William Austin, CEO of Starkey LaboratoriesUSA Today has published a wonderful profile on Bill Austin, Founder and CEO of the biggest hearing-aid manufacturer in the U.S., Starkey Laboratories. It focuses rightly on the phenomenal degree of philanthropic work he’s done, distributing free hearing aids to millions of people in need throughout the world. It also reviews his history as a super salesman of hearing aids, with his biggest breakthrough fitting President Ronald Reagan in 1983. Since then he’s fitted four other presidents including G.W. Bush who wears Starkey earplugs while hunting to protect his hearing from gunshot noise. There’s also a link to an additional interesting story on why hearing aids are so expensive. It’s the most concise summary I’ve seen of: 1) the hefty R&D costs that have to be amortized across a market of far fewer units than typical consumer electronics products reach; and 2) the lack of insurance reimbursement for hearing aids. Mostly though it’s an inspiring story of an all-American entrepreneur and innovator who single-handedly helped build an industry, then used his hard-won riches to help out others around the world.
