He Who Dares Loses - Billion-Dollar Boast.
Prior to the recent European Technology Forum event on 'The
Secrets of Success', the speakers joked among themselves about who
had lost the most money in a single venture. Kamran Elahian, founder of
Cirrus Logic Inc and chairman of NeoMagic Corp, and Hermann Hauser,
founder of Acorn Computers Ltd and Amadeus Capital Partners, both
claimed losses in tens of millions of dollars. But Nick Temple, now CEO of retail software house Armature Ltd, silenced them all with his tale
of how he recorded a [pound]1 billion loss in a single year, but was
still considered a success. He was CEO of IBM UK when the company went
through a painful period of restructuring. Shortly after, the company
was back in profit.