Apple

Type:	Public
Industry:	Internet
Founded:	April 1, 1976
Founder(s):	Steve Paul Jobs Stephen Gary Wozniak Ronald Gerald Wayne
Headquarters:	Apple Campus 1 Infinite Loop Cupertino, California,
Country:	USA
Products:	Mac,iPod, iPhone, iPad Apple TV, Mac OS X, iLife, iWork and iOS
Employees:	49, 400 as of 2010 Form 10-K
Revenue:	$ 65.23 billion as of 2010 Form 10-K
Website:	www.apple.com
Key People
Tim Cook, CEO

Apple Inc. is an American company engaged in designing, manufacturing and selling computers digital electronic products, mobile communications and media devices, software, networking solutions as well as third party digital contents and applications. Apple is recognized as the most valuable technology company and the world's largest publicly traded company with $ 222.12 billion market capitalization surpassing Microsoft in 2010. The company's headquarters is located in Cupertino, California.

History

The Founders and the Early Days of Apple

Steven Jobs, Stephen Wozniac and Ronald Wayne founded Apple on April 1, 1976. Jobs and Wozniac started their operations in a bedroom at 11161 Crist Drive in Los Altos and later moved to the garage when the space became crowded. Jobs was freelancer at Atari where he met Wayne who worked as a draftsman and they became casual friends. Jobs encouraged Wayne to join Apple as a partner and offered him 10% interest in the company. Jobs thought that having Wayne as a partner in the company will be helpful. In case, a conflict will arise between him and Woz in the future, Wayne's vote will serve as a deciding factor. During the early days Wayne was working at nights for the Apple logo and documenting the Apple 1 computer while Jobs focused on finding a client. Jay Terrel, owner of retail computer Byte Shop order was Apple's first client. He ordered 50 fully assembled computers at $500 each cash on delivery after Jobs demonstrated the capabilities of the Apple 1 computer during a Homebrew Computer Club meeting. The partners have do not have enough money to buy the parts for the 50 computers but Jobs was persistent and he was able to borrow $ 000 from Elmer and Allen J. Baum, Wozniac's co-workers at Hewlett-Packard and suppliers gave him 30 days extension for $15,000 credit. Meanwhile, Wayne was nervous and he has doubts that Terrel would pay the 50 computers. He was also afraid of the consequences if case Terrel will not pay the computers, as partner in the company he is liable for whatever debts the company incurred. Because of his prior financial failure with his own engineering firm and he didn't want to take another risk and opted to gave up his 10% interest in the company and accepted a one time payment of $800 to free himself from liabilities. Wayne contributed his free time consulting and designing an enclosure for Apple 1. Jobs delivered the 50 computers and received the agreed payment from Terrel. Apple's first profit was $8000.Order for the Apple 1 computer was increasing and Jobs needed more capital to expand the company business.