SESSION 25: A VIDEO (2)

SESSION 25: A VIDEO (2)

DISCOVER MORE: @RICHARD BRANSON

FROM THE WIKIPEDIA:

Sir Richard Charles Nicholas Branson (born 18 July 1950) is a British entrepreneur, best known for his Virgin Group of over 400 companies. His first successful business venture was a magazine called Student at age 16. In 1970, he set up an audio record mail-order business. In 1972, he opened a chain of record stores, Virgin Records, later known as Virgin Megastores. Branson's Virgin brand grew rapidly during the 1980s—as he set up Virgin Atlantic Airways and expanded the Virgin Records music label.

Richard Branson is the 212th richest person in the world according to Forbes' 2010 list of billionaires, with an estimated net worth of approximately £2.97 billion (US$4.0billion).

Branson was born in Blackheath, London, the son of barrister Edward James Branson and Eve Branson. His grandfather, the Right Honourable Sir George Arthur Harwin Branson, was a judge of the High Court of Justice and a Privy Councillor. Branson was educated at Scaitcliffe School (now Bishopsgate School) until the age of thirteen. He then attended Stowe School until the age of sixteen. Branson has dyslexia and had poor academic performance as a student, but later discovered his ability to connect with others.

Branson formed Virgin Atlantic Airways in 1984, launched Virgin Mobile in 1999, Virgin Blue in Australia in 2000. He was 9th in the Sunday Times Rich List 2006, worth just over £3 billion. Branson wrote in his autobiography of the decision to start an airline:
“ My interest in life comes from setting myself huge, apparently unachievable challenges and trying to rise above them...from the perspective of wanting to live life to the full, I felt that I had to attempt it. ”

In 1993, Branson took what many saw as being one of his riskier business exploits by entering into the railway business. Virgin Trains won the franchises for the former Intercity West Coast and Cross-Country sectors of British Rail. Launched with the usual Branson fanfare with promises of new high-tech tilting trains and enhanced levels of service, Virgin Trains soon ran into problems with the rolling stock and infrastructure it had inherited from British Rail. The company's reputation was almost irreversibly damaged in the late 1990s as it struggled to make trains reliably run on time while it awaited the modernisation of the West Coast Main Line and the arrival of new rolling stock.

Virgin acquired European short-haul airline Euro Belgian Airlines in 1996 and renamed it Virgin Express. In 2006, the airline was merged with SN Brussels Airlines forming Brussels Airlines. It also started a national airline based in Nigeria, called Virgin Nigeria. Another airline, Virgin America, began flying out of the San Francisco International Airport in August 2007. Branson has also developed a Virgin Cola brand and even a Virgin Vodka brand, which has not been a very successful enterprise. As a consequence of these lacklustre performers, the satirical British fortnightly magazine Private Eye has been critical of Branson and his companies.

After the so-called campaign of "dirty tricks", British Airways settled the case, giving £500,000 to Branson and a further £110,000 to his airline and had to pay legal fees of up to £3 million. Branson divided his compensation (the so-called "BA bonus") among his staff.

On 25 September 2004, Branson announced the signing of a deal under which a new space tourism company, Virgin Galactic, will license the technology behind Spaceship One—funded by Microsoft co-Founder Paul Allen and designed by legendary American aeronautical engineer and visionary Burt Rutan—to take paying passengers into suborbital space. Virgin Galactic (wholly owned by Virgin Group) plans to make flights available to the public with tickets priced at US$200,000 using Scaled Composites White Knight Two.

Branson's next venture with the Virgin group is Virgin Fuels, which is set to respond to global warming and exploit the recent spike in fuel costs by offering a revolutionary, cheaper fuel for automobiles and, in the near future, aircraft. Branson has stated that he was formerly a global warming sceptic and was influenced in his decision by a breakfast meeting with Al Gore.

Branson has been tagged as a "transformational leader" in the management lexicon, with his maverick strategies and his stress on the Virgin Group as an organisation driven on informality and information, one that is bottom-heavy rather than strangled by top-level management.

On 21 September 2006, Branson pledged to invest the profits of Virgin Atlantic and Virgin Trains in research for environmentally friendly fuels. The investment is estimated to be worth $3 billion.

