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Business Movers

Cisco: The Founder's Dilemma | Ousted | 3

Business Movers

Wondery

History, Business, Entrepreneurship

4.81.5K Ratings

🗓️ 28 September 2023

⏱️ 38 minutes

🧾️ Download transcript

Summary

Cisco goes public. It’s a financial windfall for all involved, including co-founders Sandy Lerner and Len Bosack. But the tensions behind-the- scenes at the company reach breaking point and force Sandy and Len into a monumental decision.

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Transcript

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0:00.0

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0:23.0

It's early morning on February 16, 1990 at Cisco headquarters in Menlo Park, California.

0:30.0

Sandy Learner leans against a desk, watching a small television, Jerry rigged on top of a filing cabinet.

0:36.0

It's showing live pictures from the New York Stock Exchange where Cisco shares have just made their debut.

0:42.0

It's a major milestone for the router company.

0:45.0

Sandy and her co-founder Len Bozak risked everything to start Cisco,

0:49.0

remorgaging their house and maxing out their credit cards.

0:52.0

Their gamble seems to have paid off.

0:55.0

They attracted the investment of Ventura Capitalist Don Valentine and have now taken Cisco public.

1:00.0

But Sandy doesn't look happy about it.

1:03.0

Perched on a chair beside her, Len holds out his coffee mug.

1:07.0

Well, to Cisco, feels weird to be toasting with coffee, but 6.30 in the morning.

1:12.0

It's a little early to break out the champagne.

1:15.0

Sandy just shrugs.

1:17.0

I'm not much in the mood anyway.

1:19.0

Oh, Sandy, come on.

1:20.0

All those years, one day of Cisco would even survive.

1:23.0

And now we're one of the hottest tech stocks on Wall Street.

1:25.0

I mean, we did it. This is good.

1:27.0

It just doesn't feel like hours anymore.

1:29.0

I mean, it's different for you.

1:30.0

You have a seat on the board, but I don't.

...

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