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    • Edwin Land: The Magician of TechnologyEdwin Land, a prolific inventor with over 500 patents, is best known for creating instant photography but also impacted everyday items and national defense with his innovations. His unconventional business approach and commitment to pushing boundaries inspired Steve Jobs and continues to influence companies today.

      Edwin Land, the inventor behind Polaroid and holder of the third most patents in US history, remains an underappreciated figure in American technological history. Despite his numerous accolades, including honorary doctorates from Harvard, Yale, and Columbia, and membership in the National Inventors Hall of Fame and the Royal Society of London, Land is best known for his creation of instant photography. However, his impact went beyond this, with his inventions used in everyday items like sunglasses, camera filters, LCD displays, and car windshields. Land's contributions to national defense and his unconventional business approach, which prioritized creativity and ambitious challenges, continue to inspire companies today. Steve Jobs, another visionary entrepreneur, was a dedicated fan of Land's work and sought to emulate his ideas in building Apple. Land's legacy lies in his ability to transform technology into magic and his commitment to pushing the boundaries of human knowledge. Despite his remarkable accomplishments, Land's relative anonymity can be attributed to his inscrutable personality and his relentless focus on his work.

    • The Power of Focused Dedication and Intellectual CuriosityEdwin Land's life was shaped by intense concentration on 'Physical Optics' and a belief in the power of focused dedication and intellectual curiosity to bring about extraordinary results.

      Learning from the discussion about Edwin Land and the book "Triumph of Genius: Edwin Land, Polaroid, and the Kodak Patent War" by Robert K. Feuerstein is that Edwin Land was an extraordinary individual with an unordinary reaction to everything. His life was shaped by a deep intellectual awakening as a young man when he became completely engrossed in the textbook "Physical Optics" by Robert Wood. Land believed that intense concentration could bring about extraordinary results for others, and he was a masterful communicator. He described the compulsion of figuring something out as a need for being almost alone, undistracted, and remixing all the things we've learned into our unique perspective. Despite his reputation as a recluse, Land's legacy endures, and his formula for accomplishment - creative wonderment, intellectual curiosity, and inexhaustible effort - remains a model for us all. Books, as the foundation of many dreams and innovations, played a significant role in Land's life, and his story serves as a reminder of the power of focused dedication and the importance of remixing ideas to create something new.

    • The interplay between human experiences and mental focusEdwin Land emphasized the importance of long-term learning, unique talent, intellectual curiosity, and unexpected opportunities through the interplay of human experiences and mental focus.

      Uninterrupted mental focus and the interplay between human experiences are essential for both personal growth and scientific discovery. Edwin Land, a key figure in the patent trial between Kodak and Polaroid, emphasized the importance of this interplay throughout his career. He pondered the paradox of how it takes a long time to learn seemingly simple things and identified unique talent through hiring practices that valued hard work and intellectual curiosity. Land believed that being an interesting person, who delights in intellectual conversations and can anticipate the direction of a discussion, leads to unexpected opportunities. This idea echoes the sentiments of Benjamin Franklin, who believed that improving one's mind through reading led to better conversation and ultimately opened doors to new opportunities.

    • The Importance of Effective Communication in Driving Innovation and Achieving GoalsEffective communication inspires employees, drives innovation, and leads to significant achievements. Clear and persuasive communication from a visionary leader like Edwin Land helped Polaroid transition from a consumer company to a technology powerhouse during World War 2.

      Effective communication is crucial for success, especially in a team or industry setting. Edwin Land, a brilliant scientist and inventor, won an award at the age of 30 alongside industry legends like Henry Ford and Wilbur Wright. His communication skills were instrumental in transitioning Polaroid from a consumer company to one developing technology for World War 2. Land's ability to articulate his vision and motivations, including his strong stance against Nazism, inspired his employees and led to significant achievements. His unique management style, which involved bringing together eclectic thinkers and giving them the freedom to explore, also contributed to Polaroid's success. Overall, Land's story illustrates the importance of clear and persuasive communication in driving innovation and achieving goals.

    • Edwin Land's Innovative Leadership at PolaroidEdwin Land fostered creativity and innovation at Polaroid by providing resources, long work periods, and trusting his team. He also went directly to customers, avoided intermediaries, and set up businesses as experiments.

      Edwin Land, the founder of Polaroid, believed in providing his employees with the resources and space they needed to innovate. He understood the value of long, uninterrupted work periods and trusted his team to come up with new ideas. This approach not only fostered creativity but also gave Polaroid a competitive edge. Another important lesson from Land was the importance of going directly to customers and avoiding intermediaries. He learned this lesson the hard way after decades of developing technologies for other industries. Instead, he advocated for starting with a clear goal and working backwards to achieve it. Land also believed that businesses should be set up as experiments, embracing the necessity of trial and error and not being afraid to fail. Companies like Sony, which hired a paid critic to improve their products, are examples of this approach. Overall, Land's leadership style and innovative mindset significantly impacted the history of Polaroid and continue to inspire entrepreneurs and innovators today.

    • Hiring experts and consultants for product enhancementInvesting in passionate experts and consultants can significantly improve product quality, while the willingness to explore new technologies or ideas can lead to groundbreaking innovations. Protecting intellectual property through patents encourages creativity and exploration.

      Bringing in experts and consultants with a deep passion for the product or service can significantly improve its quality. Akio Morita of Sony and Edwin Land of Polaroid are examples of founders who hired renowned figures in their respective fields to enhance their offerings. This approach demands quality and provides valuable feedback. Additionally, the willingness to invest in new technologies or ideas, even if they are initially dismissed as gimmicks, can lead to groundbreaking innovations. Protecting intellectual property through patents is crucial for encouraging individual creativity and exploration of new fields, particularly in areas that larger corporations may not touch. Ultimately, these insights underscore the importance of curiosity, discipline, and the courage to pursue new ideas, even in the face of skepticism.

    • Edwin Land's Role in Developing the U2 Spy PlaneEdwin Land's persistence, communication skills, and belief in problem-solving led him to develop the U2 spy plane, inspiring presidents to invest in intelligence gathering technology and save billions of dollars.

      Edwin Land's persistence and communication skills played a pivotal role in the development of the U2 spy plane during the Soviet bloc era. Land, an authentic genius and masterful communicator, pushed for the project and convinced key decision-makers of its importance. His eloquence and lucid exposition inspired presidents to make crucial decisions and invest in new intelligence gathering technology, saving the nation billions of dollars. Land's belief in problem-solving and protecting fragile ideas led him to staff his teams with creative minds and inspire them with his vision. Ultimately, Land's contributions to national security and intelligence capabilities are immeasurable.

    • An Unusual Business Relationship Between Lance of Polaroid and KodakOnce friends and business partners, Kodak's shift to competition led to a head-on collision with Polaroid due to Polaroid's success and Lance's persistence in creating new products.

