Early Life
Kenny Troutt was born in 1948 in Mount Vernon, Illinois. Growing up in a working-class family, Troutt's father was a bartender. He was raised by his mother in public housing. Troutt showed determination from a young age and worked to support his family, selling insurance to pay for college. He attended Southern Illinois University Carbondale, where he earned a degree.
Rise to Success
In 1988, Troutt co-founded Excel Communications with Steve Smith. Excel utilized a multi-level marketing (MLM) model to sell long-distance telephone services, a pioneering approach that led to rapid expansion. The company's sales reached $1 billion within eight years. Excel went public in 1996 and was sold to Teleglobe for $3.5 billion in 1998. This sale made Troutt a billionaire.
Key Business Strategies
Troutt's key strategy was leveraging network marketing to sell telecommunications products. This approach allowed Excel to grow quickly. Troutt then reinvested the profits from the sale of Excel into stocks, bonds, and horses. Troutt has a competitive spirit and a focus on strategic investments.
Philanthropy
Troutt is involved in philanthropy and supports educational initiatives. He has donated to schools and universities, including Southern Illinois University. Troutt has supported various causes, including health and wellness programs. Troutt has also sponsored youth basketball teams. Troutt has contributed to Republican campaigns and candidates.