Teledyne Years
In June 1960, Singleton and George M. Kozmetsky, a colleague from Litton, formed a firm named Instrument Systems, located in Beverly Hills, California. Arthur Rock, one of America's first and most successful venture capitalists, financed the startup with a $450,000 investment and remained a Board Director for 33 years. With a Doctor of Commercial Science degree from Harvard and 10 years experience in industry, Kozmetsky complemented Singleton for developing a successful enterprise. Singleton served as Chairman and President, and Kozmetsky was the Secretary and Executive Vice President. Their basic plan was to build a major firm primarily through acquiring companies. In October, they acquired the majority of stock in Amelco, a small electronics manufacturing plant, and within a short time bought rights to the name Teledyne and its associated logo.
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“Furnished as all Europe now is with Academies of Science, with nice instruments and the spirit of experiment, the progress of human knowledge will be rapid and discoveries made of which we have at present no conception. I begin to be almost sorry I was born so soon, since I cannot have the happiness of knowing what will be known a hundred years hence.”
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