Bain Capital co-chairman and Boston Celtics co-owner Stephen Pagliuca discusses the evolution of the private equity business in a changing economy and his strategy managing one of the most successful basketball franchises in NBA history.
On the changing economy: “Technology has changed and transformed just about every industry. We're undergoing that on a global basis.… Technology has empowered everyone in the world and probably lifted two billion people out of poverty. The problem is, it’s left people behind in the Western countries…. I think we're probably still only in the third inning of technology’s impact.”
On running a winning sport franchise: “We communicated our strategy to the fans: ‘We're going to take a five-year approach. We're not going to short-term it.... We're going for the long-term championship haul.’ And our fans bought in.”