock in Iowa was a felony. So the farmer didn't think it was funny at all. He called the sheriff and he insisted on bringing criminal charges against Bob and his friends. This is one of the benefits of a small town. Everybody knows each other. So Grant Gale is obviously respecting the community and he goes to bat for him, winds up not only having the charges not dropped, but also convinces the school, you don't want to expel. This kid is gifted. Don't expel him. Just give him a one semester suspension.

Starting point is 00:09:32 And that was fine for Bob because he had such a fierce work ethic. Remember, he was addicted to the scientific grind. He loved it. Then in his first three years in college, he had accumulated so many extra credits. He just needed one more semester. He didn't need the full year to graduate anyways. He was so far ahead. But it did, we have talks about the fact that even though he went through this, you know, communities trying to ostracize him. They're telling him how bad he is

Starting point is 00:09:52 and what he did was so wrong. He's just got this innate confidence and charisma that no matter what period of Bob's life, whether he's a young boy or one of the best entrepreneurs in Silicon Valley, they just bring it up over and over again. It says this never broke his confidence. He had a profound and baffling self-confidence. When he looked at you, he never blinked. He absorbed everything you said and then answered in a soft voice with a smile. This is something his employees will talk about later,

Starting point is 00:10:18 the fact that they just could not believe how engaging he was, that when he was with you, when he was meeting with you, when you were speaking, he looked at you. He made you feel special. He made you feel you were the most important person in his life at that moment, that he was fully engaged with what you were saying. This is more about his charisma. Bob Noyce projected what psychologists call the halo effect. People with the halo effect seem to know exactly what they're doing. And moreover,

Starting point is 00:10:40 they make you want to admire them for it. They make you see the halos over their head. And so when Bob gets back to school, he becomes involved with this new experimental device that Grant Gale had procured for him and the other 17 physics students, the transistor. And that changes the trajectory of Bob Noyce's life forever. And the author does a fantastic job describing this series of events that had to occur for this change in the trajectory of Bob Noyce's life. What if Grant Gale hadn't gone to school with John Bardeen? And what if Oliver Buckley hadn't been a Grinnell alumnus? And what if Gale hadn't bothered to get in touch with the two of them after he read about the transistor in the newspaper? And what if he hadn't gone to bat for Bob Noyce after the night of the luau pig and the boy had been thrown out

Starting point is 00:11:24 of college? After all, if Bob hadn't been able to finish at Grinnell, he would have never been introduced to the transistor and he certainly wouldn't have attended MIT in 1948. Given what Bob Noyce did over the next 20 years, one couldn't help but wonder about the fortuitous chain of events. And so there's going to be another person that plays an important role in Bob Noyce's life, and that's going to be William Shockley. Grant Gale was the first important physicist in Bob Noyce's career. The second was William Shockley. Shockley is going to win the Nobel Prize in Physics. He's going to share it with John Mardeen and Walter Pertain, and it's for their research on semiconductors and discovery of the transistor effect. He is also going to be the

Starting point is 00:12:05 person that recruits Bob Noyce to move from the East Coast and come out to Silicon Valley. We'll get there in one second. So Bob Noyce graduates MIT in 1953. He says in 1953, the MIT faculty was just beginning to understand the implications of the transistor. But electronics firms were already eager to have graduate electrical engineers who could do research and development in the new field. So Noyce is offered jobs by all these different people. He chooses to work at Philco, which is interesting because he turned down jobs from Bell Laboratories, which probably had the highest density collection of brilliant people, which is surprising. IBM, which is a bigger company. And the reason he does this says a lot about the kind of environments that he wants to work in. So he chooses Philco, which is in Philadelphia. And because Philco was starting

Starting point is 00:12:48 from near zero in semiconductor research and chances for rapid advancement seemed good for him. This is also something he talks about later on because I've read multiple biographies of Bob Noyce, the fact that he doesn't, he always said he didn't like building, he didn't like working in large companies, but he built two gigantic companies. But he was obsessed with like the early days of the startup, like small teams. He just was so successful in these two companies that the startups transformed rather rapidly to very successful companies. But I need to hone on that point because, again, he's he's not ignorant. He knew that Noyce says Noyce is well aware that the most important work was still being done at Bell Laboratories, and that was thanks in no small part to William Shockley. But he still chose to go to the smaller, less advanced company.

Starting point is 00:13:32 But he's not going to stay there for too long. So by 1955, Shockley leaves Bell Labs, goes to Palo Alto, California, where he had grown up, and he's going there to start his own company, which is Shockley Semiconductor Laboratory. He sets up his new company in a glorified shed in Mountain View, California. And practically every single one of the early employees were electrical engineers with doctorates, which Shockley began referring to as his PhD production line. And so a year later, Bob Noyce is going to join him. And we just see this personality that Bob has. He's all in. He is risk on. So in 1956, he decides to move from

Starting point is 00:14:11 Pennsylvania to California to join Shockley. Listen to how he does it. The way he went about it was a classic example of the Noyce brand of confidence. By now, he and his wife, Betty, had two children. After a couple of telephone conversations with Shockley, Noyce put himself and Betty on a flight from Philadelphia to San Francisco. They arrived in Palo Alto at 6 a.m. By noon, Noyce had signed a contract to buy a house. That afternoon, he went to Mountain View to see Shockley and asked for a job, and he got it. So then they get into a description of William Shockley.