      Lance (Edwin Land) of Polaroid and Kodak had an unusual business relationship. At first, they were adversaries and customers, then they became friends and business partners for nearly two decades. However, Kodar's attitude towards Polaroid began to change as Polaroid's success grew. Kodak, once a paternalistic mentor, became a competitor when Polaroid introduced a low-cost camera that threatened Kodak's film sales. Polaroid's success, which grew from $129 million in sales to over $571 million, made Kodak reconsider their relationship. Despite supplying materials to Polaroid for over 15 years, Kodak decided not to develop the film for Polaroid's new camera. This led to a head-on collision between the two companies. The change in Kodak's attitude towards Polaroid was influenced by the people running the company, and the success of Polaroid was a significant factor in this change. Lance's persistence and focus on creating something new, despite the potential competition, was a necessity for Polaroid's survival.

    • Competition between Polaroid and Kodak in Instant PhotographyPolaroid's refusal to license patents to Kodak led to Kodak's development of their own instant photography technology, but Polaroid's superior SX-70 left Kodak engineers amazed and ultimately abandoned their efforts.

      The competition between Polaroid and Kodak in the instant photography market was driven by Polaroid's early success and Kodak's realization of the potential of the large market of people who wanted instant pictures. Despite Kodak's respect for Polaroid and its technology, Polaroid's founder, Edwin Land, refused to license his patents to Kodak, leading to Kodak's attempts to develop their own instant photography technology. However, Polaroid's SX-70, which was far superior to Kodak's offerings, left Kodak's engineers amazed and disturbed, and Kodak ultimately abandoned its efforts in the instant photography market. Land's confidence in Polaroid's position and his belief in their technological superiority were well-founded, as the SX-70 became a masterpiece of engineering and a significant market success for Polaroid.

    • Land's unexpected courtroom presenceUnderestimating adversaries based on their public persona or preconceived notions can lead to unexpected outcomes.

      That Edwin Land, the inventor of the Polaroid Instant Camera, was a reclusive genius who took the direct opposite approach of his philosophy when Kodak sued him for patent infringement. Despite Kodak's belief that Land would never participate in the trial due to his obsession with privacy and research, Land saw the lawsuit as a personal attack on his inventions and technological advancements. He felt obligated to defend himself, even if photography was just one component of Polaroid's business. Internal Kodak reports acknowledged their inability to produce a system equal to or better than Polaroid's, yet they still pursued legal action. Land, on the other hand, prepared for the trial in secret, without even informing his own attorneys, and responded with determination and focus, making him a formidable adversary. The story highlights the importance of understanding an adversary's motivations and underestimating their capabilities based on preconceived notions.

    • A Pioneer's Patent Battle: Edwin Land's Quest for Instant PhotographyEdwin Land, a pioneer in instant photography, fiercely protected his patents in a historic two-year battle, emphasizing the importance of safeguarding intellectual property for inventors.

      For inventors like Edwin Land, their patents are not just legal protections, but a matter of life and soul. Land, a pioneer in the field of instant photography, fiercely asserted his patents, leading to a historic patent battle. His dedication and lived experience gave him a massive advantage, as he had spent his entire career in this field. Inducted into the National Inventors Hall of Fame alongside great inventors like Alexander Graham Bell and Eli Whitney, Land saw invention as a form of American adventure and exploration, where new discoveries could always surprise us, no matter how educated or imaginative we are. The patent battle lasted for two years, a testament to the importance of protecting intellectual property for inventors. Land's quote, "We are becoming a country of scientists. But however much we become a country of scientists, we will always remain, first of all, that same group of adventurous transcontinental explorers pushing our way from wherever it is comfortable into some more inviting, unknown, and dangerous region," highlights the importance of pushing boundaries and the role of patents in protecting and advancing new technologies.

    • Edwin Land's immersive approach to challengesEdwin Land's unwavering dedication to his inventions led him to fully engage in legal battles, preparing intensely and refusing to back down from criticism or underestimation.

      Edwin Land, the inventor of Polaroid instant photography, approached challenges, including legal battles, with complete immersion and dedication. Despite uncertainty about his involvement in a lawsuit against Kodak, Land made it clear he was eager to participate fully. His preparation for the trial was intense, and he felt compelled to correct any misunderstandings about his work. Land's focus and determination, even when facing criticism and underestimation from Kodak, ultimately proved formidable. This approach, reminiscent of the character Rocky from the iconic movie, underscores Land's commitment to his inventions and his refusal to back down from a challenge.

    • Polaroid's Star Witness: Ed LandEd Land's deep knowledge and emotional investment in instant photography technology proved crucial during Polaroid's legal battle with Kodak, ultimately securing a victory for the company.

      During the legal battle between Polaroid and Kodak over instant photography patents, Ed Land's deep knowledge and expertise in the field made him an invaluable asset for Polaroid. Despite Kodak's well-prepared trial counsel, Carr, who had studied Polaroid's patents for over 12 years, Land's personal connection to the technology and his belief in its value made him a formidable opponent. Land's emotional investment in the case and his opposition to Polaroid's diversification efforts further underscored his commitment to the company and the technology they had created. Ultimately, Land's role as Polaroid's star witness helped secure a victory for the company in their legal battle with Kodak.

    • Edwin Land's commitment to making instant photography accessibleEdwin Land's clear vision and effective communication skills saved Polaroid during a patent trial, highlighting the importance of a single individual's leadership and focus in a technology company.

      Edwin Land, the founder of Polaroid, was deeply committed to his mission of making instant photography accessible to the masses and was determined to prevent the company from diverting resources to other areas. His philosophy was that a single individual at the top of a technology company must have a clear vision and ensure that the efforts of others support and complement that vision. Land's reputation and the survival of the company he had built were at stake during a patent trial, and his role as a teacher and effective communicator allowed him to explain complex ideas in simple terms, ultimately evolving into the judge's personal tutor on the subject.

    • Edwin Land's deep understanding of Polaroid's technology proved crucial during patent trial against KodakEdwin Land's extensive knowledge of Polaroid's technology and ability to explain its intricacies effectively during the trial, despite Kodak's attempts to discredit Polaroid's expert witnesses, ultimately led to Polaroid's victory.

      Edwin Land's deep understanding of the technology behind Polaroid's instant photography system gave him a significant advantage during the patent infringement trial against Kodak. Despite Kodak's attempts to discredit Polaroid's expert witnesses, Land's knowledge and ability to explain the intricacies of the process proved to be a formidable adversary for Kodak's attorney. Land's objections to inaccurate visualizations and descriptions during the trial, as well as his lengthy lectures on the flaws in Kodak's arguments, made it difficult for Kodak to cross examine him effectively. Ultimately, Kodak's attorney had to stop cross examining Land as it was only providing him with more opportunities to strengthen Polaroid's case. Land's powerful testimony and deep understanding of the technology were a game changer in the trial, allowing Polaroid to come out on top.

