Early Life
Terry Gou was born in Banqiao Township, Taipei County (now Banqiao District, New Taipei), Taiwan, on October 18, 1950. His parents fled from Shanxi Province, China, to Taiwan in 1949 due to the Chinese Civil War. His father was a policeman who fought for the Kuomintang during the war. Gou received his education in Taiwan, attending elementary school through post-college and also fulfilled his national service obligations in the Republic of China Air Force.
Rise to Success
Gou's entrepreneurial journey began in 1974 when he founded Hon Hai Precision Industry Co., Ltd. (now known as Foxconn) with a modest startup capital of $7,500. Initially, the company focused on producing plastic parts for television sets. A turning point came in 1980 when Foxconn received an order from Atari to make console joysticks. Gou expanded the business in the 1980s by embarking on an 11-month trip across the US, searching for customers. He opened his first factory in mainland China in Shenzhen in 1988. Under Gou’s leadership, Foxconn secured high-profile partnerships with companies like Apple, HP, and IBM, establishing its dominance in electronics manufacturing.
Key Business Strategies
Gou is credited with pioneering vertical integration in the electronics industry, creating a self-sufficient ecosystem for production. His aggressive salesmanship and focus on efficiency played a crucial role in Foxconn's growth. Gou expanded production by integrating the assembly process and facilities for workers, creating a campus that included housing, dining, and medical care. His ability to secure major contracts with leading tech companies solidified Foxconn's position as a global leader.
Philanthropy
Terry Gou is committed to philanthropic initiatives. He founded the YongLin Foundation in 2000 to support projects in education and healthcare. Details regarding the specific monetary amounts of his philanthropic contributions are not readily available, though he has stated his intention to give away 90% of his wealth to charity.
