Not too many people know the name “Arrow Electronics.” But if you own a cell phone, a computer, or any high-tech device, it probably has an electronic component from Arrow.
The Colorado-based company is the world’s largest distributor of electronic components. With revenues of more than $22 billion, Arrow is ranked 131 on the Fortune 500. It’s come a long way since its founding in 1935 as a New York City retailer selling used radio equipment.
Arrow (”ARW”) CEO Michael Long tells Fortune’s Susie Gharib that part of the company’s success is that it always plans ahead, or as the company slogan goes, “five years out.”
“We believe five years out is the tangible future,” Long explains, adding, “so we’re constantly looking to make sure we’re doing the right things today so we can capture new markets that will be here five years from now.”
He talks more about what those new markets might be and which companies could be the dominant innovators.