Starting point is 00:14:42 I have to share something with you. I read Shockley's biography. It's episode 165 of Founders. The name of the biography, for God's sake, is Broken Genius, the Rise and Fall of William Shockley. To prepare also for this episode, I reread my highlights from that book in Founders Notes. And I had remembered this too. Shockley is the worst person I have ever book in Founders Notes. And I had remembered this too. Shockley is the worst person I have ever covered on Founders. I don't even know how to describe him. He's the

Starting point is 00:15:10 smartest, dumb person you'll ever meet. He's the most intelligent yet idiotic person you'll ever come across. Unbelievably brilliant, a brilliant inventor, brilliant physicist, zero people skills at all in the way he treated people around him. They called his personality reverse charisma. If you plot Bob Noyce's personality and William Shockley's on a spectrum, they're almost at opposite ends. And this is the danger of being, I think, for especially for entrepreneurs, almost too introspective. They are too lost in their own mind. So I'm just going to give you some highlights about how he viewed other humans, the way some of the stuff he did.

Starting point is 00:15:48 And it just his his his life is just tragic. It's very sad. And so he says just another warning that the deepest pessimism and general lack of admiration for the human race and myself are probably with me for keeps. These are all quotes from his biography. The thought that another person might be seen as smart as him seemed to frighten him. Listen to how he describes his own children and his first wife. In terms of my own capacities, my children represent a very significant regression. My first wife, their mother, had not as high an academic achievement standing as I had. One of the worst traits that Shockley has is he was threatened by the achievements of other people. As Charlie Munger said that envy has no, envy and self-pity have no utility. Like you have to cure yourself of self-pity and envy, according to Charlie Munger. And this guy just couldn't get over it.

Starting point is 00:16:34 It's such a sad state of affairs if the achievements of other people or the recognition of other people caused you to be depressed. This happened in Shockley's life so much, he tried to kill himself. He's got a revolver, which obviously can hold six bullets. He puts one bullet in there, and he's just going to essentially leave, almost like playing Russian roulette, right? But he writes a letter to his wife, and this is what he says before he does this. He says, Dear Gene, I am sorry that I feel I can no longer go on. Most of my life I have felt that the world was not a pleasant place

Starting point is 00:17:03 and that people were not a very admirable form of life. I find that I am particularly dissatisfied with myself and that most of my actions are the consequences of motives of which I am ashamed. He then takes out a revolver, puts a bullet in one of the six chambers, puts the gun to his head, and presses the trigger. Nothing happened. He put the gun away and then wrote another note. Dear Gene, there was just one chance in six that the loaded chamber would be under the firing pin. There was some chance of a misfire even then. I am sorry that I'm not sufficiently ingenious or painstakingly and painstaking enough and find a more practical and suitable means of solving

Starting point is 00:17:38 our problems. He's got no soul. He's got no humanity to him. And at the very end of the book, it talks about the fact, I think this is his second wife, that she didn't even have a memorial service for her husband when he died because she said, it's not clear who would have come. And the note I left myself on that is, this is what losing at life looks like. And so the reason I bring that up is not to try to criticize somebody that's passed on. It's because he very likely had one of the largest collections of scientific and entrepreneurial talent in his company. And because of his inability to learn people skills, it was squandered. And these people went on to literally build Silicon Valley. And so this essay talks about this.

Starting point is 00:18:18 Shockley had received a telephone call that morning informing him that he had won the Nobel Prize for physics for the invention of the transistor. He was the co-winner, along with John Bardeen and Walter Pertain. They go out and they have this great celebration. And he said that had been a great day at Shockley Semiconductor Laboratory. There weren't many more great days. Shockley was gifted. His forte was breaking a problem down to first principles. With a few words and a few lines on a piece of paper. He aimed any experiment in the right direction.

Starting point is 00:18:48 When it came to comprehending the young engineers on his PhD production line, however, he was not so terrific. He was obsessed with getting all the credit for everything that everybody was doing inside the company. It never seemed to occur to Shockley that these highly educated people working for him just might happen to view themselves the same way he had always viewed himself,

Starting point is 00:19:09 which is to say as young geniuses capable of the sort of inventions Nobel Prizes were given for. He becomes very paranoid is the way to put this. So he has this weird way to like run a company. He was convinced that someone in the company was sabotaging the project. So he made them all take lie detector tests. At the very beginning of a company, you should have like a high trust environment, right? I can't think of any, what's the opposite of a high trust environment? I don't know. Making all of your employees take lie detector tests because you think somebody's sabotaging them. And then the end result was no saboteur was ever found. And so the response of his employees, I think, should be rather predictable. Like they're obviously very high agency. They're they're brilliant. They're smart. And they're like,

Starting point is 00:19:47 wait, we could just do there's no way that we would do a worse job at Shockley running a company. There's nothing starting us. There's nothing stopping us rather from starting our own company besides capital. Let's go see if we can raise money and just leave and do our own thing. And so originally there's seven defectors from Shockley's company. Bob Noyce is not one of the first seven defectors. There's going to be eight defectors that are going to be known throughout history as the traitorous eight. And these other seven are the ones that recruit Bob to join them. Because remember, go back to what they said, like he had this halo effect about him. You know, people wanted to be around Bob. They wanted to follow him. They trusted him. So the seven defectors went to the Wall Street firm of Hayden Stone in search of startup money. It was at this point that they realized that they had to have someone serve as an administrator.

