Bill Ford on the secret to American innovation | 60 Minutes
In a Nutshell
Bill Ford attributes American innovation's secret to empowering workers, as exemplified by his great-grandfather Henry Ford's 1914 $5-a-day wage, which doubled salaries, revolutionized manufacturing, created a middle class, and put America on wheels. He emphasizes that companies exist to improve lives, build opportunity and communities, ensuring this worker-focused approach drives innovation for the next 250 years.
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The names of America's great innovators—Thomas Edison, George Washington Carver, Steve Jobs, Henry Ford—are as enduring as the nation's founders. Each was complex as they were transformational.
Bill Ford, executive chair of one of the nation's oldest automakers, explains the secret to American innovation:
For me, it's always been about more than technology. It's about a deep commitment to empowering workers so that everyone can achieve their full potential.
Henry Ford, his great-grandfather, understood this. In 1914, he doubled salaries by creating the $5 a day wage. He pushed the boundaries of what was possible in American manufacturing and helped create a middle class. He understood that when you invest in people, innovation follows.
In doing so, Ford Motor Company put the nation on wheels and provided a freedom of movement that the country had never known.
I've always believed that companies shouldn't exist unless they make people's lives better. We're here to build opportunity and communities, and that's the secret to American innovation and will be for the next 250 years.
Bill Whitaker closes: We'll be back next week with another edition of 60 Minutes.
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