Early Life
Kenneth Gerard Langone was born on September 16, 1935, in Roslyn Heights, New York, to Italian-American parents. His father worked as a plumber, and his mother was a cafeteria worker. To fund his education, Langone worked various jobs, including digging ditches, caddying, and working in a butcher shop. He graduated from Bucknell University with a degree in Economics and earned an MBA from New York University's Stern School of Business.
Rise to Success
Langone's career began on Wall Street in the early 1960s at R.W. Pressprich & Company, where he developed new business. In 1974, he founded the venture capital firm Invemed. A pivotal moment in his career was organizing the financing for Bernard Marcus and Arthur Blank to found Home Depot in 1978. He also took Electronic Data Systems public in 1968.
Key Business Strategies
Langone's success is attributed to his ability to identify opportunities and build strong relationships. He focused on finding talented people to run great companies. Langone's willingness to ask questions, his “sheer stubborn curiosity”, and his dedication to treat employees well were instrumental. He emphasizes the importance of leaving more on the table for the other party and the role of incentives in business.
Philanthropy
Langone and his wife, Elaine, are signatories of The Giving Pledge. He has donated $300 million to NYU School of Medicine and NYU Medical Center (now NYU Langone Health), including a $100 million pledge in 2018 to make tuition free for medical students. Other philanthropic endeavors include support for the Harlem Children's Zone, the Robin Hood Foundation, and the Animal Medical Center.