William F. Austin

Last updated

Bill Austin
Born
William Franklin Austin

1942 (age 81–82)
Nixa, Missouri, US
Occupation(s)Businessman, philanthropist
TitleCEO, Starkey Hearing Technologies
SpouseTani Austin

William Franklin "Bill" Austin (born 1942) is an American billionaire businessman, philanthropist, and founder, principal owner, chairman and CEO of Starkey Hearing Technologies, a global hearing aid manufacturer and the largest in the United States. [1]

Contents

Early life

Austin was born in Nixa, Missouri in February 1942. His father, J. E. “Dutch” Austin, worked as a lumber trader for Georgia-Pacific, while his mother, Zola, worked in a factory. To supplement the family's income, Austin and his mother would take walks and collect bottles for recycling. During the summer, they picked blackberries and harvested foxgloves and cascara chittem bark for medicinal purposes. As he grew older, he took on a paper route and a host of other part-time jobs. [2]

In 1961, at age 19, following an offer from an uncle to work part-time at his hearing aid shop and inspired by medical breakthroughs, Austin attended the University of Minnesota with the intent to become a doctor and one day serve the needs of the poor in the developing world. His college career was cut short, however, after one particular customer changed his life. As Austin tells it, a kind elderly gentleman bemoaned that the feedback from his hearing aid was so loud that it actually worsened his hearing, and that no one had been able to repair it. Austin was able to fashion a new earpiece and helped the man to hear again. The man was exceptionally grateful, and his face beamed with gratitude, an image that stuck with Austin. After only a few weeks in college, Austin quit school and poured his time and energy into hearing devices. “As a doctor, I could help maybe 20, 25 people a day,” Austin said. “I felt that if I did the hearing-aid business that I would be able to impact more people.” [3]

Career

In 1970, Austin paid $13,000 for Starkey Labs, which at the time was a hearing aid parts shop. He merged it with his business and under his leadership, the business thrived, owing to a dedicated commitment to innovate and provide high-quality service. Starkey offered the market's first custom, in-the-ear hearing aid, which is the product for which the company is still best known. Later, Starkey became the first hearing device manufacturer to utilize both nano and digital technology. Austin also instituted strong customer service policies, including a 90-day free-trial period. [3] Then, in September 1983, the company's fortunes soared after one of the world's best known figures, U.S. President Ronald Reagan, was photographed wearing Starkey hearing aids. Reagan's acknowledgement that he used hearing devices led to much greater acceptance globally of hearing aid technology. That he was fitted with Starkey hearing aids caused sales to quadruple in just a few weeks. [4]

Over time, Austin's company began expanding, both in the United States and overseas. Even as his company grew, his determination to help the poor never abated, and he began traveling to developing nations on charitable trips. At times, his trips have been without fanfare; other times, to raise awareness of the imperative for hearing solutions needed in the developing world, he has teamed with notable figures from all walks of life and all political parties. For example, in 2013, he joined former President Bill Clinton on a mission to Africa to give customized hearing devices to nearly 400 people in Zambia and Rwanda; that same year, he traveled with former President George W. Bush to provide hearing devices to more than 200 people in Dar es Salaam, Tanzania. [5]

Some of Austin's clients have included Mother Teresa, Walter Cronkite, Arnold Palmer and Billy Graham. As of November 2019, his company had more than 6,000 employees working in 25 facilities, doing business in more than 100 markets worldwide. [6]

Political activity

Together with his spouse, Austin contributed $1 million to Donald Trump's 2020 presidential campaign. [7]

Personal life

Austin and his wife Tani currently live in Brownsville, Texas. [8] He is the step-grandfather of William Sawalich.

Philanthropic activities

In addition to his roles within Starkey Hearing Technologies, Austin spends much of his time—as much as 25 days a month—working on behalf of his nonprofit Starkey Hearing Foundation, founded in 1984 by Austin and his wife, Tani. Together, they have handed out more than one million hearing aids to the poor. [9] His philanthropic work has been recognized globally, and he has received numerous honors and awards:

See also

Related Research Articles

<span class="mw-page-title-main">Dean Kamen</span> American businessman

Dean Lawrence Kamen is an American engineer, inventor, and businessman. He is known for his invention of the Segway and iBOT, as well as founding the non-profit organization FIRST with Woodie Flowers. Kamen holds over 1,000 patents.