    • Deep understanding and passion matter in disputesHaving deep knowledge and genuine passion for a subject can significantly impact the outcome of disputes or trials.

      Deep knowledge and passion for a subject can make all the difference in a dispute or trial. The case of Polaroid vs. Kodak illustrates this through Edwin Land's intense involvement and expertise in instant photography, compared to Carr, Kodak's attorney, who had other interests and was not fully immersed in the topic. Land's extensive knowledge and enthusiasm allowed him to refute Kodak's expert witnesses and ultimately defend Polaroid's case effectively. The judge acknowledged the confusion of the case but was impressed by Land's passionate defense, leading to Polaroid's victory. This highlights the importance of having a deep understanding and genuine passion for a subject when engaging in debates or legal disputes.

    • Impact of expertise and passion in legal disputesExpertise and deep understanding of a subject can significantly influence legal outcomes. Passionately defending valid patents against baseless claims led to a $925 million settlement for Polaroid in the Polaroid vs. Kodak trial.

      Passion and deep understanding of a subject can make a significant impact in legal proceedings. In the Polaroid vs. Kodak trial, Ed Land, the inventor of instant film, passionately defended Polaroid's patents against three experts who lacked experience in the field. Land's intense scientific sensibilities were offended by their baseless opinions, leading him to refute each expert in detail. The judge, who found the trial interesting and enjoyable, ultimately upheld the validity of 8 of the 10 Polaroid patents and ordered Kodak to pay a staggering $925 million settlement. This case highlights the importance of expertise and knowledge in legal disputes and the potential consequences of making baseless claims.

    • Polaroid vs Kodak: The Largest Patent Infringement Case in US HistoryThe legal battle between Polaroid and Kodak resulted in a historic penalty, reminding us of the importance of intellectual property rights and the potential consequences of infringement. Polaroid's victory, the largest in patent infringement history, was a triumph for innovators and a testament to Dr. Land's genius.

      The legal battle between Polaroid and Kodak, which lasted for over 15 years, resulted in a historic and unprecedented penalty. This victory, which remains the largest satisfied judgment in a patent infringement case in US history, was a triumph for Polaroid and a significant win for innovators. The case served as a reminder of the importance of intellectual property rights and the potential consequences of infringement. This long-fought victory was a testament to Dr. Land's genius and paved the way for future innovators. If you're interested in the full story, check out the linked book in the show notes at founderspodcast.com and support the podcast at the same time.

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    "Learning from history is a form of leverage." — Charlie Munger. 

    Founders Notes gives you the superpower to learn from history's greatest entrepreneurs on demand. You can search all my notes and highlights from every book I've ever read for the podcast. 

    Get access to Founders Notes here

    You can also ask SAGE (the Founders Notes AI assistant) any question and SAGE will read all my notes, highlights, and every transcript from every episode for you.

     A few questions I've asked SAGE recently: 

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    -Always personally involved in their business

    -They know their business down to the ground

    -They have an innate capacity to think on a large scale

    (34:00) Five wives can't all be wrong. As one of them told me after our divorce: "You're a great friend, Paul—but as a husband, you're impossible.”

    (36:00) My business interests created problems [in my marriages]. I was drilling several wells and it was by no means uncommon for me to stay on the sites overnight or even for two days or more.

    (38:00) A hatred of failure has always been part of my nature and one of the more pronounced motivating forces in my life.  Once I have committed myself to any undertaking, a powerful inner drive cuts in and I become intent on seeing it through to a satisfactory conclusion.

    (38:00) My own nature is such that I am able to concentrate on whatever is before me and am not easily distracted from it.

    (42:00) There are times when certain cards sit unclaimed in the common pile, when certain properties become available that will never be available again. A good businessman feels these moments like a fall in the barometric pressure. A great businessman is dumb enough to act on them even when he cannot afford to. — The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen. (Founders #255)

    (47:00) [On transforming his company for the Saudi Arabia deal] The list of things to be done was awesome, but those things were done.

    (53:00) Churchill to his son: Your idle and lazy life is very offensive to me. You appear to be leading a perfectly useless existence.

    (54:00) My father's influence and example where the principle forces that formed my nature and character.

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    #351 The Founder of Rolex: Hans Wilsdorf

    #351 The Founder of Rolex: Hans Wilsdorf

    What I learned from reading about Hans Wilsdorf and the founding of Rolex.

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    Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas) 

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    (0:01) At the age of twelve I was an orphan.

    (1:00) My uncles made me become self-reliant very early in life. Looking back, I believe that it is to this, that much of my success is due.

    (9:00) The idea of wearing a watch on one's wrist was thought to be contrary to the conception of masculinity.

    (10:00) Prior to World War 1 wristwatches for men did not exist.

    (11:00) Business is problems. The best companies are just effective problem solving machines.

    (12:00) My personal opinion is that pocket watches will almost completely disappear and that wrist watches will replace them definitively! I am not mistaken in this opinion and you will see that I am right." —Hans Wilsdorf, 1914

    (14:00) The highest order bit is belief: I had very early realized the manifold possibilities of the wristlet watch and, feeling sure that they would materialize in time, I resolutely went on my way. Rolex was thus able to get several years ahead of other watch manufacturers who persisted in clinging to the pocket watch as their chief product.

    (16:00) Clearly, the companies for whom the economics of twenty-four-hour news would have made the most sense were the Big Three broadcasters. They already had most of what was needed— studios, bureaus, reporters, anchors almost everything but a belief in cable.   —  Ted Turner's Autobiography (Founders #327)

    (20:00) Business Breakdowns #65 Rolex: Timeless Excellence

    (27:00)   Rolex was effectively the first watch brand to have real marketing dollars put behind a watch. Rolex did this in a concentrated way and they've continued to do it in a way that is simply just unmatched by others in their industry.

    (28:00) It's tempting during recession to cut back on consumer advertising. At the start of each of the last three recessions, the growth of spending on such advertising had slowed by an average of 27 percent. But consumer studies of those recessions had showed that companies that didn't cut their ads had, in the recovery, captured the most market share. So we didn't cut our ad budget. In fact, we raised it to gain brand recognition, which continued advertising sustains. — Four Seasons: The Story of a Business Philosophy by Isadore Sharp. (Founders #184)

    (32:00) Social proof is a form of leverage. — Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger. (Founders #329)

    (34:00) What really matters is Hans understood the opportunity better than anybody else, and invested heavily in developing the technology to bring his ideas to fruition.

    (35:00) On keeping the main thing the main thing for decades: In developing and extending my business, I have always had certain aims in mind, a course from which I never deviated.

