In June 2007, Jason Rhode, the newly minted CEO of Cirrus Logic, met with his top advisers to decide “what we want to be when we grow up.” The microchip-design company, founded in 1984, had seen revenues tumble, and its shares were nearly delisted after a stock options backdating scandal. Rhode decided to concentrate on the company’s strength — audio chips — and jettison less profitable non-core operations such as a so-called system on a chip for digital media servers. The focus paid off as Apple bought its sound circuits first for the iPod, then for iPhones and iPads. Today 70% of Cirrus’ revenues come from Apple’s business, and its sales have doubled since 2007, with profits increasing sevenfold.