John Cook’s Venture Blog:
Costco co-founder Jim Sinegal just addressed Entrepreneur University, an all day conference being held today at the Sheraton Hotel in downtown Seattle. More than 300 entrepreneurs, investors and service providers are in attendance.
Sinegal provided a timeline of the Issaquah retailer, noting that it raised $7.5 million from investors in the Pacific Northwest and Southern California in 1983. That same year it opened its 1st warehouse stores and reported $101 million in revenue.
Sinegal said the company never had an ‘exit strategy,’ turning down dozens of buyout opportunities over the years. And he said that Coscto was always well capitalized, never having to worry about meeting payroll or finishing warehouse construction.
This line from Sinegal really summarized Costco: ‘Everything we do is to outefficiency the competition.’
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