Starting point is 00:20:36 So they turned to Noyce. Noyce was the one with the halo, and he was just 29 years old. Now, I absolutely love how so many things fit together and they're kind of tied in this like unbroken chain, you know, over multiple decades, usually inside the same industry. And what I mean by that is they get a financing by this young guy named Arthur Rock. Arthur Rock is going to be one of the first one of the first venture capitalists. And he's at Hayden Stone. Eventually he leaves. What connects, the reason I say is I find Arthur Rock fascinating is so he's the one that gives them money or finds the deal to give them money to start Fairchild Semiconductor. Arthur Rock will also be an early investor in Intel. Arthur Rock would also be an early investor in Apple. Arthur Rock would also

Starting point is 00:21:19 be an investor and almost like a partner and somebody to bounce ideas off of for Henry Singleton at Teledyne. So the deal that Arthur Rock puts together for the Trader's Eight, he goes and contacts this company back in New York called Fairchild Camera and Instrument Corporation and is being run by Sherman Fairchild. And so Sherman's like, yeah, I'll give you the money. And this is what he asked for. He gave the defectors the money to start up the new company, Fairchild Semiconductor, with the understanding that Fairchild Camera and Instrument would have the right to buy Fairchild S important decision. They're like, they're not going to go back east. They know exactly where they're going to start their new company, and they're going to start it. It's not even known as Silicon Valley yet. And it's funny,

Starting point is 00:22:10 in this essay, written in 1983, they don't call it Silicon Valley. They call it the Silicon Valley. But this is still 25 years before the essay is actually written. So it says, a few well-known electronics firms were already here, General Electric and IBM, as well as a company that started up locally, Hewlett Packard. Stanford University was encouraging engineering businesses to locate near Palo Alto and use the university's research facilities. The man who ran that program was a friend of Shockley's and this guy named Fred Turman. What were they working on? Both IBM and Hewlett-Packard, remember this is 1957, okay? Both IBM and Hewlett-Packard were trying to develop a highly esoteric and colossally expensive new device, the electronic computer. Let's go back to this idea of luck being in the

Starting point is 00:22:58 right place at the right time with the right set of skills that happened in Noyce's life over and over again. Fairchild startup could not have come at a better time. In 1957, the Soviet Union launched Sputnik. In the electronics industry, the ensuing space race had the effect of coupling two new inventions, the transistor and the computer, and magnifying the importance of both. The first American electronic computer was known as the ENIAC, and it had been developed by the army during the Second World War, chiefly as a means of computing artillery and bomb trajectories. The machine, the ENIAC, was a monster. It was 100 feet long, 10 feet high,

Starting point is 00:23:38 and required 18,000 vacuum tubes. The tubes generated so much heat that the temperature in the room reached 120 degrees. Substituting, this is why I'm reading this entire section to you, this sentence right here, substituting transistors for vacuum tubes was an obvious way to cut down on the size. If you're going to put things in space, they have to be small. This is so important. It's amazing how all this fits together. After Sputnik, the glamorous words and the semiconductor business were computers and miniaturization. Now, this is what the beginning of a new industry sounds like. So it says, if you visited Fairchild, you would not have had the famous notion that you were looking in on the leading edge of the most advanced of all industries, electronics. The work bays where the transistors were produced by PhDs, mostly, right,

Starting point is 00:24:30 looked like slightly sunnier versions of garment sweatshops. You would see rows of people hunch over work tables, squinting through microscopes, doing the most tedious and frustrating sort of manual labor, cutting layers of silicon apart with diamond cutters, picking up the little rectangles on them with tweezers, trying to attach wires to them, dropping them, rummaging around on the floor to find them again, swearing, muttering, climbing back up to their chairs, rubbing their eyes, squinting back through the microscopes, and driving themselves crazy some more. Now, this is the crazy thing. This is the beginning of one of the most important industries to ever exist. And what they are producing had a 50 to 90% failure rate.

Starting point is 00:25:13 That is bananas. Anywhere from 50 to 90% of the transistors produced would turn out to be defective. And so Noyce is examining what they're doing. It's like, there has to be a better way. Noyce had figured out a solution. There was something primitive about cutting individual transistors out of sheets of silicon and then wiring them back together in various series. Why not put them all on a single piece of silicon without wires?

Starting point is 00:25:37 Noyce realized that he was not the only engineer thinking along these lines, but he had never even heard of Jack Kilby. So Kilby at the time was a 36-year-old engineer working for Texas Instruments in Dallas, Texas. Okay. In January, 1959, Noyce made his first detailed notes about a complete solid state circuit. A month later, Texas Instruments announced that Jack Kilby had invented one, Kilby's integrated circuit, as the invention was called. Six months later, Noyce creates a similar integrated circuit. Noyce's silicon device actually turned out to be much more efficient and more practical to mass produce than Kilby's. And so Noyce actually gets to set the standard for the industry.

