April 7, 1976: Steve Jobs Gets Crucial $5000 Loan
The common perception is that Steve Wozniak created the Apple I and Steve Jobs more or less went along for the ride. The reality is quite different. While Wozniak was responsible for all the technical greatness that was the Apple I, it never would have made it to market without the famous negotiating ability of Steve Jobs.
A crucial juncture in the history of Apple came when the new company received the first order for 50 computers. The order would generate $25,000 in revenue but there was a problem: neither Apple nor any of the three owners had enough money to buy the parts needed to fill the order.
Steve Jobs swung into full negotiating mode. First he secured a 90-day loan of $5,000 and then convinced suppliers to let Apple have $15,000 worth of parts needed to build the Apple I on credit. The creditors were essentially loaning money to a company that, at the time, had yet to make a dollar. Wise investment or not, Steve Jobs secured the loan that would make filling the first order for the Apple I possible on April 6, 1976.
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Who placed the order for the first 50 Apple I’s ?
I’m not sure of his exact name, but I have him telling the story in his own words on a Apple History DVD I created. I guess he was pulled out of a electronics meeting by 2 incredibly persistent “young guys” who wanted Net 30 to build up 50 boards. He agreed and the rest is history
It was probably SJ from the way the guy tells the story. I think it’s on DVD 2, you can get them at the link below (usually) or eme and I’ll get you a set. amcintosh @ mac.com
http://snipurl.com/1fpvk
I forgot I had written this up several years ago:
“An emergency call from Cramer (or Kramer) Electronics to Paul Terrell owner of the budding “The Byte Shop”, wanting to know if it was okay to sell raw components to “Two Guys” to build 50 Apple /‘s.”
Anyway, “The Byte Shop”, placed the first order of 50.