Scott Balmer, 74, the founder and chairman of Power Save international in Tamarac, Florida, expected it would take three years to develop and market the technology for his energy-saving co-generators. In fact, it took 10. At one point, he went so far into debt that the lender foreclosed on his house, and he and his wife had to move to an apartment. They spent all their savings, cashed in all their insurance police, and were broke. Balmer has since gotten back on his feet, in part by bringing in other investors. He has also appointed a younger CEO, to assuage any investor's fear about continuity.
(Business Week, "Senior Start-ups," August 14, 2000)
(Business Week, "Senior Start-ups," August 14, 2000)
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