<span class="mw-page-title-main">Hearing aid</span> Electroacoustic device

A hearing aid is a device designed to improve hearing by making sound audible to a person with hearing loss. Hearing aids are classified as medical devices in most countries, and regulated by the respective regulations. Small audio amplifiers such as personal sound amplification products (PSAPs) or other plain sound reinforcing systems cannot be sold as "hearing aids".

Dwayne Orville Andreas, was one of the leading farm industrialists of the 20th century. He was often called the Soybean King. He was former CEO and chairman of Archer Daniels Midland (ADM). Under his leadership he turned ADM into the largest processor of farm commodities in the United States.

Sonova Holding AG is an internationally active Swiss group of companies headquartered in Stäfa that specializes in hearing care. The Sonova group operates through its core business brands Phonak, Unitron, Hansaton, Advanced Bionics, AudioNova and Sennheiser. It is one of the largest providers in the sector worldwide. The group and it's brands hold 24% of the global hearing aid market in sales. As of 11 September 2022, Sonova was a component of the Swiss Market Index.

<span class="mw-page-title-main">Dennis Washington</span> American billionaire industrialist

Dennis R. Washington is an American billionaire industrialist who owns, or co-owns controlling interests in, a large consortium of privately held companies collectively known as the Washington Companies and, in Canada, another collection of companies known as the Seaspan Marine Corporation.

Mario Joseph Gabelli is an American stock investor, investment advisor, and financial analyst. He is the founder, chairman, and CEO of Gabelli Asset Management Company Investors, an investment firm headquartered in Rye, New York. Forbes Magazine listed him as #1725 in December 2023 on the list of Billionaires, with a net worth of $1.7 billion US dollars. On January 10, 2000, Gabelli was inducted into the "Barron's All Century Team," their list of the most influential mutual fund industry portfolio managers. Mr. Gabelli was named an honorary member of Local 6 and the Hotel Trades Council in December 2019 and formally inducted into the Horatio Alger Association of Distinguished Americans on April 2–4, 2020, during the Association's 73rd Horatio Alger Award Induction Ceremonies in Washington, D.C.

David Lloyd Steward is an American billionaire businessman. He is chairman and founder of World Wide Technology, one of the largest African-American-owned businesses in America.

<span class="mw-page-title-main">Cochlear Limited</span> Australian public company

Cochlear is a medical device company that designs, manufactures, and supplies the Nucleus cochlear implant, the Hybrid electro-acoustic implant and the Baha bone conduction implant.

<span class="mw-page-title-main">T. Denny Sanford</span> American businessman

Thomas Denny Sanford is a South Dakota businessman and philanthropist. He is the founder of First Premier Bank and the chairman and chief executive officer of its holding company, United National.

<span class="mw-page-title-main">Jimmy John Liautaud</span> American restaurateur

James John Liautaud is an American restaurateur, who is widely known as the founder and former chairman of Jimmy John's sandwich chain.

Lyric Hearing is an extended wear hearing aid developed by InSound Medical, founded by medical device inventor entrepreneur Adnan Shennib and Thar Casey. The device rests inside the ear canal and uses the ears anatomy to funnel sound to the ear drum. The device is placed into the ear canal by a certified professional and no surgery or anesthesia is required when inserting the device. Although individual replacement needs can vary, Lyric is designed to be worn for up to 4 months at a time without needing to remove it or replace batteries.

<span class="mw-page-title-main">Harold Hamm</span> American businessman (born 1945)

Harold Glenn Hamm is an American business magnate in the oil and gas business. He is known for extracting shale oil resources. As of February 4, 2022, Hamm's net worth is estimated to be US$49.3 billion, making him the 63rd wealthiest person in the world. He is the founder and chairman of Continental Resources. In 2012, presidential candidate Mitt Romney named Hamm as his energy advisor, and Hamm donated to and advised Romney's election effort.

Alan B. Miller is an American businessman who is the founder of Universal Health Services, and currently serves as the company's executive chairman. Miller founded the company in 1979 and it has grown to become a large provider of hospital and healthcare services in the US and the UK. In September 2020, UHS announced that Miller would step down as CEO.

<span class="mw-page-title-main">Wanda Austin</span> American CEO

Wanda M. Austin is a former president and CEO of The Aerospace Corporation. She was both the first woman, and the first African-American, to hold this position. Austin also served as interim president for the University of Southern California, following the resignation of C. L. Max Nikias. She was both the first woman, and the first African-American, to hold this position.

<span class="mw-page-title-main">Daniel Lubetzky</span> American businessman

Daniel Lubetzky is an American billionaire businessman, philanthropist, author, and founder and executive chairman of snack company Kind LLC.