Starting point is 00:26:20 And it was that way that Noyce became known as the co-inventor of the integrated circuit. Now, some people have heard this invention referred to as integrated circuit, but way more people have heard of what the invention would come to be known, which is the microchip. And it says Noyce knew exactly what he possessed in this microchip. Noyce knew that with it, he had discovered the road to El Dorado. And this is another fantastic description of what the beginning of an entire industry, an entire industry looks like. We just went through, you know, anybody coming to Fairchild, like, they don't even know what they're looking at. The idea that 50 to 90% of the things they

Starting point is 00:27:00 were producing, you know, were defective, were failures, obviously, they're going to improve that. But listen to this, the integrated circuit was based on the transistor, but the integrated circuit opened up fields that the transistor did not even suggest. The integrated circuit made it possible to create miniature computers to put all the functions of the mighty ENIAC on a panel the size of a playing card. Remember, they said the ENIAC, let's go back to that a few pages ago. It was 100 feet long, 10 feet high, and required 18,000 vacuum tubes. And now they're able to produce the same level of technology and fit it on the size of a playing card. Thereby, the integrated circuit opened up every field of engineering imaginable, from voyages to the moon, to robots, and many fields that had never been imagined.

Starting point is 00:27:45 It opened up so many fields that no one could come up with a single name to include them all. And what happens next is fascinating, because remember how they got the financing for the company to begin with. It is just a startup inside of a larger company, right? The importance of the integrated circuit was certainly not lost on Fairchild Camera back in New York. In 1959, they exercised their option to buy Fairchild Semiconductor for $3 million. The next day, Bob Noyce, Gordon Moore, and all the Shockley traders ate, right? Woke up richer than they had ever dreamed of being. Now, listen to this. This is going to cause you to chuckle a little bit because they were not in it for the money. Now, Noyce is going to go on

Starting point is 00:28:27 and build fabulous levels of wealth. But at this point, he's like, I can't believe I'm so rich. Each of the traders eight received $250,000 worth of Fairchild stock. So I went back and put it into the inflation calculator. That would be each of them equivalent of about $2.6 million in stock today.

Starting point is 00:28:48 And to place that into even more context, that was 20 times the amount of annual salary that he was getting. He was making about $12,000 a year at this point. Noyce did not know what to make of his new wealth. He was 31 years old. The semiconductor business had not seemed like a business at all.

Starting point is 00:29:04 It just felt like an esoteric game in which young electrical engineers competed for the occasional round of applause. So even though they sold the company, Noyce still stays there. He's the general manager of the entire division. And this return on investment for buying this company for $3 million, I should see if I can find the total amount of money they made because the growth of Fairchild Semiconductor in the next few years is going to blow you away. And I love this. NASA chose Noyce's integrated circuit for the first computers that astronauts would use on board their spacecraft. I don't know if they ever did this,

Starting point is 00:29:39 but used by NASA had to be great ad for Fairchild Semiconductor. After that, orders poured in. In 10 years, Fairchild sales rose from a few thousand dollars a year to $130 million a year for a company that you paid $3 million for. I got tears in my eyes right now. I don't know why I'm laughing so much. The number of employees rose from the original 12 to 12,000. And so now Noyce has to learn how to run a giant company, which he says multiple times in the future he didn't actually like doing it. During the startup phase of Fairchild Semiconductor, there had been no sense of bosses and employees.

Starting point is 00:30:14 There had only been a common sense of struggle out on a frontier. Everyone had internalized the goals of the venture. They didn't need exhortations from superiors. As Fairchild expanded, Noyce didn't even bother trying to find experienced management personnel because in the semiconductor industry, that didn't exist because they're also inventing the industry at the same time. Instead, he recruited engineers right out of the colleges and graduate schools and gave them major

Starting point is 00:30:43 responsibilities right off the bat. So this is really about Noyce's management style or almost lack thereof in some degree. The young engineers who came to work for Fairchild and Noyce could scarcely believe how much responsibility was suddenly thrust upon them. Some 24-year-old just out of graduate school would find himself in charge of a major project with no one looking over his shoulder. A problem would come up and he would go to Noyce and he would ask him what to do. And Noyce would say, listen, here are your guidelines.

Starting point is 00:31:10 You've got to consider A, you've got to consider B, and you've got to consider C. But if you think I'm going to make your decision for you, you're mistaken. Hey, it's your ass. And I think to some people this might be counterintuitive, but for the response for that young 24-year-old wasn't sadness or depression. It was joy and exhilaration.

Starting point is 00:31:30 Said the spirit of the startup phase. My God, who could forget the exhilaration of the past few years to be young and free out here on the Silicon frontier? Noyce was determined to maintain that spirit during the expansion phase. But as is the nature of these things, what's going to happen? You go from 12 people to 12,000. The talented young people are going to now be like, hey, I can do this too, just like Noyce and the traders are under shock. They're like, hey, I can do this too. So they call them defectors. This is not a pejorative, but this is the term that the author uses, so this is the one I'm going to stick with. Defectors from Fairchild started more than 50 companies, all making or

Starting point is 00:32:11 supplying microchips. The defectors had a name. The defectors were called the Fair Children. And this is why this is so important. This is why I'm reading this entire essay to you. This is why I'm dedicating an entire episode to it. It was the Fair Children who turned the Santa Clara Valley into Silicon Valley. Acre by acre, their fruit trees were uprooted, and two-story Silicon modern office buildings and factories went up. Everywhere the Fair Children went, they took the noise approach with them. The new breed of Silicon Valley were disciplined.

