“Long term success isn’t based on who wins in price [or] competition; it’s who comes up with the better source of supply, the better technology, or the better way of organizing. And so that’s our most important innovation that’s determined our success…we developed this management philosophy that we call Market Based Management which I describe in my book ‘Good Profit.’”
Koch Industries is responsible for groundbreaking inventions that you use every day but probably aren’t even aware of – things like Stainmaster carpets, Lycra fiber, coffee cups, paper plates, and parts for cell phone chargers. In this segment, Charles Koch, Chairman and CEO of Koch Industries and author of “Good Profit,” explains why his most important innovation has been his management philosophy which has enabled Koch Industries to lead the way in inventions and innovations within its industry. I also ask Charles some rapid-fire personal questions and he reveals his favorite presidents (the answers will surprise you) and a couple of his favorite books and TV shows.