The key success factor is to have a company that, while it’s still making lots of money and has lots of capital, actually takes wise opportunistic chances. General Electric does that. 3M does that. But there are companies that, for a lot of reasons, many of them political, are not able to do that. That’s the Kodak story. The folks in charge of the traditional cash flow were unwilling to really let other organizations within the company grow up, they stifled growth. I think that’s a great example of how you should not go about doing it.20
