He has had a chequered career "� he's been law clerk to the Honourable Max Rosen of the U.S. Court of Appeals for the Third Circuit, an investment banker, a leveraged buyouts specialist and venture capitalist. But Richard Gelfond, co-founder and co-CEO of the $130 million IMAX Corporation, found his true calling in the entertainment industry in 1994.
While on a visit to the Washington that year, he watched "To Fly" on an IMAX screen. He thought nothing about back home in New York it till he heard that IMAX was up for sale. His instincts told him this would be a profitable venture and so in June 1994, along with his friend Brad Wechsler, he bought the company for US $ 100 million.
Till then IMAX had been housed only in science and museum centres and had a presence in 19 countries. Richard wanted to take IMAX mainstream, to take blockbuster Hollywood movies and convert them into the IMAX format.
"The biggest challenge was convincing the Hollywood studios about the viability of the new format. There were apprehensions that IMAX would eat into the profits of the theatres. But none of that happened," recalls Gelfond.
IMAX tasted commercial success with "Apollo 13" and suddenly film makers like George Lucas (of "Star Wars" fame) and the Wachowski brothers ("Matrix") were interested in converting their films to the format. Today under Gelfond's leadership, IMAX has released.
Hollywood blockbusters such as "Star Wars: Attack of the Clones," "Harry Potter and the Prisoner of Azkaban," "Spiderman 2" and "Matrix 2 "and "Matrix 3".
In 1997, Gelfond and Wechsler won an Academy Award for scientific and technical achievement on behalf of IMAX. "The award meant both recognition and acceptance of the IMAX format as a form of entertainment, "says Gelfond.
On his first visit to India last fortnight, Gelfond said that IMAX spends at least $3-$4 million in direct research and development of the IMAX format and that IMAX is keen on incorporating technology that would convert live action to 3D.
Gelfond dreams of winning the Wimbledon (he's a tennis buff). But what he's really waiting for is the day when people wake up in the morning and want to see a film and say: "Let's go to IMAX."
