A $10,000 investment in Dell at its 1988 initial public offering would have yielded a fortune of ~$6 million at the stock’s peak.

Nobody thought the direct business model would work. But work it did, and spectacularly. Until it didn’t. And therein lies the tale.

Those who disrupt their industries change consumer behavior, alter economics, and transform lives.

Truth be told, nobody thought Dell’s direct business model would work, at least back in the early 90s. As Bill Sharpe, head of the advertising agency that held the Dell Canada account from 1996 to 2006, told me, “I had a business partner in California who said, we have a client, Dell. It sells computers over the phone, and ships them to you. I said, ‘There’s no way. Who’s gonna buy a computer over the phone? They’re complicated.