What in the hell are you talking about?
Entrepreneur Profile - Jim Turley By EMILY KNIGHTSan Diego Business Journal Staff Jim Turley has only been the chief executive officer of Patriot Scientific Corp. since June, but the 20-year-old intellectual property licensing company has already completed a record-breaking year under his direction. The company, which develops and markets proprietary technologies, doubled revenue in the last fiscal year, achieving record sales of $49 million. Turley notes that the company is “in a great place to get to that ‘hockey stick’ curve of growth.” Turley’s background in patent licensing and silicon chip technology is likely to help him lead Patriot Scientific. He has written several books and is frequently quoted as an industry expert. He recently began writing a monthly column for the industry publication Electronic Business. VITALS Name: Jim Turley. Titles: President and chief executive officer. Company: Patriot Scientific Corp. Company address: 6183 Paseo del Norte, Suite 180, Carlsbad 92011. Company phone: (760) 547-2700. Year founded: 1987. Average hours worked weekly: 60-plus. Source of startup capital: Self-financed. 2006 revenue: $49 million. Number of employees: Five. Web site: www.ptsc.com. BACKGROUND Birthplace: Portland, Ore. Age: 45. Current residence: Carlsbad. Hobbies: Auto racing (specifically, SCCA Formula Ford). JUDGMENT CALLS Reason for getting into business: To grow Patriot Scientific into something greater. How I plan to grow the business: Through acquisition of high-tech product companies. Biggest plus of business ownership: Seeing (some) things go your way. It’s rewarding to have a hand in the outcome of something big. Biggest drawback: Being mired in the details. Biggest business strength: Strong technology background, ready cash, supportive shareholders. We’re in a great position for fast growth. Biggest business weakness: Twenty years of historical inertia. Technology companies need to move quickly, but it’s easy to fall back on “the way we used to do it.” Biggest risk: There’s risk in any business. If it was easy, everyone would be doing it. Smartest business decision: To openly license the technology we developed so that other companies can use it, too. Biggest business mistake: No mistakes, just decisions that didn’t pan out. Toughest career decision: To get in the game or stay on the sidelines. Biggest ongoing challenge: Overcoming the “patent troll” label that’s been misapplied to many licensing companies. Yes, there are real patent trolls out there, but selling an intangible product doesn’t make a company a troll. The most important part of my business: Spotting the technological trends and separating the wheat from the chaff. My business works best when: When everybody’s talking. Best way to stay competitive: Treat every day as the start of a new business. Don’t be afraid to abandon the old and start over with something new and better. How I measure success: Happiness. If you and your colleagues aren’t happy, what’s the point? Life is not a zero-sum game; you don’t have to make others unhappy to gain happiness yourself. You don’t have to suffer to deserve good times. You don’t have to fail to deserve success. GOALS Goals yet to be achieved: Grow the company tenfold in staff and share price.My five-year business plan: Bring two or more interesting new products to market. I would sell the business only if: It made good sense for the staff and shareholders. Guiding principles I will continue to follow: Ethics above all else. It’s got to be “right” for everyone concerned or it’s not business, it’s cheating.