Starting point is 00:32:49 They became absorbed in their companies the way men once had in the palmy days of the automobile industry. So they were drawing the parallels between, let's say, 1950s, 1960s Silicon Valley with, say, 1900s and 1910 Detroit, Michigan. It's the same person. I did like a 12 or 13 part series on the early founders of the early pioneers of the American automobile industry. It's the same person, same personality type. They were just taking advantage of the new frontier of their day, which, you know, if you were alive and you were this personality type and you were alive and you were in America in 1900, you got your ass to Detroit and you were working in the automobile industry, the same personality. If they were born 50 years later, they're in Silicon Valley with Bob Noyce and the

Starting point is 00:33:27 Fairchildren. And there's a line that Tom Wolfe uses in this piece that could describe Detroit, Michigan. It could describe Silicon Valley. It could describe a lot of the early industries that you and I talk about. It says the young engineers were giving themselves over to a new technology as if it were a religious mission. And then the rapid improvement of technology is incredible. Listen to what happens over the next 17 years. In 1959, Noyce's invention had made it possible to put an entire electrical circuit on a chip of silicon the size of a fingernail. By 1964, so that'd be six years later, okay, you had to know how to put 10 circuits on a chip that size to enter the game. And the stakes kept rising.

Starting point is 00:34:06 Another six years after that, the figure was 1,000 circuits on a single chip. So Bob starts out with one circuit. Six years later, it's 10 circuits. Six years after that, it's 1,000 circuits. Six years after that, it would be 32,000 circuits. By 1968, Bob Noyce had a dozen new integrated circuit and transistor patents. And the future potential of Noyce's invention far exceeded anything he could have possibly predicted. It says because as a direct result of Noyce's invention, the invention made the flight of the Apollo 8 possible. The Apollo 8 was the first crewed spacecraft to leave Earth's gravitational sphere and the first human spaceflight to reach the moon. That crew orbited the moon 10 times without landing and then came back to Earth.

Starting point is 00:34:54 And there would have been no miniature computer without the integrated circuits invented by Noyce and Kilby and refined by Noyce and the young semiconductor zealots of Silicon Valley. If you wanted to talk about the creators of the future, well, here they were in Silicon Valley just before Apollo 8 circled the moon. Bob Noyce turned 41, and he was one of the oldest CEOs in the semiconductor business.

Starting point is 00:35:16 He was the father of Silicon Valley. And so now we've got to get to Noyce's decision, along with his co-founder and partner Gordon Moore, to leave Fairchild Semiconductor and found Intel. now we got to get to Noyce's decision, along with his co-founder and partner, Gordon Moore, to leave Fairchild Semiconductor and found Intel. And so when they start their own company, they go back to Arthur Rock for financing. He's like, well, you helped us out when we started Fairchild Semiconductor. We have an obviously proven track record. We want to start Intel. And Arthur Rock was like, this is the biggest no-brainer ever. And now Rock had his own venture capital company.

Starting point is 00:35:46 They merely told Rock what they wanted to do. And then they said they're going to put up $500,000 of their own money. So $250,000 each. Rock's like, cool. He winds up putting up $2.51 million of additional startup money. And another $300,000 came from Grinnell College. Now, before I go into what they wanted to build at Intel, this was a hilarious part of like Silicon Valley history and lore. They say he was the magnet that held Fairchild Semiconductor.

Starting point is 00:36:15 So when he leaves, it was obvious to the other company. Remember all these dozens, maybe hundreds of other companies sprouting up in the valley at this point. So they're like, oh, now the noise is gone, the entire workforce is going to be up for grabs. And so there's a hilarious, this made me laugh, one person put what happened after Noyce left to the workforce of Fairchild Semiconductor says, people were practically driving trucks over to Fairchild Semiconductor and loading up the trucks with new employees. And so Fairchild responds by pulling off one of the best corporate raids, one of the best raids in corporate history. And so the remaining employees at Fairchild, one day they see this platoon of young men

Starting point is 00:36:57 that are moving into the executive office cubicles. Now this is hilarious. So the young men were led by C. Lester Hogan. So Hogan was the chief executive officer of the motor of the semiconductor division for Motorola. And so Hogan shows up at Fairchild's semiconductor with all of his top engineers and administrators. And so what Fairchild had done was, you know, kind of simple brilliance, I guess. Fairchild had hired the whole bunch away from Motorola and installed them to take place of Noyce. So he didn't just say, hey, I want you, Hogan. He's like, no, I want you and your entire staff.

Starting point is 00:37:39 And Fairchild had lured them away in the most direct way imaginable. He had offered Hogan and his team an absolute fortune in money and stock. Now, this is the funny part of Silicon Valley lore. Hogan received so much money that henceforth wealth in the Valley would be measured in units called Hogan's. So that's one way to solve the problem when, you know, Noyce leaves and everybody else is poaching your employees. It's just going to poach an entire division from a larger company. So Noyce and Moore then go set up Intel. And they do so in the exact same way they set up Fairchild.