    (41:00) Rolex wanted to only be associated with the best. They ran an ad with the headline: Men who guide the destinies of the world, where Rolex watches.

    (43:00) Opportunity creates more opportunites. The Oyster unlocked the opportunity for the Perpetual.

    (44:00) The easier you make something for the customer, the larger the market gets: “My vision was to create the first fully packaged computer. We were no longer aiming for the handful of hobbyists who liked to assemble their own computers, who knew how to buy transformers and keyboards. For every one of them there were a thousand people who would want the machine to be ready to run.” — Steve Jobs

    (48:00) More sources:

    Rolex Jubilee: Vade Mecum by Hans Wilsdorf

    Rolex Magazine: The Hans Wilsdorf Years

    Hodinkee: Inside the Manufacture. Going Where Few Have Gone Before -- Inside All Four Rolex Manufacturing Facilities 

    Vintage Watchstraps Blog: Hans Wilsdorf and Rolex

    Business Breakdowns #65 Rolex: Timeless Excellence

    Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands by Jean Noel Kapferer and Vincent Bastien 

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    #350 How To Sell Like Steve Jobs

    #350 How To Sell Like Steve Jobs

    What I learned from reading The Presentation Secrets of Steve Jobs: How to Be Insanely Great in Front of Any Audience by Carmine Gallo 

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    (1:00) You've got to start with the customer experience and work back toward the technology—not the other way around.  —Steve Jobs in 1997

    (6:00) Why should I care = What does this do for me?

    (6:00) The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals by Frank Partnoy.  (Founders #348)

    (7:00) Easy to understand, easy to spread.

    (8:00) An American Saga: Juan Trippe and His Pan Am Empire by Robert Daley 

    (8:00) The Fish That Ate the Whale: The Life and Times of America's Banana King by Rich Cohen. (Founders #255)

    (9:00)  love how crystal clear this value proposition is. Instead of 3 days driving on dangerous road, it’s 1.5 hours by air. That’s a 48x improvement in time savings. This allows the company to work so much faster. The best B2B companies save businesses time.

    (10:00) Great Advertising Founders Episodes:

    Albert Lasker (Founders #206)

    Claude Hopkins (Founders #170 and #207)

    David Ogilvy (Founders #82, 89, 169, 189, 306, 343) 

    (12:00) Advertising which promises no benefit to the consumer does not sell, yet the majority of campaigns contain no promise whatever. (That is the most important sentence in this book. Read it again.) — Ogilvy on Advertising 

    (13:00) Repeat, repeat, repeat. Human nature has a flaw. We forget that we forget.

    (19:00) Start with the problem. Do not start talking about your product before you describe the problem your product solves.

    (23:00) The Invisible Billionaire: Daniel Ludwig by Jerry Shields. (Founders #292)

    (27:00) Being so well known has advantages of scale—what you might call an informational advantage.

    Psychologists use the term social proof. We are all influenced-subconsciously and, to some extent, consciously-by what we see others do and approve.

    Therefore, if everybody's buying something, we think it's better.

    We don't like to be the one guy who's out of step.

    The social proof phenomenon, which comes right out of psychology, gives huge advantages to scale.

    —  the NEW Poor Charlie's Almanack: The Wit and Wisdom of Charlie Munger (Founders #329)

    (29:00) Marketing is theatre.

    (32:00) Belief is irresistible. — Shoe Dog: A Memoir by the Creator of Nike by Phil Knight.  (Founders #186)

    (35:00) I think one of the things that really separates us from the high primates is that we’re tool builders. I read a study that measured the efficiency of locomotion for various species on the planet. The condor used the least energy to move a kilometer. And, humans came in with a rather unimpressive showing, about a third of the way down the list. It was not too proud a showing for the crown of creation. So, that didn’t look so good. But, then somebody at Scientific American had the insight to test the efficiency of locomotion for a man on a bicycle. And, a man on a bicycle, a human on a bicycle, blew the condor away, completely off the top of the charts.

    And that’s what a computer is to me. What a computer is to me is it’s the most remarkable tool that we’ve ever come up with, it’s the equivalent of a bicycle for our minds.

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    #349 How Steve Jobs Kept Things Simple

    #349 How Steve Jobs Kept Things Simple

    What I learned from reading Insanely Simple: The Obsession That Drives Apple's Success by Ken Segall. 

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    What are the most important leadership lessons from history's greatest entrepreneurs?

    Can you give me a summary of Warren Buffett's best ideas? (Substitute any founder covered on the podcast and you'll get a comprehensive and easy to read summary of their ideas) 

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    (1:30) Steve wanted Apple to make a product that was simply amazing and amazingly simple.

    (3:00) If you don’t zero in on your bureaucracy every so often, you will naturally build in layers. You never set out to add bureaucracy. You just get it. Period. Without even knowing it. So you always have to be looking to eliminate it.  — Sam Walton: Made In America by Sam Walton. (Founders #234)

    (5:00) Steve was always easy to understand. He would either approve a demo, or he would request to see something different next time. Whenever Steve reviewed a demo, he would say, often with highly detailed specificity, what he wanted to happen next.  — Creative Selection: Inside Apple's Design Process During the Golden Age of Steve Jobs by Ken Kocienda. (Founders #281)

    (7:00) Watch this video. Andy Miller tells GREAT Steve Jobs stories

    (10:00) Many are familiar with the re-emergence of Apple. They may not be as familiar with the fact that it has few, if any parallels.
    When did a founder ever return to the company from which he had been rudely rejected to engineer a turnaround as complete and spectacular as Apple's? While turnarounds are difficult in any circumstances they are doubly difficult in a technology company. It is not too much of a stretch to say that Steve founded Apple not once but twice. And the second time he was alone. 

    —  Return to the Little Kingdom: Steve Jobs and the Creation of Appleby Michael Moritz.

    (15:00) If the ultimate decision maker is involved every step of the way the quality of the work increases.

    (20:00) "You asked the question, What was your process like?' I kind of laugh because process is an organized way of doing things. I have to remind you, during the 'Walt Period' of designing Disneyland, we didn't have processes. We just did the work. Processes came later. All of these things had never been done before. Walt had gathered up all these people who had never designed a theme park, a Disneyland. So we're in the same boat at one time, and we figure out what to do and how to do it on the fly as we go along with it and not even discuss plans, timing, or anything. We just worked and Walt just walked around and had suggestions." — Disney's Land: Walt Disney and the Invention of the Amusement Park That Changed the World by Richard Snow. (Founders #347)

    (23:00) The further you get away from 1 the more complexity you invite in.

    (25:00) Your goal: A single idea expressed clearly.

    (26:00) Jony Ive: Steve was the most focused person I’ve met in my life

    (28:00) Editing your thinking is an act of service.

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    Michael Jordan In His Own Words

    Michael Jordan In His Own Words

    What I learned from reading Driven From Within by Michael Jordan and Mark Vancil. 

