Sir Terence Hedley Matthews (born 6 June 1943) is a Welsh-Canadian business magnate, serial high-tech entrepreneur, and Wales' first billionaire. He was the richest man in Wales until 2012, when he was surpassed by Sir Michael Moritz. He has founded or funded over 100 companies in the high-tech communications field, most notably Mitel and Newbridge Networks. He is the chairman of Wesley Clover and the Swansea Bay City Region board. He owns the Celtic Manor Resort, KRP Properties, the Brookstreet Hotel, and the Marshes Golf Club. Early life Matthews was born in Newport, South Wales, at the then Lydia Beynon Maternity Hospital. Matthews returned as an adult to include the manor house that housed the hospital within the Celtic Manor Resort. He grew up in the town of Newbridge, Caerphilly. He studied at Swansea University and received a bachelor's degree in electronics in 1969. Career After an apprenticeship at British Telecom's research lab at Martlesham Heath, Matthews left Britain and joined MicroSystems International, a chipmaking operation affiliated with Northern Telecom (which became Nortel Networks) in Ottawa, Ontario, Canada. Mitel Matthews' first enterprise was started in collaboration with fellow Briton and Microsystems employee Michael Cowpland in 1972. To raise seed money for future enterprises they had planned, the pair intended to import and sell electric lawnmowers built in the UK. Conventionally, and from accounts by Matthews, the name Mitel is thought to be a contraction of "Mike and Terry Lawnmowers". However, Cowpland is quoted as saying that it stands for "Mike and Terry ELectronics". This first endeavour was a fiasco; the shipping company carrying the first batch lost the container. When the lawnmowers finally arrived, the ground was covered with snow in the Canadian winter and no one would buy them. Matthews later said "That taught me a key lesson – the importance of timing. The shipping company lost the lawnmowers! By the time they showed up no-one wanted them, as you can't cut grass when it's covered with snow." Mitel became a technology consultancy company run from home to the various companies around Ottawa's emerging high-tech district. Mitel's clients included the National Research Council, the Communications Research Centre, and a handful of pioneering start-ups including SHL Systemhouse, which was later purchased by EDS and now is part of HP and Quasar Systems (now Cognos). Obtaining funding from a $4,000 bank loan, as well as from their own savings and a