Speaker A
Well, thanks very much. It is an honor to be here at the center of the digital universe. It's a new world coming, and it's good to see that you, the guys that are going to make it happen. A lot of times, people like to know how it is exactly I got to be where I am today. I can tell you that it all started in seventh grade gym class. Jerry and I were the two slowest, fattest kids in the class, and you know, you get to be good friends with whoever you can find at the back of the pack running around the track. We made it through junior high and high school together, and then came time to go to college. I didn't want to go to college, and my father and sister applied for me, and I ended up going to Colgate and dropped out. Then I went to Skidmore, dropped out, went to NYU, dropped out, and finally got into the most unstructured college program at the time, which was the University Without Walls, where the whole world is your campus. There are no teachers, there are no classrooms. The idea is to go out into the world, learn whatever you want to learn, come back, prove that you learned it, and they give you a degree. I dropped out of there too. Then, you know, I tried to make a living as a potter, making bowls out of clay, and nobody would buy my pottery. Jerry, on the other hand, went through four years straight of college, applied to 30 medical schools, and they all rejected him. So there we were, two failures, and we said, well, we're not going to get anywhere. I guess we're going to have to start our own business, and the only thing we really liked doing was eating, so it had to be a food business. We ended up picking homemade ice cream. We didn't know how to make ice cream, so we found this correspondence course called Ice Cream. It's still available from Penn State University. It was $5 for the course. We didn't have much money, so we split one between the two of us. We took the tests; they were all open book tests. You sent them into your teacher, they marked it, and sent it back. We got hundreds on every test, and we thought this was a good sign. So we opened a homemade ice cream parlor in Burlington, Vermont, in a dilapidated old gas station on an investment of $88,000, $4,000 apiece. We renovated the place ourselves, bought all this used restaurant equipment, got a loan from the bank for another $122,000, and started as a homemade ice cream parlor, and that's all we ever planned on doing and being. Then, you know, the winter rolled around, and it gets pretty cold in Burlington, Vermont, and nobody would buy our ice cream. We decided we would try wholesaling it, and I became the delivery driver. We would sell our ice cream in tubs, two and two gallons, to the restaurants, and then after a while, we sold them in pints to grocery stores, and that started really taking off. That began the Ben and Jerry's that we know today. It started in Vermont, went into New Hampshire, not very highly populated states, and then eventually went into the biggest market that we had ever been in at the time, which was Boston. In order to make sure our ice cream was sold off the supermarket shelves and bought, we decided to do our first ever TV advertising, and we could only afford late, late, late night TV and 10-cent ads. The ad was me and Jerry live inside of a pint container, and here's how it went: "Hi, I'm Ben. I'm Jerry. We may not have the money for a 30-second TV ad, but we sure do make some of the best ice cream you ever tasted." That was it, and it worked. The ice cream sold, and things were going well. The business was growing, got to a level of about $3 million, and we turned around and looked at ourselves one day and said, you know, what's going on here? I mean, we're not being ice cream anymore. We're not spending our time making ice cream and scooping ice cream to our friends and neighbors over the counter. We became administrators and bosses, and we were hiring and firing, dealing with accountants and lawyers, writing memos, and that wasn't exactly what we had in mind. Also, we felt like the business was becoming just another cog in the economic machine that tends to oppress a lot of people. Our first inclination was to sell the business, and then we decided to keep it and see if it was possible that business is really just a tool, a neutral tool like a hammer that can either be used to destroy things or to build things. We decided to see if it was possible to use our business as a force for progressive social change in order to heal some of the problems in society that business in general really had been creating. At that stage in our life, in the business's life, we were growing very rapidly, and it was the stage when normally businesses take in venture capital. Instead of going that route, we decided to see if we could use that need for cash as an opportunity to make the community the owners of the business so that as the business prospered, the community would automatically prosper. We were able to have what became the first ever in-state public stock offering, so we sold stock in Ben and Jerry's just to Vermonters, and we del—