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Who would have thought facilitating payments for Beanie Baby trades could be so lucrative? The only acquisition on our list whose value we can precisely measure, eBay spun off PayPal into a stand-alone public company in July 2015. Its value at the time? A cool 31x what eBay paid in 2002.

Ben: Welcome to this Potapalooza special. We are in episode three of our Adapting miniseries where we tell the stories of great companies and leaders who are adapting to a world that's changing in real-time. For those keeping track at home, welcome to season six, episode six of Acquired. I'm Ben Gilbert.

Ben: And we are your hosts. Today we tell a historical story of a company in crisis. A different and more industry-specific crisis than the one we're all going through right now, but a crisis nonetheless. This is the story of a business who's amazing and differentiated core product line became a pure commodity overnight.

Ben: And the realization, action, and bravery that followed thereafter. Today we cover Intel and their incredible bet the company moved on their newly emerging microprocessor business in 1985. This was an astounding part of the research for me; it was a full 17 years after their founding.

David: Yup. They weren't the microprocessor company when they started, but we'll get into all that. To all of you listening out there for the very first time as part of Potapalooza, welcome to Acquired and Adapting. On this podcast, we tell the stories of great companies. Mostly, we focus on technology companies and we center our story mostly in normal times. Around a culminating event that we grade for the company, typically an acquisition or an IPO hence, the name Acquired.

Ben and I are not journalists. We are industry practitioners, so our perspective here is telling these stories from the perspective of people inside the industry. We're entrepreneurs and venture capitalists and we've been trying over the past hundred or so episodes here on Acquired to better understand how to build great companies, and learn in public how to do that ourselves and with all of you.

Ben: A few announcements before we get to it. If you love Acquired and you want to go deeper on company-building topics into the nitty-gritty, you can become an Acquired Limited Partner. You'll get access to the LP Show, which has recent guests like venture capitalist Charles Hudson, and Mystery co-founders Shane Kovalsky and Vince Coppola.

With Charles, we discuss the inside baseball of pre-seed investing and portfolio construction. With Shane and Vince, their insane pivot in real time where they took their seed-stage experience hospitality company, which is a tough spot right now, into the world of in-home, morphing their offering during the Coronavirus pandemic, and figuring it out in real-time.

Ben: I know. It's crazy, just crazy. You'll get access to that. You'll get the LP calls where we hop on Zoom and spend a couple of hours with all of you once a month or so, and you can get access by clicking the link in the show notes or going to glow.fm/acquired and all subscriptions come with a seven-day free trial, so feel free to check it out.

Now before we dive in, I'd like to welcome our sponsor for all of season six, Silicon Valley Bank. Innovation happens when the status quo solutions just will not do. As the world fights COVID-19, SVB pays tribute to the innovators, healthcare providers, scientists, social workers, take-out chefs, policymakers, and philanthropists; generous, driven individuals working around the clock to keep people alive, find a cure, and help the world cope with the unimaginable.

SVB supports innovative companies and their investors and has for more than 35 years. It knows that innovation requires adaptability, flexibility, and an unrelenting passion for finding solutions. Today, more than ever, SVB salutes innovators everywhere, and you can learn more at svb.com/next. Thanks, SVB and David, I think we are ready to dive into the story of Intel.

David: Let's do it. The story of Intel, we're going to start here in the first act with the founding of Intel. Some of this is going to sound familiar to listeners who have listened to part one of our series on Sequoia Capital, because Sequoia Capital and Intel share much of the same heritage and roots, although Sequoia was not an investor, and Intel because it wasn't founded yet. Bear with us, but we're going to go in more detail and talk about really the beginning of Silicon Valley itself.

In fact, in that same year, in 1956, he won the Nobel Prize for doing so. He also had a pretty interesting background. He had very deep military connections because during World War II, while he was working at Bell Labs, he had been tapped as a senior military adviser on the radar and anti-submarine war techniques, and had become so important to the US' war effort that he had authored the report (he was asked to author the report) that estimated the difference in potential casualties between dropping the atomic bombs on Japan at the end of the war and invading the island. That was him.

Ben: And co-invented the transistor, but we don't have a semiconductor industry yet. Do you have any sense of why he would win a Nobel Prize for inventing the transistor? What did we think the transistor was going to be used for?

I don't recall exactly but I think the defense industry was sponsoring a lot of this research. I think within Bell Labs, although I'm not entirely sure how that worked. There was a race and computers had been used during the war, any act and all that. It was super clear that the transistor and semiconductors are going to enable a whole step-change function in the power and utility of computers. I guess it was known.

Ben: This is the part where I probably should have done more research in this area, but the ways that we were storing information before were just much bigger. Transistors made it much more efficient, much smaller, but as you say the notion of a computer had existed before.

David: It's interesting. You say information was stored for a long time. Even after this, information was still stored, not in transistors, but we'll get to that one sec. Back to Shockley, he's literally one of the fathers of computing, undoubtedly, Nobel laureate, but he had a pretty significant dark side. He was a total egomaniac and when you have that in your personality, becoming at the same time both a CEO and a Nobel laureate, tend to magnify those personality traits.

When he started the company he demanded absolute adherence to all of his whims. He started instituting lie detector tests at the office because he didn't trust any of his employees and generally he was kind of like the world's worst boss.

Later in life, much later, after Shockley Semiconductor, he would go on to become a professor at Stanford. He literally went off the deep end. He became a white supremacist, he became obsessed with eugenics. Pretty ironic, given his role on the side of the allies during World War II. He ended up dying alone and completely estranged from his family. It's crazy. He went totally off the deep end.

Back to the 50s in 1956 when he started this firm, everybody in the technology industry knew this was where it was at. He had just started this company in Mountain View, California but everybody who was working in the industry all around the country wanted to come out and work with him. The best and brightest from all corners of the country started coming out and joining Shockley Semiconductor. I think that also had a big part to do with why, obviously, there was the influence of Stanford and Cal and all the great universities in the Bay Area.

David: Yeah, DARPA research. This was also a big part of it, this company that popped up and started recruiting people from all over the country. A year into this when Shockley is acting crazy, a group of eight employees who are really talented were fed up with his antics. They decide to do something pretty radical. They all resign en masse on the same day, they leave Shockley, they walk out the door, and they start a competing company becoming known in the process as the "traitorous eight," which folks might have heard of.

Two of these traitorous eight gentlemen are people by the names of Bob Noyce and Gordon Moore. These traitors, these pirates (if you will) also aren't just people off the street. Remember, Shockley had invented the transistor. Noyce invented the modern integrated circuit, which became a bit of how transistors were implemented in silicon.

Gordon Moore, of course, observed and coined Moore's law that we still talk about and still holds even to this day, which was the observation that roughly the density of integrated circuits on the chip, computing power would double every one to two years and that has happened for the past 50 plus years.

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