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    Episode Outline: 

    Players who practice hard when no one is paying attention play well when everyone is watching.

    It's hard, but it's fair. I live by those words. 

    To this day, I don't enjoy working. I enjoy playing, and figuring out how to connect playing with business. To me, that's my niche. People talk about my work ethic as a player, but they don't understand. What appeared to be hard work to others was simply playing for me.

    You have to be uncompromised in your level of commitment to whatever you are doing, or it can disappear as fast as it appeared. 

    Look around, just about any person or entity achieving at a high level has the same focus. The morning after Tiger Woods rallied to beat Phil Mickelson at the Ford Championship in 2005, he was in the gym by 6:30 to work out. No lights. No cameras. No glitz or glamour. Uncompromised. 

    I knew going against the grain was just part of the process.

    The mind will play tricks on you. The mind was telling you that you couldn't go any further. The mind was telling you how much it hurt. The mind was telling you these things to keep you from reaching your goal. But you have to see past that, turn it all off if you are going to get where you want to be.

    I would wake up in the morning thinking: How am I going to attack today?

    I’m not so dominant that I can’t listen to creative ideas coming from other people. Successful people listen. Those who don’t listen, don’t survive long.

    In all honesty, I don't know what's ahead. If you ask me what I'm going to do in five years, I can't tell you. This moment? Now that's a different story. I know what I'm doing moment to moment, but I have no idea what's ahead. I'm so connected to this moment that I don't make assumptions about what might come next, because I don't want to lose touch with the present. Once you make assumptions about something that might happen, or might not happen, you start limiting the potential outcomes. 

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    Founders
    en-usMay 12, 2024

    #348 The Financial Genius Behind A Century of Wall Street Scandals: Ivar Kreuger

    #348 The Financial Genius Behind A Century of Wall Street Scandals: Ivar Kreuger

    What I learned from reading The Match King: Ivar Kreuger, The Financial Genius Behind a Century of Wall Street Scandals by Frank Partnoy. 

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    Episode Outline: 

    1. Ivar was charismatic. His charisma was not natural. Ivar spent hours every day just preparing to talk. He practiced his lines for hours like great actors do.

    2. Ivar’s first pitch was simple, easy to understand, and legitimate: By investing in Swedish Match, Americans could earn profits from a monopoly abroad.

    3. Joseph Duveen noticed that Europe had plenty of art and America had plenty of money, and his entire astonishing career was the product of that simple observation. — The Days of Duveen by S.N. Behrman.  (Founders #339 Joseph Duveen: Robber Baron Art Dealer)

    4. Ivar studied Rockefeller and Carnegie: Ivar's plan was to limit competition and increase profits by securing a monopoly on match sales throughout the world, mimicking the nineteenth century oil, sugar, and steel trusts.

    5. When investors were manic, they would purchase just about anything. But during the panic that inevitably followed mania, the opposite was true. No one would buy.

    6. The problem isn’t getting rich. The problem is staying sane. — Charlie Munger

    7. Ivar understood human psychology. If something is limited and hard to get to that increases desire. This works for both products (like a Ferrari) and people (celebrities). Ivar was becoming a business celebrity.

    8.  I’ve never believed in risking what my family and friends have and need in order to pursue what they don't have and don't need. — The Essays of Warren Buffett by Warren Buffett and Lawrence Cunningham. (Founders #227)

    9. Great ideas are simple ideas: Ivar hooked Durant with his simple, brilliant idea: government loans in exchange for match monopolies.

    10. Ivar wrote to his parents, "I cannot believe that I am intended to spend my life making money for second-rate people. I shall bring American methods back home. Wait and see - I shall do great things. I'm bursting with ideas. I am only wondering which to carry out first."

    11. Ivar’s network of companies was far too complex for anyone to understand: It was like a corporate family tree from hell, and it extended into obscurity.

    12. “Victory in our industry is spelled survival.”   —Steve Jobs

    13. Ivar's financial statements were sloppy and incomplete. Yet investors nevertheless clamored to buy his securities.

    14. As more cash flowed in the questions went away. This is why Ponzi like schemes can last so long. People don’t want to believe. They don’t want the cash to stop.

    15. A Man for All Markets: From Las Vegas to Wall Street, How I Beat the Dealer and the Market by Ed Thorp. (Founders #222)

    16.  A summary of Charlie Munger on incentives:

    1. We all underestimate the power of incentives.
    2. Never, ever think about anything else before the power of incentives.
    3. The most important rule: get the incentives right.

    17. This is nuts! Fake phones and hired actors!

    Next to the desk was a table with three telephones. The middle phone was a dummy, a non-working phone that Ivar could cause to ring by stepping on a button under the desk. That button was a way to speed the exit of talkative visitors who were staying too long. Ivar also used the middle phone to impress his supporters. When Percy Rockefeller visited Ivar pretended to receive calls from various European government officials, including Mussolini and Stalin. That evening, Ivar threw a lavish party and introduced Rockefeller to numerous "ambassadors" from various countries, who actually were movie extras he had hired for the night.

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    Related Episodes

    #135 Joseph Pulitzer (Politics & Media)

    #135 Joseph Pulitzer (Politics & Media)

    What I learned from reading Pulitzer: A Life in Politics, Print, and Power by James McGrath Morris.

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    [0:20]  Joseph Pulitzer was the midwife to the birth of the modern mass media. Pulitzer’s lasting achievement was to transform American journalism into a medium of mass consumption and immense influence. 

    [3:04] He was the pioneer of the modern media industry.  

    [5:06] Teddy Roosevelt tried to have Joseph Pulitzer put in jail.  

    [7:11] How one of Pulitzer’s adult sons viewed him: One of the strange differences between us two is the fact that you have never come near learning how to enjoy life. 

    [9:42] Joseph favored reading works of history and biography.  

    [10:12] Joseph understood fully the extent of the calamity [his father’s death]. He had been 9 years old when his older brother died, 10 when his younger brother and sister died, 11 when his father died, and 13 at the death of his last sister. 

    [11:50] At 17 years old Joseph escapes to America. A group of wealthy Boston businessmen recruit thousands of young Europeans to fight for the Union in the American Civil War. This scheme became Pulitzer’s escape route. 

    [13:18] Describing how he came to the United States: He was friendless, homeless, tongueless, and guideless.  

    [14:05]  One of the places he slept when he was homeless was in the lobby of a hotel. They kept kicking him out. Later in life he buys the hotel. 

    [14:44] What he said about his job of tending mules: Never in my life did I have a more trying task. The man who has not cared for 16 mules does not know what work and trouble are.  

    [15:18] Pulitzer was a voracious reader. When he was not working he spent every free minute improving his mind.  

