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.[1] The company's headquarters is located in Cupertino, California.
History
The Early Days of Apple & its Founders
Steven Jobs, Stephen Wozniac and Ronald Wayne founded Apple on April 1, 1976. Jobs and Wozniac started developing Apple 1, a computer circuit board without sound, case, keyboard or graphics at Job's bedroom at Los Altos and later moved to the garage when the space became crowded. During that time, Jobs was working for Atari where he met Wayne who was working as a draftsman in the company. 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 arise between him and Woz in the future. Wayne's vote will serve as a deciding factor. Wayne worked at nights documenting the Apple 1 computer while Jobs focused on finding clients. Jay Terrel, owner of Byte Shop 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 do not have enough money to buy the parts for the 50 computers but Jobs was persistent and he was able to borrow $5,000 Wozniac's co-workers at Hewlett-Packard and suppliers gave him 30 days extension to pay for a $15,000 credit. Meanwhile, Wayne was nervous and doubtful. In his mind, there is a possibility that Terrel may not pay the 50 computers and 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. Wayne didn't want to take another risk and opted to gave up his 10% interest in the partnership. He decided to accept a one time payment of $800 to free himself from liabilities. Jobs delivered the 50 computers to Terrel and received the agreed payment. Apple's first profit was $8000.After that, orders for the Apple 1 computer increased and Jobs needed more capital to expand the business.[2]
Apple Computer's First Investor
Mike Markkula, former Marketing Executive from Intel and Fairchild Semiconductor helped Jobs developed a long-term business plan for Apple Computer. He also invested $92,000 and secured a credit line of $250,000 to provide sufficient funds to operate the business. On January 3, 1997, Apple Computer was incorporated by Jobs, Wozniac and Markkula. The corporation bought the original partnership of Jobs, Wozniac and Wayne for $5,308.96 to avoid legal problems in the future. Wayne was given 1/3 of the amount although he voluntarily relinquished his rights on the partnership agreement.[3] [4]