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Hello everyone; we appreciate your presence on an exciting new installment of The Leader Show with Lou Carter. Our guest today is Jim Scapa, the CEO and founder of Altair. This American multinational technology company offers software and cloud-based solutions catering to simulation, IoT, data analytics, and artificial intelligence.
Jim discusses his journey as a founder of Altair. He also highlights the importance of bringing great people on board, nurturing a positive company culture, and focusing on his company’s key values. Now, without any further delay, let’s get straight to the good stuff.
Lou begins the conversation by asking Jim about his journey as a founder of Altair and how he succeeded with his idea. Jim shares his story from growing up in New York City and attending Columbia University. He then moved to Michigan and worked as an engineer in the auto industry but realized he had an entrepreneurial spirit.
Jim pursued an MBA at night and initially planned to work in a venture capital firm in the East. However, he saw an opportunity in computer simulation and decided to start his company with a meager $1,500 startup capital.
Altair began as a consulting business and gradually developed its own software products, primarily in the field of computer simulation. Jim mentions experiencing failure and success in his journey, with one particularly successful product called HyperMesh. He took the product internationally and reinvested the success to introduce new products.
Additionally, Jim emphasizes the importance of bringing great people on board and nurturing a positive company culture. On that note, he reflects on the loyalty of his team members and how people tend to stay with the company for a long time, making it a pleasant experience over the years.
After that, Lou asks Jim why people stay at Altair and what contributes to their loyalty. Jim explains that Altair’s culture is built on four key value points that have been consistent for many years.
The first value point is envisioning the future and making decisions that would help the company in the long run. Altair constantly looks ahead, which Jim believes is exciting and engaging for employees.
The second value point is honesty. Jim mentions that the company greatly values open and honest communication, both internally among team members and externally with customers.
Jim then discusses the importance of broad communications. He shares his experience in larger companies where politics and selective information sharing occur. At Altair, Jim actively fights against this by promoting broad communication through email groups and international channels. Altair shares successes, challenges, and market issues transparently and inclusively, making employees feel involved and valued.
The third value point focuses on new technology, business models, and experimentation. Altair actively seeks innovation and encourages employees to take risks and experiment with new ideas.
Lastly, Jim highlights the significance of diversity. Altair has a diverse leadership team and embraces diversity in its culture, both in terms of international representation and gender diversity.
Moving on, Lou expresses admiration for Altair’s emphasis on broad and transparent communications and the importance of diversity beyond geographical factors. He specifically mentions the inclusion of people from diverse backgrounds, ethnicities, and cultures. Furthermore, he brings up Altair’s aspiration to have a workforce that is 50% female, including at the C-suite and board levels, and expresses awe at this goal.
Jim responds by emphasizing the significance of diversity and its power to an organization. He mentions that diversity of thinking has historically been a strength of the United States, and having women as part of that diversity is crucial.
Jim highlights that top technical universities already have a significant percentage of female students. However, there is a need for representation at all levels, from professors to leadership positions, to create an inclusive environment and inspire aspiring women in the field.
Next, Lou seeks to understand what mistakes an employee should avoid when working in his company and what lessons Jim could impart to help others.
The latter humbly acknowledges that he himself makes numerous mistakes but emphasizes the importance of quickly admitting and openly discussing those mistakes. He highlights the significance of learning from mistakes and moving forward.
Jim mentions that he doesn’t have a definitive list of things one should never do but emphasizes the need for active listening. He states that active listening involves truly hearing others and not being preoccupied with one’s thoughts.
Lou appreciates Jim for having cited active listening and highlights the mutual understanding and respect that comes from this type of communication. He also emphasizes the importance of apologizing and taking responsibility for one’s mistakes as a display of leadership.
On a similar note, Lou asks Jim about his biggest mistake as a founder and how he rectified it. Jim mentions that he has made countless mistakes due to his experimental nature and willingness to reorganize and try new approaches.
He discusses that some mistakes revolved around people, particularly when opening offices in different countries. There were instances where individuals betrayed the company’s trust, leading to corrective actions.
Additionally, he emphasizes the importance of trust in his leadership approach. While he generally trusts his employees and believes in giving them the freedom to innovate and be creative, he acknowledges that when trust is violated, he takes firm action. Jim doesn’t want to spend time policing people but prefers to trust them and provide the necessary tools for success.
Lou resonates with Jim’s answer and highlights the challenge of finding the right people, trusting them, and dealing with situations where that trust is broken. They discuss the difficulty of assessing people’s behaviors, particularly in larger organizations, and emphasize the value of trusted advisors to gain insight into blind spots.
Finally, Jim reflects on his journey of growth as a leader, starting with a small team and expanding to a publicly traded company. He mentions the need for both the business and himself as a leader to adapt and change at every stage. Jim shares that despite some advice against taking the business public, he enjoyed the challenge and appreciates the opportunity to do things differently while still maintaining the company’s core values.
He mentions that when Altair went public, he distributed equity to around 800 people, which has had a transformative impact on their lives. Jim’s very happy seeing those who supported him during the early years rewarded and becoming rich. He also mentions his controlling interest in the company, allowing him to balance the long-term vision with the needs of shareholders.
Lou and Jim go into much greater detail throughout this conversation.
Thank you for listening!