    [17:12]  Edwin Land said, "Anything worth doing is worth doing to excess". Joseph Pulitzer would have agreed with that. 

    [19:15]He was so industrious that he became a positive annoyance to others who felt less inclined to work. Pulitzer was unwilling to put forward anything but his best effort. 

    [25:10] In only 5 years he had grown from a bounty hunting Hungarian teenager to an American lawmaker.  

    [28:54] There are only two or three human stories and they go on repeating themselves as fiercely as if they have never happened before.  

    [38:10] He is 30 years old and depressed. In the best of circumstances the loss of one’s only surviving parent inspires self-reflection, for Joseph with no specific profession or even a home, such introspection was demoralizing.  

    [40:45] It is hard to understand how much money newspapers made, especially at this time. William Randolph Hearst’s net worth would be the equivalent of $30 billion today.  

    [48:34] One did not work with Pulitzer. For him, surely. Against him, often. But not with him.  

    [51:44] Pulitzer was extremely ambitious. He was not satisfied to be the 500th best newspaper. He wanted to be number 1.  

    [1:06:20] When we think that, a hundred years hence, not one of us now living will be alive to care or to know, to enjoy or to suffer, what does it all amount to? To a puff of smoke which makes a few rings and then disappears into nothingness and yet we make tragedies of our lives, most of us not even making them serious comedies. 

    ————

    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested, so my poor wallet suffers.”— Gareth

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    #238 Jay Z: Decoded

    #238 Jay Z: Decoded

    What I learned from reading Decoded by Jay Z. 

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    [1:39] I would practice from the time I woke in the morning until I went to sleep

    [2:10] Even back then I though I was the best.

    [2:57] Bourdain: The Definitive Oral Biography  (Founders #219)

    [4:32] Belief becomes before ability.

    [5:06] Michael Jordan: The Life (Founders #212)

    [5:46] The public praises people for what they practice in private.

    [7:28]  Lock yourself in a room doing five beats a day for three summers.

    [7:50] Sam Walton: Made In America  (Founders #234)

    [9:50] He was disappointed in the world, so he built one of his own — from Steven Spielberg: A Biography (Founders #209)

    [12:47] The Pmarca Blog Archive Ebook by Marc Andreessen (Founders #50)

    [13:35] I'm not gonna say that I thought I could get rich from rap, but I could clearly see that it was gonna get bigger before it went away. Way bigger.

    [21:10] Over 20 years into his career and dude ain’t changed. He’s got his own vibe. You gotta love him for that. (Rick Rubin)

    [21:41] Against The Odds: An Autobiography by James Dyson (Founders #200)

    [25:27] I believe you can speak things into existence.

    [27:20] Picking the right market is essential.

    [29:29] All companies that go out of business do so for the same reason – they run out of money. —Don Valentine 

    [29:42] There are two things in business that matter, and you can learn this in two minutes- you don’t have to go to business school for two years: high gross margins and cash flow. The other financial metrics you can forget. —Don Valentine 

    [31:54] I went on the road with Big Daddy Kane for a while. I got an invaluable education watching him perform.

    [33:12] Everything I do I learned from the guys who came before me. —Kobe

    [34:15] I truly hate having discussions about who would win one on one or fans saying you’d beat Michael. I feel like Yo (puts his hands up like stop. Chill.) What you get from me is from him. I don’t get 5 championships without him because he guided me so much and gave me so much great advice.

    [34:50] Steve Jobs: The Exclusive Biography (Founders #214)

    [37:20] This is a classic piece of OG advice. It's amazing how few people actually stick to it.

    [38:04] Nuts!: Southwest Airlines' Crazy Recipe for Business and Personal Success(Founders #56)

    [39:04] The key to staying on top of things is to treat everything like it's your first project.

    [41:10] The Founders: The Story of Paypal and the Entrepreneurs Who Shaped Silicon Valley (Founders #233)

    [44:46] We (Jay Z, Bono, Quincy Jones) ended up trading stories about the pressure we felt even at this point in our lives.

    [45:22] Competition pushes you to become your best self. Jordan said the same thing about Larry Bird and Magic Johnson.

    [46:43] If you got the heart and the brains you can move up quickly. There's no way to quantify all of this on a spreadsheet, but it's the dream of being the exception.

    [52:26] He (Russell Simmons) changed the business style of a whole generation. The whole vibe of startup companies in Silicon Valley with 25 year old CEOs wearing shell toes is Russell's Def Jam style filtered through different industries.

    [54:17] Jay Z’s approach is I'm going to find the smartest people that that know more than I do, and I'm gonna learn everything I can from them.

    [54:49] He (Russell Simmons) knew that the key to success was believing in the quality of your own product enough to make people do business with you on your terms. He knew that great product was the ultimate advantage in competition.

    [55:08] In the end it came down to having a great product and the hustle to move it.

    [56:37] Learn how to build and sell and you will be unstoppable. The Almanack of Naval Ravikant: A Guide to Wealth and Happiness (Founders #191)

    [58:30] We gave those brands a narrative which is one of the reasons anyone buys anything. To own not just a product, but to become part of a story.

    [59:30] The best thing for me to do is to ignore and outperform.

    [1:01:16] Poor Charlie's Almanack: The Wit and Wisdom of Charles T. Munger. (Founders #90)

    [1:06:01] Tao of Charlie Munger: A Compilation of Quotes from Berkshire Hathaway's Vice Chairman on Life, Business, and the Pursuit of Wealth With Commentary  (Founders #78)

    [1:08:42] Jony Ive: The Genius Behind Apple's Greatest Products(Founders #178)

    [1:11:46] Long term success is the ultimate goal.

    [1:12:58] Runnin' Down a Dream: How to Succeed and Thrive in a Career You Love - Bill Gurley

    [1:15:11] I have always used visualization the way athletes do, to conjure reality.

    [1:18:14] The thing that distinguished Jordan wasn't just his talent, but his discipline, his laser-like commitment to excellence.

    [1:19:42] The gift that Jordan had wasn't just that he was willing to do the work, but he loved doing it because he could feel himself getting stronger and ready for anything. That is the kind of consistency that you can get only by adding dead serious discipline of whatever talent you have.

    [1:21:37] when you step outside of school and you have to teach yourself about life, you develop a different relationship to information. I've never been a purely linear thinker. You can see it to my rhymes. My mind is always jumping around restless, making connections, mixing, and matching ideas rather than marching in a straight line,

    [1:27:41] Samuel Bronfman: The Life and Times of Seagram’s Mr. Sam (Founders #116)

    [1:34:15] The real bullshit is when you act like you don't have contradictions inside you. That you're so dull and unimaginative that your mind never changes or wanders into strange, unexpected places.

    [1:36:25] There are extreme levels of drive and pain tolerance in the history of entrepreneurship.