Lee Reuben Anderson Sr. is an American businessman and philanthropist. He was the owner and chairman of the Minnesota-based API Group Inc., a holding company for numerous construction and fire-protection firms. His charitable interests include children's health, higher education, and the welfare of American military veterans.

A self-made man, is a person whose success is of their own making.

<span class="mw-page-title-main">Starkey Hearing Technologies</span> American company

Starkey Hearing Technologies is an American privately owned company based in Eden Prairie, Minnesota that makes hearing aids, and is one of the largest hearing aid manufacturers in the world. As of 2019, the company had more than 5,000 employees in 24 facilities, serving more than 100 markets worldwide, and is the only American-owned global hearing aid manufacturer.

WS Audiology is a privately-owned manufacturer of hearing aids with headquarters in Denmark and Singapore with roots going back to 1878 and Siemens AG. The current company was created following the 2019 merger of Sivantos Group and Widex. Prior to that, Sivantos was spun off from Siemens after Siemens AG sold the company to EQT and Santo Holding in 2015. WS Audiology employs about 12,000 people in more than 125 countries. In fiscal year 2022-2023, the company generated revenue of €2.47 billion and adjusted EBITDA of €480 million.

Elaine Saunders is an associate professor at the Swinburne University of Technology and executive director of Blamey Saunders, as well as an inventor, entrepreneur. She was elected a Fellow of the Australian Academy of Science Technology and Engineering in 2019. She is one of only nine women out of 160 to win the Clunies Ross award for entrepreneurship, and has won many other awards, as well as given numerous keynote addresses on the value of entrepreneurship and innovation in STEMM.

References

  1. ↑ "William F. (Franklin) Austin biography". Starkey Hearing Technologies Austin biography. Retrieved November 7, 2019.
  2. ↑ "William F. (Franklin) Austin". Minnesota Science and Technology Hall of Fame. Retrieved October 15, 2018.
  3. 1 2 "Forbes 400". Forbes. Retrieved November 6, 2019.
  4. ↑ 30 Years Later, Ronald Reagan's Hearing Aid Fitting Still Reverberates Around the World, Audiology Online, 27 September 2013, retrieved 4 December 2019
  5. ↑ 30 Years Later, Ronald Reagan's Hearing Aid Fitting Still Reverberates Around the World, Audiology Online, 27 September 2013, retrieved 4 December 2019
  6. ↑ The Korea Times, 7 November 2019, retrieved 7 November 2019
  7. ↑ "Here Are The Billionaires Who Donated To Donald Trump's 2020 Presidential Campaign". Forbes. Retrieved March 28, 2024.
  8. ↑ "Many happy returns to Bill Austin". Audiology Worldnews. February 24, 2017. Retrieved November 7, 2019.
  9. ↑ Forbes 400 2019, Real Time Net Worth, retrieved 6 November 2019
  10. ↑ HOBY, Albert Schweitzer Leadership Award, retrieved 7 November 2019
  11. ↑ Hearing Review, 2002, retrieved 7 November 2019
  12. ↑ The Hearing Journal, September 2002, retrieved 7 November 2019
  13. ↑ Caring Institute awardees website, retrieved 7 November 2019
  14. 1 2 3 "William F. (Franklin) Austin". msthalloffame.org. Retrieved September 7, 2020.
  15. ↑ Variety International Humanitarian Awards, retrieved 7 November 2019
  16. ↑ "He Gives the Gift of Hearing to Poor Kids Around the World". PEOPLE.com. Retrieved September 7, 2020.
  17. ↑ 2008 Horatio Alger Award, retrieved 7 November 2019
  18. ↑ "Starkey CEO Inducted into Minnesota Science & Technology Hall of Fame - Hearing Review". www.hearingreview.com. Retrieved September 7, 2020.
  19. ↑ Starkey website, retrieved 7 November 2019
  20. ↑ "Past Award Recipients | Jefferson Awards | Multiplying Good". www.multiplyinggood.org. Retrieved September 7, 2020.
  21. ↑ Kim, Stefani (September 16, 2017). "UN-Affiliated Organization Names Starkey Founder Bill Austin as Goodwill Global Ambassador - Hearing Review". www.hearingreview.com. Retrieved September 7, 2020.
  22. ↑ Kim, Stefani (December 4, 2018). "2018 AG Bell Global Gala Helped Raise Awareness of Organization's Mission - Hearing Review". www.hearingreview.com. Retrieved September 7, 2020.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.