The eight employees went to Arnold Beckman and asked him to replace Shockley. Beckman tried to find a new manager and left Shockley as a director with limited powers. As the search dragged on, it became apparent that Beckman could not find a replacement, so he restored Shockley's responsibilities. The eight men then resigned and signed a research contract with Fairchild Camera and Instrument Corporation to form Fairchild Semiconductor.
Their entrepreneurial desires did not end with Fairchild. Like many other Fairchild employees, seven of the eight went on to found various spinoff companies. These spinoffs and their founders are sometimes known as "Fairchildren". The most successful were Noyce and Moore, founders of Intel, and Kleiner, co-founder of the Kleiner Perkins venture capital firm. Additionally, Roberts, Hoerni and Last founded what later became Teledyne, while Blank co-founded Xicor. Grinich became a professor at UC Berkeley and Stanford University
The term "Fairchildren" refers to the seminal role that Fairchild Semiconductor played in spawning spin-off companies in Silicon Valley. It is a play on the words "Fairchild" and "children," the latter referring to the formation of (unofficial) spin-off companies from a parent company.
In research, reporting and popular lore related to Silicon Valley, the term "Fairchildren" has been variously used to refer to:
Note that there is an overlap among the last three categories, as some of the Fairchild Eight (such as Noyce and Eugene Kleiner) left Fairchild to form other companies.