    [1:38:45] Hit Men: Power Brokers and Fast Money Inside the Music Business

    [1:42:24]  I love sharp people. Nothing makes me like someone more than intelligence.

    [1:44:17] They call it the game, but it's not. You can want success all you want but to get it you can't falter. You can't slip. You can't sleep— one eye open for real and forever.

    [1:51:49] The thought that this cannot be life is one that all of us have felt at some point or another. When a bad decision and bad luck and bad situations feel like too much to bear those times. When we think this, this cannot be my story, but facing up to that kind of feeling can be a powerful motivation to change.

    [1:54:18] Technology is making it easier to connect to other people, but maybe harder to keep connected to yourself.

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    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested so my poor wallet suffers. ” — Gareth

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    #239 The Wright Brothers

    #239 The Wright Brothers

    What I learned from rereading The Wright Brothers by David McCullough.

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    [3:40] Relentlessly Resourceful by Paul Graham

    [4:11] If I were running a startup, this would be the phrase I'd tape to the mirror. "Make something people want" is the destination, but "Be relentlessly resourceful" is how you get there.

    [5:35] Everybody engaged in complicated work needs colleagues. Just the discipline of having to put your thoughts in order with somebody else is a very useful thing. —Charlie Munger

    [6:44] No bird soars in a calm.

    [10:30] Neither ever chose to be anything other than himself.

    [11:36] Wilbur was a little bothered by what others might be thinking or saying.

    [11:46] What the two had in common above all was a unity of purpose and unyielding determination.

    [15:09] Every mind should be true to itself —should think, investigate and conclude for itself.

    [17:53] My Life in Advertising (Founders #170)

    [19:33] Overdrive: Bill Gates and the Race to Control Cyberspace (Founders #174)

    [19:39] Hard Drive: Bill Gates and the Making of the Microsoft Empire (Founders #140)

    [23:56] I wish to avail myself of all that is already known.

    [30:32] Like the inspiring lectures of a great professor, the book had opened his eyes and started him thinking in ways he never had.

    [34:29] In no way did any of this discourage or deter Wilbur and Orville Wright, any more than the fact that they had had no college education, no formal technical training, no experience working with anyone other than themselves, no friends in high places, no financial backers, no government subsidies, and little money of their own. Or the entirely real possibility that at some point, like Otto Lilienthal, they could be killed.

    [36:07] When once this idea has invaded the brain it possesses it exclusively.

    [38:23] I’ve never found anybody that didn’t want to help me if I asked them for help. I called up Bill Hewlett when I was 12 years old. He answered the phone himself. I told him I wanted to build a frequency counter. I asked if he had any spare parts I could have. He laughed. He gave me the parts. And he gave me a summer job at HP working on the assembly line putting together frequency counters. I have never found anyone who said no, or hung up the phone. I just ask. Most people never pick up the phone and call. And that is what separates the people who do things, versus the people who just dream about them. You have to act. —Steve Jobs

    [41:47] You wanted to start a company. You knew that it was going to be hard. What are you complaining for?

    [42:17] Jay Z: Decoded (Founders #238)

    [42:56] They had their whole heart and soul in what they were doing.

    [46:28] You should follow your energy.

    [53:49] The Wright brothers have blinders on mentality. They don't care what other people say. They just say I'm working at this. I don't care what other people think.

    [54:16] The brothers proceeded entirely on their own and in their own way.

    [58:21] This is the blueprint they are using: Test. Iterate. Test. Iterate. Work long hours. Concentrate and ignore the naysayers.

    [1:00:31] Wilbur was always ready to jump into an argument with both sleeves rolled up. He believed in a good scrap. He believed it brought out new ways of looking at things and helped round off corners.

    [1:00:57] Amazon Unbound: Jeff Bezos and the Invention of a Global Empire (Founders #180)

    [1:02:26] Pour gasoline on promising sparks.

    [1:04:14] It is very bad policy to ask one flying machine man, about the experiments of another, because every flying machine man thinks that his method is the correct one.

    [1:08:46] Stephen King On Writing: A Memoir of the Craft (Founders #210)

    [1:10:26] They were always thinking of the next thing to do. They didn't waste much time worrying about the past.

    [1:11:05] Look around, just about any person or entity achieving at a high level has the same focus. The morning after Tiger Woods rallied to beat Phil Mickelson at the Ford Championship in 2005, he was in the gym by 6:30 to work out. No lights. No cameras. No glitz or glamour. Uncompromised. — Driven From Within (Founders #213)

    [1:12:56] They would have to learn to accommodate themselves to the circumstances.

    [1:20:42] The best dividends on labor invested have invariably come from seeking more knowledge rather than more power.

    [1:27:37] He went his way always in his own way.

    [1:31:45] A man who works for the immediate present and its immediate rewards is nothing but a fool.

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    #132 Edwin Land (Steve Jobs's Hero)

    #132 Edwin Land (Steve Jobs's Hero)

    What I learned from reading The Instant Image: Edwin Land and the Polaroid Experience by Mark Olshaker. 

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    [1:42] The word “problem” had completely departed from Edwin land's vocabulary to be replaced by the word “opportunity”. 

    [2:01] What was it about this man and his company that allowed such confidence and seeming lack of concern with the traditional top priorities of American business? 

    [2:38] There is something unique about Polaroid having to do both with the human dimension of the company, and with a unity of vision of its founder and guiding genius.  

    [3:36] Perhaps the single most important aspect of Land's character is his ability to regard things around him in a new and totally different way.  

    [4:14] Right from the beginning of his career Land had paid scant attention to what experts had to say, trusting his own instincts instead.  

    [4:49] Land has always believed that for any item sufficiently ingenious and intriguing, a new market could be created. Conventional wisdom has little capacity with which to evaluate a market that did not exist prior to the product that defines it. 

    [5:21] He feels that creativity is an individual thing. Not generally applicable to group generation. 

    [5:52] Land is a man deeply caught up in the creative potential of the individual. 

    [6:33] An institution is the lengthened shadow of one man. 

    [7:43] Apple founder Steve Jobs once hailed Edwin Land, the founder of Polaroid and the father of instant photography, as "a national treasure" and once confessed to a reporter that meeting Land was "like visiting a shrine." By his own admission, Jobs modeled much of his own career after Land’s. Both Jobs and Land stand out today as unique and towering figures in the history of technology. Neither had a college degree, but both built highly successful and innovative organizations. Jobs and Land were both perfectionists with an almost fanatic attentiveness to detail, in addition to being consummate showmen and instinctive marketers. In many ways, Edwin Land was the original Steve Jobs.  

    [8:36] There's a rule that they don't teach you at the Harvard business school. It is, if anything is worth doing it's worth doing to excess

    [11:22] Steve Jobs: I always thought of myself as a humanities person as a kid, but I liked electronics. Then I read something that one of my heroes, Edwin Land of Polaroid, said about the importance of people who could stand at the intersection of humanities and sciences. And I decided that's what I wanted to do.  

