A 39 year old former farm boy turns $250,000 into a $13 BILLION company
The result?
He's the second richest Black man in the US
Here's the unbelievable story of the largest tech company you've never heard of 👇🏽👇🏽👇🏽
The result?
He's the second richest Black man in the US
Here's the unbelievable story of the largest tech company you've never heard of 👇🏽👇🏽👇🏽
1/ David Steward was born in 1951 in Clinton, MO in a family of 8 kids.
His family’s small farm lacked plumbing and his morning chore was milking cows.
Rural Missouri was so racist that when he applied for the local Boy Scouts, they laughed while tearing up his application…
His family’s small farm lacked plumbing and his morning chore was milking cows.
Rural Missouri was so racist that when he applied for the local Boy Scouts, they laughed while tearing up his application…
2/ David’s mom was heartbroken.
Digging deep, she set out to make the town a better place for her children.
David watched in awe as his mom “sold” the idea of integration. Meanwhile, he learned hard work from his dad who held 4 jobs.
Those two lessons changed his life…
Digging deep, she set out to make the town a better place for her children.
David watched in awe as his mom “sold” the idea of integration. Meanwhile, he learned hard work from his dad who held 4 jobs.
Those two lessons changed his life…
3/ In 1969, he started at Central MO University.
He didn't make the basketball team but went to daily practice anyway. His work ethic was legendary.
When he graduated, he applied to 400 jobs landing his “dream job” at MO Pacific Railroad where he found his calling: Sales
He didn't make the basketball team but went to daily practice anyway. His work ethic was legendary.
When he graduated, he applied to 400 jobs landing his “dream job” at MO Pacific Railroad where he found his calling: Sales
4/ After a a stint as FedEx's top salesman, he founded a pair of companies to review and audit freight bills.
When Union Pacific hired him to audit $15 Billion for undercharges,
there was no way to handle all the data by hand.
They needed an upgrade...
When Union Pacific hired him to audit $15 Billion for undercharges,
there was no way to handle all the data by hand.
They needed an upgrade...
5/ David had to build his own local area network of routers and computers.
It was the largest in the region at the time. Nothing worked well at first, but he tinkered with it until it could process the mountain data the company was tasked with.
He had glimpsed the future...
It was the largest in the region at the time. Nothing worked well at first, but he tinkered with it until it could process the mountain data the company was tasked with.
He had glimpsed the future...
6/ Steward recruited the team from his current distributor to come on board and made their manager his partner in the new startup.
That manager introduced him to Jim Kavanaugh, a former pro soccer player who had become their top salesperson after hanging up his cleats...
That manager introduced him to Jim Kavanaugh, a former pro soccer player who had become their top salesperson after hanging up his cleats...
7/ Steward would fund the new electronics distributor: World Wide Technologies (WWT).
The company launched in 1990 with 250K from Steward, who led sales as well.
By 1992 they had reached $8MM in revenue, but something went horribly wrong...
The company launched in 1990 with 250K from Steward, who led sales as well.
By 1992 they had reached $8MM in revenue, but something went horribly wrong...
8/ Steward dashed out of the office in horror as he watched his Lincoln being repossessed.
He chased after it and bribed the tow truck driver to get his briefcase out.
But became clear: his finances had been a mess, huge $ was missing and they were DEEP in debt...
He chased after it and bribed the tow truck driver to get his briefcase out.
But became clear: his finances had been a mess, huge $ was missing and they were DEEP in debt...
8/ Only one partner handled the books, he had to go.
Steward, now the sole owner, promised Kavanaugh at least 15% if they were able to turn the company around from their $3MM debt hole.
Being an SBA 8(A) Minority Owned Business and years of 80 hour weeks saved them...
Steward, now the sole owner, promised Kavanaugh at least 15% if they were able to turn the company around from their $3MM debt hole.
Being an SBA 8(A) Minority Owned Business and years of 80 hour weeks saved them...
9/ Things began to take off. Government contracts via the 8(A) program formed the bulk of their business.
WWT reached $135MM by 1997.
In 1999 Kavanaugh became head of Telcobuy, which had been spun out to go public.
The dot com crash canceled that plan, but not WWT's growth...
WWT reached $135MM by 1997.
In 1999 Kavanaugh became head of Telcobuy, which had been spun out to go public.
The dot com crash canceled that plan, but not WWT's growth...
10/ Steward stepped back from the day to day as Kavanaugh became CEO in 2002.
2003 had WWT cross the billion dollar mark in revenue, they had become one of the largest hardware buyers in the US.
Dell, Microsoft, AT&T count them as key for both sales and supply chain...
2003 had WWT cross the billion dollar mark in revenue, they had become one of the largest hardware buyers in the US.
Dell, Microsoft, AT&T count them as key for both sales and supply chain...
11/ World Wide does more than just enterprise software and custom network configurations.
They've expanded into every facet of technology consulting and supply chain management.
If you're selling hardware to enterprise, you need them on your side.
They've expanded into every facet of technology consulting and supply chain management.
If you're selling hardware to enterprise, you need them on your side.
12/ Relentless dedication to customer satisfaction have made both men rich beyond their wildest dreams.
Steward has an estimated $5.8 BILLION, while Kavanaugh maintains a paltry $3B in comparison.
Culture & innovation drive their continued growth and $700MM in annual profits.
Steward has an estimated $5.8 BILLION, while Kavanaugh maintains a paltry $3B in comparison.
Culture & innovation drive their continued growth and $700MM in annual profits.
13/ Considered one of the best places to work in tech, their goals are the same as they were Day 1:
1) To be the best technology solution provider in the world.
2) To create a profitable, growth company that is also a great place to work for all.
1) To be the best technology solution provider in the world.
2) To create a profitable, growth company that is also a great place to work for all.
14/ In a town that many consider to be dying, 2 men put their heads down and built one of the biggest tech companies you've probably never heard of.
The real impact of World Wide Technologies isn't their profits, but in the people they've helped along the way.
That's amazing.
The real impact of World Wide Technologies isn't their profits, but in the people they've helped along the way.
That's amazing.
15/ Sources:
forbes.com/sites/laurende…
ibtimes.co.uk/mountain-debt-…
bizjournals.com/stlouis/news/2…
blackenterprise.com/be100s/top100/
forbes.com/sites/laurende…
ibtimes.co.uk/mountain-debt-…
bizjournals.com/stlouis/news/2…
blackenterprise.com/be100s/top100/
16/ Why I love this story, it's a reminder that:
1) Good people win
2) You don't need to make a product to be innovative
3) You can almost always rebuild if you don't give up
4) Culture scales companies
And that anyone, anywhere, can do it...
1) Good people win
2) You don't need to make a product to be innovative
3) You can almost always rebuild if you don't give up
4) Culture scales companies
And that anyone, anywhere, can do it...
17/ If you enjoyed this thread, follow me @jspujji
I tweet Bootstrapped Giant stories like this every week
Like this one about Mailchimp, who just sold for $12,000,000,000!!!
I tweet Bootstrapped Giant stories like this every week
Like this one about Mailchimp, who just sold for $12,000,000,000!!!
https://twitter.com/jspujji/status/1436408144867905536?s=20
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