On 4 July 2006, Branson sold his Virgin Mobile company to UK cable TV, broadband, and telephone company NTL/NTL:Telewest for almost £1 billion. As part of the sale, the company pays a minimum of £8.5 million per year to use the Virgin name and Branson became the company's largest shareholder. The new company was launched with much fanfare and publicity on 8 February 2007, under the name Virgin Media. The decision to merge his Virgin Media Company with NTL was in order to integrate both of the companies' compatible parts of commerce. Branson used to own three quarters of Virgin Mobile, whereas now he owns 15 percent of the new Virgin Media company.

In 2006, Branson formed Virgin Comics and Virgin Animation, an entertainment company focussed on creating new stories and characters for a global audience. The company was founded with author Deepak Chopra, filmmaker Shekhar Kapur, and entrepreneurs Sharad Devarajan and Gotham Chopra.

Branson also launched the Virgin Health Bank on 1 February 2007, offering parents-to-be the opportunity to store their baby's umbilical cord blood stem cells in private and public stem cell banks.

In June 2006, a tip-off from Virgin Atlantic led US and UK competition authorities to investigate price-fixing attempts between Virgin Atlantic and British Airways. In August 2007, British Airways was fined £271 million over the allegations. Virgin Atlantic was given immunity for tipping off the authorities and received no fine—a controversial decision the Office of Fair Trading defended as being in the public interest.

On 9 February 2007, Branson announced the setting up of a new Global science and technology prize—The Virgin Earth Challenge—in the belief that history has shown that prizes of this nature encourage technological advancements for the good of mankind. The Virgin Earth Challenge will award $25 million to the individual or group who are able to demonstrate a commercially viable design which will result in the net removal of anthropogenic, atmospheric greenhouse gases each year for at least ten years without countervailing harmful effects. This removal must have long-term effects and contribute materially to the stability of the Earth's climate.

Branson also announced that he would be joined in the adjudication of the Prize by a panel of five judges, all world authorities in their respective fields: Al Gore, Sir Crispin Tickell, Tim Flannery, James E. Hansen, and James Lovelock. The panel of judges will be assisted in their deliberations by The Climate Group and Special Advisor to The Virgin Earth Prize Judges, Steve Howard.

Richard Branson got involved with football when he sponsored Nuneaton Borough for their January 2006 FA Cup 3rd round game against Middlesbrough. The game ended 1-1, and the Virgin brand was also on Nuneaton Borough's shirts for the replay which they eventually lost 2-5.

On 10 January 2008, Branson's Virgin Healthcare announced that it would open a chain of health care clinics that would offer conventional medical care alongside homoeopathic and complementary therapies. The Financial Times reported that Ben Bradshaw, UK's health minister, welcomed the launch. "I am pleased that Virgin Healthcare is proposing to work with GPs to help develop more integrated services for patients."

Plans where GPs could be paid for referring National Health Service (NHS) patients to private Virgin services were abandoned in June 2008. The BMA warned the plan would "damage clinical objectivity", there would be a financial incentive for GPs to push patients towards the Virgin services at the centre. Plans to take over an NHS Practice in Swindon were subsequently abandoned in late September 2008.

In February 2009, Branson's Virgin organisation were reported as bidding to buy the former Honda Formula One team. Branson later stated an interest in Formula One but claimed that, before the Virgin brand became involved with Honda or any other team, Formula One would have to develop a more economically efficient and environmentally responsible image. At the start of the 2009 formula one season on 28 March, it was announced that Virgin would be sponsoring the new Brawn GP team., with discussions also under way about introducing a less "dirty" fuel in the medium term. After the end of the season and the subsequent purchase of Brawn GP by Mercedes, Branson invested in an 80% buyout of Manor Grand Prix with the team being renamed to Virgin Racing.

Branson and Tony Fernandes, owner of Air Asia and Lotus F1 Racing, had a bet for the 2010 F1 season where the team's boss should work on the winner's airline for a day dressed as a stewardess. Fernandes escaped as the winner of the bet, as Lotus Racing ended 10th in the championship, while Virgin Racing ended 12th and last.

In 2010 Richard Branson became patron of the UK's Gordon Bennett 2010 gas balloon race, which has 16 hydrogen balloons flying across Europe.