    [12:51] In a world full of cooks, Edwin Land was a chef. [Link to The Cook and The Chef: Elon Musk’s Secret Sauce]  

    [19:34] Land was asked what he wanted to be when he was younger: I had two goals. To be the world's greatest scientist and to be the world's greatest novelist. 

    [21:28] Everyone acknowledged that the future of Polaroid corporation would be determined by what went on in the brain of Edwin Land. 

    [22:01] My motto is very personal and may not fit anyone else or any other company. It is: Don't do anything that someone else can do.  

    [22:54] Fortunately our company has been one which has been dedicated throughout its life to making only things which others can not make.  

    [25:06] Land had far more faith in his own potential, and that of the company he inspired, than did any of the experts looking in from the outside.  

    [27:30] Polaroid failed to build a successful company by selling to other businesses: Each [product] would have involved millions of dollars in revenue for the company, but each invention involved a certain degree of transformation of an existing industry controlled by an existing power structure. From this Land realizes he needs to control the relationship with the customer. He realizes he needs to sell directly to the end user

    [36:16] Edwin Land is inspired by, and learned from, people that came before him. One example of this is Alexander Graham Bell. Edwin Land is not worried about the marketing [of a new product] because Bell went through the same thing: Land apparently lost little sleep over the initial situation, calling to mind that the same sort of reaction had greeted the public introduction of Bell's telephone, 70 years earlier. The telephone had been a dominant symbol in Land's thinking. He began making numerous connections between his camera and the telephone.  

    [40:16] Over the years, I have learned that every significant invention has several characteristics. By definition it must be startling, unexpected, and must come into a world that is not prepared for it. If the world were prepared for it, it would not be much of an invention.  

    [40:46] It is the public's role to resist [a new invention, a new product/service]. 

    [41:29] It took us a lifetime to understand that if we're to make a new commodity —a commodity of beauty —then we must be prepared for the extensive teaching program needed to prepare society for the magnitude of our invention

    [45:12] Only the individual— and not the large group— can see a part of the world in a totally new and different way.  

    [48:08] Land's view is that a company should be scientifically daring and financially conservative. 

    [50:30] To understand more about every aspect of light, Edwin Land read every single book on light that was available in the New York City Public Library. That reminded me of one of my favorite lectures ever: Running Down A Dream: How to Succeed and Thrive in a Career You Love

    [51:59] Land on the problem with formal education: Young people for the most part —unless they are geniuses— after a very short time in college, give up any hope of being individually great. 

    [54:16] Among all the components and Land's intellectual arsenal, the chief one seems to be simple concentration.  

    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested, so my poor wallet suffers.”— Gareth

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    #133 Edwin Land (Polaroid and The Man Who Invented It)

    #133 Edwin Land (Polaroid and The Man Who Invented It)

    What I learned from reading Land’s Polaroid: A Company and The Man Who Invented It by Peter C. Wensberg.

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    [1:14] He was revered to an extraordinary extent by most of the people who worked for him.  

    [1:36] Land did not earn a college degree, yet he has received more medals and scientific honors than most living Americans.  

    [3:36]  Land's life seemed to be primarily a life of the mind. His great dramas were largely self created, played on the stage of Polaroid, which he constructed for himself. 

    [4:14] All of the people that you and I are studying on this podcast created their own world within the world.  

    [5:55] The end this book made me think of this quote by Steve Jobs: Remembering that I'll be dead soon is the most important tool I've ever encountered to help me make the big choices in life. Almost everything--all external expectations, all pride, all fear of embarrassment or failure--these things just fall away in the face of death, leaving only what is truly important. Remembering that you are going to die is the best way I know to avoid the trap of thinking you have something to lose. You are already naked. There is no reason not to follow your heart

    [7:38] Peter [the author] worked with Edwin Land for 20 years. As a result this book —more than any other— has a lot of direct quotes from Land.  

    [7:50] “Nature doesn’t care.” By that he meant nothing in nature would help or hinder their progress to a solution except their own ingenuity. Nature offered no bar to the elegant solution over the awkward compromise if they had the imagination to seek it and the wit to discover it. Nature had no concern for the affairs of men. 

    [9:42] At 37 years old he had achieved everything to which he aspired except success.  

    [10:55]  This product, this innovation, this creation— of one of the most important products ever made— came at a time when the company was almost out of business. 

    [12:42] Land said running his company felt like he was a physics professor leading his students on a grand experiment.  

    [12:53] I really do believe that Edwin Land is one of the most important entrepreneurs that ever existed. The way his mind works is extremely unique.  

    [17:08] Land on his motivations in life: I find an urge to make a significant intellectual contribution that can be tangibly embodied in a product or process

    [19:45] Edwin Land at 18: A secretive young man who was well-dressed but usually disheveled, often highly agitated, prone to long periods of intense activity, rarely volunteering any explanation of what he was trying to accomplish, eating haphazardly, his sleeves rolled up, his shock of dark hair falling in his face as he worked.  

    [20:31] Edwin Land on how to work: If you dream of something worth doing and then simply go to work on it and don't think anything of personalities, or emotional conflicts, or of money, or of family distractions; it is amazing how quickly you get through those 5,000 steps.  

    [24:52] An example of Land’s obsessiveness: They start at 8:30 and they work until 4:30. Then everything shuts down and they all go home. They don't work on Saturdays or Sundays.They keep telling me I should work for them. How could I get anything done?  

    [29:15]At this point we are 14 years into the story: Nothing told land that he had built a business that could survive, let alone grow.

    [30:47] A Landian question took nothing for granted, accepted no common knowledge, tested the cliche, and treated conventional wisdom as an oxymoron.  

    [35:56] Why is Polaroid a nutty place? To start with, it’s run by a man who has more brains than anyone has a right to. He doesn’t believe anything until he’s discovered it and proved it for himself. Because of that, he never looks at things the way you and I do. He has no small talk. He has no preconceived notions. He starts from the beginning with everything. That’s why we have a camera that takes pictures and develops them right away.  

    [39:15] Land hated to stop working. Once begun on a course of action, he wanted to experiment until the hypothesis was proved. He worked liked a predator, stalking a solution, with perpetual patience and energy. His intuitive leaps had landed him on the neck of his prey too often for him not to believe that he could do it the next time and the time after that.  

    [50:50] Land ran his company longer than any of America's great business leaders, longer than Thomas Edison, longer than Henry Ford, longer than George Eastman. Giving it up had been the hardest thing he had done in his life.  

    I have listened to every episode released and look forward to every episode that comes out. The only criticism I would have is that after each podcast I usually want to buy the book because I am interested, so my poor wallet suffers.”— Gareth

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