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In 1957 Fairchild got what he admits was a "lucky break." Eight young scientists working for Beckman Instruments decided to leave en masse with their idea for producing an extremely advanced transistor. After several companies turned down their request for financial backing, they came to Fairchild. He set them up in Fairchild Semiconductor Corp., as a division of Fairchild Camera, gave them stock in Fairchild Camera. Their success in developing the transistor (division sales may hit $30 million this year) is partly responsible for the spurt in Fairchild stock.
Fairchild takes no salary from any of his companies, believes that he should be on the same basis as other stockholders. "My sole objective is not to make money but to do something that is a substantial improvement over what has been done before, because if you do that you will make money in the long run."
New Millionaires. Like Fairchild, most of the men responsible for the success of the nation's new growth companies are intensely curious and dedicated men who started out to do something new rather than simply make money (although they hoped to do that too). Among the new millionaires : ¶Edwin H. Land, chairman, president and research director of Polaroid Corp., was worth $95.4 million personally (plus $99.8 million in stock held by his family) when Polaroid stock touched $256.50 a share earlier this year. Every time Polaroid's stock moves two points, the Lands' wealth rises or falls by $1,522,000. Their stock has risen in value by $86.8 million in the last 18 months alone. The genius behind Polaroid's success, bright-eyed, boyish-looking "Din" Land, likes to spend much of his time in his lab in Cambridge, Mass., where he works endlessly on new ideas. Polaroid is now working on a two-minute color film for its camera. Land believes that, with present and planned products, Polaroid's growth prospects are excellent.
¶Arnold O. Beckman, 60, is a former assistant professor of chemistry at California Institute of Technology who did a friend a favor by making a "pH" meter to test the acidity of lemon juice, set up shop in a garage in 1935 to manufacture them for industrial testing purposes. The small beginning grew into Beckman Instruments, which now has sales of $45 million, makes analytical instruments. Beckman owns 37% of his company's 1,380,000 shares, which is now worth $44.9 million.
¶Frank J. Prince, 72, controlling stockholder of Universal Match Corp., is the man who gave the world the vending machine that can change paper money. The biggest manufacturer of coin-handling devices, his company has jumped its sales from $12.1 million when he took over in 1951 to an estimated $85 million this year. Prince owns 650,000 shares worth $39 million, takes little part in day-today operations, says, "My main task is to look ahead and plan acquisitions."