Starting point is 00:38:11 They just started with a dozen bright, young electrical engineers. And they're going to bet everything on research and product development. At the beginning of Intel, Noyce and Moore are actually putting on white coats and they're working at lab tables. This is the part that Noyce loved the most, but their strategy and the product they're developing

Starting point is 00:38:29 is a little different. They would not be competing with Fairchild or anyone else in the already established semiconductor market. They had decided to move into what was called the most backward area of computer technology at the time, which was data storage and memory. Within two years, Noyce and Moore had developed the 1103 memory chip. Each chip contained 4,000 transistors and did the work of a thousand ceramic ringlets and did it faster. So before this invention, a computer's memory was stored in ceramic ringlets known as cores. And so Intel invents the memory chip that does the work of a thousand ceramic ringlets and does it faster. And so as the technology progresses, so does the environment in which that technology has to be

Starting point is 00:39:16 produced. It says the work base, remember they said they used to look like a step above like sweatshops. And now it says the work base now look like something out of an intergalactic adventure movie. So they're in these giant suits now look like something out of an intergalactic adventure movie. So they're in these giant suits that look like astronauts because it has to be a completely clean environment because a single speck of dust could ruin one of the miniature circuits. And we see what is this reoccurring theme

Starting point is 00:39:37 in this life of Bob Noyce. He has another hit on his hands. So it says at the end of Intel's first year in business, which had been devoted almost exclusively to research, sales totaled less than $3,000 and the workforce had 42 people. In 1972, so four years after founding, sales were 23 million and there was 1,000 people working there. And the next year, sales went to 66 million and they had 2,500 employees. So four years after founding, remember the first year they're doing $3,000 and they have 42 people.

Starting point is 00:40:12 Year four, 23 million people, or excuse me, $23 million in sales, 1,000 people. Year five, 66, five years after founding, $66 million in sales and 2,500 employees. So then it goes into detail about some important ideas that Noyce had at the very beginning of Intel. From the beginning, Noyce gave all the engineers and most of the office workers stock options. He had learned at Fairchild that in a business so dependent upon research, stock options were a more powerful incentive than profit sharing. Talks about the incentives that go into this. Incentives rule everything around us. People sharing profits naturally wanted to concentrate on products that were already profitable rather than plunge into avant-garde research, which is what Noyce really was interested in, rather than plunge into avant-garde research that would not necessarily

Starting point is 00:40:58 pay off in the short run. He also wanted the fewest layers of management as possible. He wanted ideas to win out over hierarchy. Noyce's idea was that every employee should feel that he could go as far and as fast in this industry as his talent would take him. He didn't want any employee to look at the structure of Intel and see a complex set of hurdles. At Intel, executives would not be walled off in offices. Everybody would be in one big room. Noyce worked at an old, scratched, secondhand metal desk. As the company expanded, Noyce kept the same desk and new employees were

Starting point is 00:41:33 given desks that were not only newer, but bigger and better than his. Everybody noticed the old, beat up desk. Then it goes into more detail how he structured Intel. Noyce decided to eliminate the notion of levels of management altogether. He and Moore ran the show, but below them, there were only strategic business segments as they called them. So a segment would be comparable to like a major department in an orthodox corporation, but they had far more autonomy. At Intel, here's an example of that. At Intel, if the marketing division had to make a major decision that would affect the engineering division, the problem was not routed up a hierarchy to a layer of executives who oversaw both departments. Instead, councils made up of people already working on the line in those divisions that were affected would meet and work out the problem themselves. Noyce was also a great believer in meetings. The people in each department or work unit were encouraged to convene meetings whenever the spirit moved them. If Noyce called a meeting,

Starting point is 00:42:32 then he would set the agenda. But after that, everybody was equal. If you were a young engineer and you had an idea you wanted to get across, you were supposed to speak up and challenge Noyce or anybody else in the meeting. You were face to face with the inventor or the co-inventor, and he was only 41 years old and he was listening to you. So I mentioned this earlier. It talks about like the thrilling for like a young, talented person. Imagine you're 24 years old, just out of graduate school, and you're in a meeting and Bob Noyce is paying attention and making you feel important. This was much more like a cult or like a religion than it was a company. This wasn't a corporation. It was a congregation.

Starting point is 00:43:07 There were sermons. At Intel, everyone, noise included, was expected to attend sessions on the Intel culture. At these sessions, the principles by which the company were run were spelled out and discussed. And this was fun to me. Who's teaching these sessions? Andy Grove. The principles of Intel were explained via the Socratic method at management seminars by Intel's number three man, Andy Grove. And so there's an example in the essay or the article of the way Grove taught and then his personality. I'm just going to read the whole thing to you. I just, it just made me laugh.

Starting point is 00:43:47 So Grove would say, how would you sum up the Intel approach? Many hands would go up and Grove would choose one. And the employee would say, at Intel, you don't wait for someone else to do it. You take the ball yourself and you run with it. And Grove would say, wrong. At Intel, you take the ball yourself and you let the air out of the ball

Starting point is 00:44:05 and you fold up the ball and you put it in your pocket. Then you take another ball and you run with it. And when you've crossed the goal, you take the second ball out of your pocket and reinflate it and score 12 points instead of six. Grove was the most colorful person at Intel. He was in his mid-30s at the time. He was the epitome of the religious principle, the Intel religious principle, that the greater the freedom, the greater the obligation to exercise discipline. And then it goes into some of his managerial contributions to Intel. Grove was the inspiration for performance ratings, kind of like a report card. And so all the employees are graded. There's,

Starting point is 00:44:50 let's see, five different ways you can be graded. It sounds a lot like A, B, C, D, and F. So it's superior, exceeds requirements, meets requirements, marginally meets requirements, and does not meet requirements. And Noyce loved this system. And the reason he loved it, this is very fascinating. He says, if you're ambitious and hardworking, Noyce said, you want to be told how you're doing. In Noyce's view, this is the very surprising part to me. In Noyce's view, most of the young hotshots who were coming to work at Intel had never had the benefit of honest grades in their lives. In the late 1960s and early 1970s, college faculties had been under pressure to give all the students passing marks so they would not have to go off to Vietnam. And they had caved in until the entire grading system was meaningless. At Intel, they would learn what measuring up meant.

