Today in Apple’s history: Apple is becoming a corporation

January 3, 1977 Apple Computer Co. was officially founded, and Steve Jobs and Steve Wozniak are listed as co-founders.

Third founder Ron Wayne – who initially invested in the company – is not part of the deal after selling his stake in Apple for $ 800. The resources and expertise needed to turn Apple into a corporation are provided by a man named Mike Markkula, who is becoming an important figure in the company’s history.

Apple’s humble beginning

Apple was founded on April 1, 1976, to sell the Apple-1 computer, which sold for $ 666.66 in July 1976.

However, despite the current status of that machine as the most expensive personal computer of all time due to its scarcity and historical value, the Apple-1 did not become a big hit. Small production meant an extremely limited number of computers. And, unlike later Apple computers, it was not noticeably ahead of the competition.

Add to that the fact that personal computers have proved interesting only to a small group of hobbyists, and in the end you will get a machine that would be forgotten today if it were not for Apple’s later success.

Apple II leads to Apple incorporation

The sequel, called Apple II, turned out to be completely different. Apple’s first real computer for the mass market, the Apple II comes with a keyboard, BASIC compatibility and, most importantly, color graphics. Apple later expanded these features with great peripherals such as Disk II 5 1/4-inch floppy drive and state-of-the-art software, ranging from games to productivity tools such as VisiCalc.

However, the production of the Apple II required much more money than Jobs or Wozniak owned. This is where the angel investor Markkula appeared.

Mike Markkula gives key guidelines

After earning millions on stock options he acquired as a marketing manager for Fairchild Semiconductor and Intel, Markkula retired at 32 years old. Marketing magician Regis McKenna and venture capitalist Don Valentine introduced him to Jobs.

In November 1976, Markkula agreed to help Jobs and Woz make a business plan for Apple. They targeted sales of $ 500 million within a decade.

Markkula invested $ 92,000 of his money. And he helped Apple get a quarter-million-dollar loan from Bank of America.

This was followed by the inclusion of the business, which took place on January 3, 1977. Apple Computer Co. then bought an earlier Apple partnership for $ 5,308.96. The following month, Apple brought Michael Scott to run the company as its first CEO. (His salary? $ 26,000 a year.)

These maneuvers prepared the company to launch the Apple II later in 1977. And the rest is history…

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Naveen Kumar

Friendly communicator. Music maven. Explorer. Pop culture trailblazer. Social media practitioner.

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