Apple 2.0

Covering the business that Steve Jobs built

What Mitt Romney said last night about Apple's Steve Jobs

August 31, 2012: 11:43 AM ET

An excerpt from his acceptance speech, offered in context and without comment

Romney in Tampa. Image: realclearpolitics.com

FORTUNE -- The Republican candidate for President mentioned Apple (AAPL) and Steve Jobs in his acceptance speech at the party's convention Thursday night. Here's what he had to say:

When I was 37, I helped start a small company. My partners and I had been working for a company that was in the business of helping other businesses.

So some of us had this idea that if we really believed our advice was helping companies, we should invest in companies. We should bet on ourselves and on our advice.

So we started a new business called Bain Capital...

That business we started with 10 people has now grown into a great American success story. Some of the companies we helped start are names you know.  An office supply company called Staples – where I'm pleased to see the Obama campaign has been shopping; The Sports Authority, which became a favorite of my sons. We started an early childhood learning center called Bright Horizons that First Lady Michelle Obama rightly praised. At a time when nobody thought we'd ever see a new steel mill built in America, we took a chance and built one in a corn field in Indiana. Today Steel Dynamics is one of the largest steel producers in the United States.

These are American success stories. And yet the centerpiece of the President's entire re-election campaign is attacking success. Is it any wonder that someone who attacks success has led the worst economic recovery since the Great Depression? In America, we celebrate success, we don't apologize for it.

We weren't always successful at Bain.  But no one ever is in the real world of business.

Jobs in 1997. Photo: Reuters

That's what this President doesn't seem to understand. Business and growing jobs is about taking risk, sometimes failing, sometimes succeeding, but always striving. It is about dreams. Usually, it doesn't work out exactly as you might have imagined. Steve Jobs was fired at Apple. He came back and changed the world.

It's the genius of the American free enterprise system – to harness the extraordinary creativity and talent and industry of the American people with a system that is dedicated to creating tomorrow's prosperity rather than trying to redistribute today's.

The full text of Romney's speech is available here.

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About This Author
Philip Elmer-Dewitt
Philip Elmer-DeWitt
Editor, Apple 2.0, Fortune

Philip Elmer-DeWitt has been following Apple since 1982, first for Time Magazine, and now on the Web for Fortune.com.

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