Word: compaq
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Drug companies Novartis and Johnson & Johnson have set up venture funds to ensure access to the latest technologies. This fall Eli Lilly joined their ranks with a $75 million biotech fund. And IT firms such as IBM and Compaq are getting involved. IBM works in partnership with investment banks like Boston's Oxford Bioscience Partners to provide funds for promising start-ups. Says Carol Kovac, general manager of IBM's life-sciences program: "We see this as the next major scientific revolution for the decade...
...Compaq, which got in early by assisting the human-genome mapping projects, has the largest market share at 37%. It is working with Celera Genomics and the U.S. government to build a supercomputer that will perform 100 trillion operations a second--enough to read the entire Library of Congress, some 18 million books, 30 times a second. Says Ty Rabe, a director at Compaq's bioinformatics program: "The life-science industry will be as important to the world economy in the next decades as the computer industry is today...
...billion empire. A Saudi royal and the world's sixth wealthiest individual, al-Waleed, 46, is a global investor whose moves are followed closely by CEOs and money managers. His interests range from his own construction, hotel and oil firms to the stocks of troubled brand-name firms, including Compaq, Disney and Kodak. The prince, who follows the markets by satellite from his yacht, scored his first big win in 1991: $790 million of depressed Citicorp stock that has grown to an $8 billion stake in what is now Citigroup. And he's looking for similar opportunities in today...
...Here's what Washington should do for Big Steel. Let them merge to their heart's content - if it was OK for economy-of-scale-seekers Exxon and Mobil and Compaq and Hewlett Packard, the steel industry deserves the same shot. Heck, if it'll get their fast-track votes, give 'em $10 billion or so for the pensions - there's already 226 votes in the House - and let the retirees have their money. None of this is their fault...
...people as the last thing our culture needs. (Kamen scoffs, "Because I give kids calculators doesn't make them stupider.") And three grand may strike many others as an awful lot to pay for something they've managed so far to live happily without. John Doerr, who helped bankroll Compaq in the infant days of the personal-computer industry, points out that the first PCs cost $3,000 to $5,000. The analogy is worth pondering. The brave souls who bought those early PCs were willing to cough up big bucks not simply to own computers that were small...