One such inspirational address was from the luncheon keynote speaker, John Palmour, Co-founder and now Chief Technology Officer of Cree, Inc. Cree started as a technology spinoff from a project at North Carolina State University in 1987 to grow into a $1.6B global business. Cree is a market-leading innovator of lighting products, LED components, and semiconductor products for power and radio-frequency applications.
Mr. Palmour, a home-grown product of North Carolina, was a down-to-earth compelling speaker with a story which can inspire any entrepreneur. Two key points he made about Cree’s and his own business success included:
• Not buying into that old saying “it cannot be done.” John actually put it as “I was too young and stupid to not believe that it cannot be done,” but honestly, I think that really demonstrates the power of sometimes defying conventional wisdom and going with your own instincts. While most other technology companies were migrating to Silicon Valley in California, John believed he could find the required talent and funds in North Carolina to grow his business. And he did!
• Cree was successful under John’s leadership to break into the federal contracting business and winning key contracts with the US Military, which helped provide needed business and capital to grow Cree’s business. But then Cree moved beyond the government contacts to diversity and find additional sources of revenue such as the residential product market.
Then John continued into discussing key challenges facing technology businesses in the USA and North Carolina today. These included:
• The ever increasing global competition, especially from Asia. Businesses in the US must stay on the forefront of technology and not get complacent and satisfied with the current status quo.
• Assuring that the quality of education in our state and the country advances. We need to continue to build strong technical expertise with a focus on STEM (Science, Technology, Engineering, Math) and the business aspects of building savvy entrepreneurs.
And then John closed with the key message that much of Cree’s success was that they combined building products and offerings using innovative technology with highly-motivated great employees.
NEXT BLOG: In two weeks, I will follow up with a profile of a successful small diverse-owned local business I met at the Marketplace Event.