In the first three and a half years of its existence, Fairchild Semiconductor developed, produced, and marketed the device that would become the fundamental building block of the digital world: the microchip. Founded in 1957 by eight former employees of the Schockley Semiconductor Laboratory, Fairchild created the model for a successful Silicon Valley start-up: intense activity with a common goal, close collaboration, and a quick path to the market (Fairchild's first device hit the market just ten months after the company's founding). Fairchild Semiconductor was one of the first companies financed by venture capital, and its success inspired the establishment of venture capital firms in the San Francisco Bay area.