Meet the billionaires behind the secret tech mecca in America's heartland:
“It’s something to celebrate, but gosh, there’s still a lot more to do,” Steward says. “I hope what this represents is that all things are possible. We still live in the greatest country in the world and God blesses persons of color too.”avanaugh and Steward, who both grew up in Missouri and attended college on athletic scholarships, took circuitous routes to the tech scene. Steward grew up on his family’s small farm in rural Clinton, Missouri.
Kavanaugh, then 28, had zero cash to put up and received no equity. It wasn’t until 1995, after he had proved his worth, that he got his first 15% slice. “I wouldn’t recommend this route, but it all worked out. I earned my equity over time and have no regrets,” he says. Things began to pick up after World Wide Technology won certain government contracts as a minority-owned small business. The orders started rolling in from big-budgeted federal customers like the departments of Defense, Transportation and Agriculture. Its private-sector business also heated up, as companies rushed to install computers, printers and other telecom equipment.
The services business is still small—10% of the company’s revenue—but Kavanaugh is gunning for it to be half his business. Fatter profits beckon. The services business boasts margins of 35% to 50%, whereas World Wide Technology makes just 5% to 15% by reselling products.
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