Starting point is 00:45:39 The person that put that idea in my mind the best and made it the most memorable for me, this idea that, hey, if you're ambitious and hardworking, you want to be told how you're doing. Nick Saban said this one time, and I've never forgot. I have it in my notebook. I read it all the time. He says, average players want to be left alone. Good players really want to be coached and great players want to be told the truth. What did Noyce say? Noyce said, if you're ambitious and working, if you have the desire to be great, you want to be told how you're doing. And so then we revisit this reoccurring theme that Noyce, it's constantly innovating, constantly improving upon what he's already doing. So Intel has a phenomenal second act that is bigger than their first act. So by

Starting point is 00:46:21 the 1970s, the 1103 memory chip had given Intel an entire corner of the semiconductor market, right? But that was only a start. An Intel engineer named Ted Hoff came up with an invention as important as Noyce's integrated circuit had been a decade earlier. He invented the microprocessor, which is known as a computer on a chip. This invention leads to the possibilities for creating and using small computers. Computers so small, they surpassed what most people thought imaginable, even people already working in the industry.

Starting point is 00:46:57 And it's important to highlight that this was an illustration of one of Noyce's strongest held belief, that innovation is a young person's game. So in Ted Hoff and always trying to nurture like young talent and giving them as this entire, you know, essays talked about, he gave them a lot of latitude and freedom and a lot of responsibility and put them in like a place with resources and structure, an environment that hopefully, you know, yields, like turns their genius into a tangible product that makes the world better. In Ted Hoff, Noyce was looking at proof enough of his hypothesis that out here on the electrical frontier, the great flashes came to the young. Hoff was about the same age as Noyce had been when he invented his integrated circuit. And so this new invention caused an explosion in revenue. Obviously, the company's going to keep adding people and growing.

Starting point is 00:47:45 And so Noyce does the same thing he did. Once the company gets too big, he wants to step away. So in 1974, Noyce turned over the actual running of Intel to Gordon Moore and Andy Grove and kicked himself upstairs to become chairman of the board. His major role was now to become the spokesman of Silicon Valley. He was awarded the National Medal of Science from the White House in 1980, and he was inducted into the National Inventors Hall of Fame in 1983. By then, Intel's sales had grown from $64 million in 1973 to almost a billion a year in 1983. Noyce's own fortune was incalculable. Grinnell College's $300,000 investment in Intel had multiplied in value more than 30 times and doubled the college's endowment. For those who follow the semiconductor industry, Noyce was a legend, a national treasure,

Starting point is 00:48:33 the man that led the world into the 21st century, across the electronic grid, and into space. And so when this piece ends, Bob Noyce is 56 years old. He does not know, but he only has six years left to live. He dies at the relatively young age of 62 from a heart attack. I will leave a link down below in the show notes available on your podcast player and at founderspodcast.com for you to read the entire essay. I think it's worth your time. But I also wanted to tell you what I was thinking about and what I was doing and how this came

Starting point is 00:49:03 to be. So a long time ago, I read this book called The Intel Trinity, how Robert Noyce, Gordon Moore and Andy Grove built the world's most important company is written by this guy named Michael Malone. I'm going to read it in the next few weeks. I'm encouraging you to buy a copy and to read it with me. And so even though I read that book over seven years ago, there's still an idea in that book that I've never forgotten. I think it's really important. It's the idea that for a new product, you have to educate the market. And that's what Bob Noyce, Andy Grove, and Gordon Moore realized with the invention of the microprocessor. It says, when you are trying to convince an audience to accept a radical innovation, almost by definition, the idea is so far from the status quo that many people

Starting point is 00:49:46 simply cannot get their minds around it. They quickly discovered that the marketplace wasn't just confused by the concept of the microprocessor, but was actually frightened by its implication. Many of my engineering friends scoffed at it as if it was a gimmick. Their solution? The market had to be educated. And this is what's so fascinating. The best founders know that they are the ones that have to take the lead on this. At one point, Intel was conducting more seminars and workshops on how to use the microprocessor than the local junior college's total catalog of courses. Bob Noyce, Gordon Moore, and Andy Grove became part of a traveling educational roadshow. They became educators and it worked. Another founder who understood this at a fundamental

Starting point is 00:50:34 level was the founder of Sony, Akio Morita. This is what he said in his autobiography. One must prepare the groundwork among the customers before you can expect success in the marketplace. It is a time-honored Japanese gardening technique to prepare a tree for transplanting by slowly and carefully binding the roots over a period of time bit by bit to prepare the tree for the shock of the change it is about to experience. This process is called nimawashi, and it takes time and patience, but it rewards you if it is done properly with a healthy transplanted tree. Advertising and promotion for a brand new innovative product is just as important. The way Akio would educate

Starting point is 00:51:21 customers about a new product was inspired by the Japanese tradition of Nimawashi. The thing they both have in common is that they both require time. So that idea that we see at Sony, that we see at Intel, that idea that it's very important that when you're bringing a new product to market, that you realize you have to educate the customers about why the product exists and what it can do for them is really, really important. And so that was led me on this tangent to read this excellent piece by Tom Wolfe, The Tinkerings of Robert Noyce and How the Sun Rose on Silicon Valley. I will leave a link down below for both this piece and the Intel Trinity book if you want to read it with me. Links for both of those will be down below and available at founderspodcast.com. But that is 356 books down, 1,000 to go. And I'll talk to you again soon.

