Encouraged by the success of the Apple I, Jobs sought investments to further develop the business, but banks were reluctant to lend him money; The idea of a computer for ordinary people seemed absurd at the time. In August 1976, Jobs approached his former boss at Atari, Nolan Bushnell, who recommended that he meet Don Valentine, the founder of Sequoia Capital.  Valentine was not interested in financing Apple, but introduced Jobs to Mike Markkula, a millionaire who had worked under him at Fairchild Semiconductor.  Markkula, unlike Valentine, saw great potential in both Steves and decided to become an angel investor in his business.  He invested $92,000 in Apple from his own property while obtaining a $250,000 line of credit (equivalent to $1,140,000 in 2020) from Bank of America.   In exchange for its investment, Markkula received a one-party stake in Apple.  With the help of Markkula, Apple Computer, Inc. was founded on January 3, 1977.  The new company purchased the old partnership that the two Steves had entered into nine months earlier.  Learn more about Salesforce`s partnership with Apple Before we get to that point, it`s worth understanding why it`s such a smart partnership. Here`s the thing – Apple isn`t so much an electronics company as it is a lifestyle company.
I know it sounds like a cliché, but it`s true. Apple doesn`t sell iPhones and iPads, it`s an experience. Sure, that`s possible because the company is good enough to make technology, but that`s not what Apple really sells. That`s why they took the trouble to create their own outlets. He wants the iPhone shopping experience to be as similar as possible to that of an iPhone. But there are only a limited number of Apple Stores, compared to the 1,800 Target locations in the U.S. This partnership allows Apple to extend this experience to many more people who might never visit an Apple Store or Best Buy. While details of the partnership remain confidential, some details have been made available to the public. The three founders of Apple Computer were Steve Wozniak, Steve Jobs and Ron Wayne (you can read more about the story here). Mr. Wayne retired from the partnership after only 12 days. According to interviews given by Ron Wayne, one of the reasons he withdrew from the partnership was that he did not want to be held personally responsible for all the $15,000 debt the new partnership incurred to fulfill its first order for 50 computers.
It was bought for $800! And later, another $1,500. Mr. Wayne was not wrong in his assessment of his personal liability for the debts of the new company. But he was wrong when he started the company as a partnership – according to this article, Mr. Wayne typed the partnership agreement from memory. While a partnership is easier to start than a business and easier to maintain, it`s rarely a better choice for several reasons. One of them is the issue of personal liability for the company`s debts or liabilities, which Mr. Wayne correctly anticipated. Acquisitions and management changes at AT&T had led to increased competition. When the company started as a monopoly, it was adapting to the market scenarios of the time. Similarly, Apple has been revamped. They had promised a revolution and were about to break their promises.
Therefore, this partnership has become a strategic alliance between giants. Randall Stephenson, CEO of AT&T, claims that AT&T Corporation had bet on Steve Jobs and his vision. Steve Jobs had a concept that he imagined and had to implement. His passion and suggestion proved impossible to say no. It was this component of trust imposed on Apple`s knowledgeable CEO that paved the way for the partnership. He extended the benefits of this partnership to the two major companies. It is still a very united partnership today. In 1885, Alexander Bell founded the Alexander American Telephone & Telegraph Company (AT&T). It enjoyed a monopolistic market in the telecommunications sector until the late 1900s. After the 1900s, the diversification of the sector began. The company began to accept acquisitions in the market.
At the same time, competition in the market has increased. Through thicknesses and thins, AT&T was and is a telecommunications giant in the United States. AT&T was sought, recruited and courted by Jobs as a telecommunications partner. .