Go forward and fail | Randy Boyd shares story of how he saved his company
The discussion was a part of the Anderson Center's Founder Friday series, moderated by Haseeb Qureshi at the 121 Tech Hub in Old City Knoxville.
Randy Boyd is one of the most prominent figures in Tennessee. From Knoxville, he built companies, organizations, and most recently, funded the construction of Covenant Health Park. He is a public servant, philanthropist, and is currently serving as the 26th President of the University of Tennessee (UT) System.
In 1991, Boyd founded Radio Systems Corporation, a Knoxville-based company specializing in pet products under brands like PetSafe, Invisible Fence, and SportDOG. The company grew to employ over 1,400 people with offices in six countries.
In 2020, Boyd sold Radio Systems Corporation to the private investment firm Clayton, Dubilier & Rice.
In addition to running a successful company, Boyd founded the TN Achieves program, to help support students across the state, owns Boyd Sports, which manages the Knoxville Smokies, and serves on several non-profit boards.
On Friday morning, about 50 students from UT, Knoxville, community partners, and members of the 121 Tech Hub gathered to watch Boyd share his entrepreneurial journey. The discussion was led by Haseeb Qureshi, better known as “HQ,” through the support of the Anderson Center for Entrepreneurship and Innovation.
“My first question for you is, how do you get any sleep?” HQ asked.
“I don’t need that much,” Randy laughed. “My sleep schedule is from 11:30 pm to 4:30 am. And – it’s been that way for decades.”
He’s a busy person. Radio Systems Corporation was Boyd’s third company. Dating back to his childhood, he watched his father, Tom Boyd start many different businesses.
When Boyd turned 23, he decided to launch a business of his own, which he said failed in “the first few months.”
That failure was important. It taught him valuable lessons about running a company.
Go Forward and Fail
“I am the only university president who tells students at the commencement ceremony to ‘go forward and fail.’ But to achieve anything in life, you have to have some failures,” Boyd said.
Take his Radio Systems Corporation as a prime example. Boyd shared how the first five years were extremely difficult. 1995 was the worst in his memory. The company was making great progress, increasing sales by almost 200 percent year over year.
“We made the mistake thinking it would always be like that,” he said. “And it almost cost us the company. We were begging the banks to let us stay in business.”
However, from that pivotal failure, Boyd adopted a heart posture of humility. Instead of throwing in the towel, he called a company-wide meeting with all 80 of his employees.
“I told them that the company was going to fail unless we came up with a solution. So, we had everyone from the engineers and sales representatives to the receptionists and truck drivers all brainstorming for solutions,” Boyd recalled.
That meeting and moment of transparency and humility saved the company. About 20 years later, Radio Systems Corporation was sold, and while the exact dollar amount wasn’t disclosed… it was enough to call Randy Boyd one of Knoxville’s greatest-ever entrepreneurial success stories.
“There is power in empowering your people. But, you can’t empower your people if you’re not transparent,” Boyd said.
The conversation between HQ and Randy Boyd was the final session of the ACEI Founder Fridays for the Spring semester.
HQ said the sessions will return in the Fall of 2025, this time with an accompanying podcast for those unable to attend in person.
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