Starting point is 00:52:07 Two quick things before you go. If you already subscribe to Founders Notes, make sure that you log in and you grab the new private podcast feed that is included in your subscription. I just made an episode that you're not going to want to miss. I updated that feed a few days ago. If you have not already subscribed to Founders Notes, I have made a tool for me that you can now get access. That is Founders Notes. Founders Notes allows you to tap into the collective knowledge of history's greatest entrepreneurs on demand.

Starting point is 00:52:34 Since 2018, for over six years, I've been putting all of my notes and highlights for all the books that I've read for the podcast into this giant searchable database that you can tap into. So on this week's episode, on last week's episode, on all these episodes, when you hear me reference ideas from Jeff Bezos or Walt Disney or Sam Walton or Charlie Munger or J. Paul Getty, the quotes that you just heard about Bob Noyce and Gordon Moore and Andy Grove realizing the importance of educating the market about what you're doing. And Akia Morita, the founder of Sony, arriving at a similar conclusion. That comes from me searching Founders Notes. I literally could not make the podcast without this tool. That is a really important point to get across.

Starting point is 00:53:17 When you see, if you subscribe to Founders Notes, what you see is what I see. It is the tool that I use. You see the exact same thing that I use, the tool that I made for myself that you can now get access to. So many subscribers of Founders Notes are using it to help them think through issues they're having in their company, from hiring and recruiting, to marketing, to leadership, to preparing for board meetings, to preparing for sales presentations. If you're already running a successful company, I think it's a no-brainer to invest in this tool. And I've added a new feature that is also going to show you how I use it. And it's going to push ideas from History's Greatest Entrepreneurs directly into your brain quickly.

Starting point is 00:53:53 And that is this private podcast feed that comes with every subscription to Founders Notes, which I call Sage Advice. And so let me give you an example. The episode that I just made, I had previously read both autobiographies written by James Dyson. That probably takes on a low end, 50 to 60 hours of reading and then countless hours of inputting my notes and highlights into Founders Notes.

Starting point is 00:54:15 And so what I did is I went and reread every single note and highlight. There's also an AI assistant that I had build that lives inside of Founders Notes. It's called Sage. And you can ask questions and it searches all my transcripts, all my notes, all my highlights. And so what I did is first I re-read every single note and highlight from the two autobiographies of James Dyson.

Starting point is 00:54:35 Then I went and started talking to Sage and I was searching and just asking questions like give me a list of James Dyson's best ideas. And it gives you a concise list. Give me how did James Dyson think about marketing? What did James Dyson say about persistence? Things like that. And then what I did is I just composed all of this into a single document. And then I distilled down what I thought were the most powerful ideas from James Dyson's 50 year career. The career over 50 years where he's built this multiple, multiple billion dollar company that he owns 100% of. And then I distilled all that down into an episode that you can listen to in 12 minutes.

Starting point is 00:55:12 And it is just rapid fire. Here's how James Dyson thought about this. Here's another idea from James that you can use in your career. Here's another idea that you can use from the life and career of James Dyson in your life and career. And so the idea with these mini small episodes that I want to create is this is just a tool where I can condense, if I can condense somebody else's, like somebody's greatest ideas, I think there was 20 ideas in that episode. You know, the best 20 ideas out of 50, 60, 75 hours of research into something that you can listen to in 10 minutes. And then the important part of them being short is really important

Starting point is 00:55:43 because you're going to be able to listen to them over and over and over again. And that's if you listen at 1x speed. Most people don't listen to podcasts at 1x speed. And so these mini episodes will serve as this constant reminder. And it's really an easy way for you to download the ideas of history's greatest entrepreneurs into your brain really quickly. So then you can use them in your work. So if you want to access the tool that will give you the superpower to access the collective knowledge of history's greatest entrepreneurs when you need it, make sure you go and subscribe at foundersnotes.com. That is founders with an S, just like founders, the podcast, so foundersnotes.com. And then the second thing that I want to talk to you about is these founder events that I put on for the sole reason to help you build

Starting point is 00:56:24 relationships with other high value founders, investors, and executives that listen to this podcast. The first one of these events I did in March of this year, it was a massive success. All the relationships that came out of it was frankly mind blowing. But this is also something that's been known throughout the history of entrepreneurship for a very long time. The importance of building real relationships with other high value people. This is something that both Charlie Munger and Sam Zell talked to me about in person. They both said in different ways, you really need to invest in developing relationships with other high value people. Both Charlie and Sam did that. And they wound up compounding those relationships

Starting point is 00:56:58 for decades and building friendships and doing business with these people for decades. The maxim that I put on this idea is that relationships run the world. And so the next Founders event is happening July 29th through the 31st in Scotts Valley, California. There's also one happening September 27th through the 29th in Austin, Texas. These events take place at beautiful venues. So I rent out the entire venue and they're all inclusive, which means all you do, all you have to do is get to the actual event. And then your ticket includes your lodging,

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Founders - #356 How The Sun Rose On Silicon Valley: Bob Noyce (Founder of Intel)

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