Friday, October 7, 2016

AMMA Private Equity Remember Steve Jobs, The Original Tech Visionary

Steve Jobs, revered visionary and co-founder of Apple Inc., was so much more than an ingenious and forward-thinking innovator – he was a true pioneer of the all-consuming ‘Age of Technology’. 

From humble beginnings in his family garage in 1976, the late Steve Jobs and his good friend Steve Wozniak first conceptualised Apple Computers with the idea that they could create and produce a user-friendly personal computer that was compact and affordable. 

Regarding the name Apple, Jobs tells the story that he was inspired by one of his ‘fruitarian diets’ He had just arrived back from a jaunt on an apple farm and thought the name sounded ‘fun, spirited and not intimidating.’ Today that simple word is synonymous with a global power house that continues to pave the way for intuitive new technologies and innovations that inspire and change the modern world we live in.

Originally marketed for $666.66 a pop, the first release of Apple Computers earned the newly formed corporation around $774K USD. Three years later, sales of the second release increased revenue by 700% - amounting to a whopping $139 million. 

In 1980, Apple Computer became a publicly traded company, with a market value of $1.2 billion by the end of its very first day of trading. Today Apple dominates the US stock market and boasts a market cap of $608 Billion USD, but as most would be aware – Steve Jobs was an intense and complicated character and his journey to success was nothing short of eventful.

Steve Jobs, started life being given up for adoption by two university sweethearts who went on to later marry and have more children. Interestingly the young Jobs was raised in an area named Mountain View, California – well within the area now known as Silicon Valley.  

As a boy, Steve’s adoptive father showed him how to deconstruct and re-assemble electronics – a hobby that fascinated the young Jobs and tapped into his natural talent for mechanics. Steve was always innovative and intelligent but never flourished within the formal school environment and was often bored and disruptive. 

In 1971 Jobs was introduced to Steve Wozniak through a mutual friend who said they would get along due to their mutual interest in electronics and pranking! The perfect partnership was formed and to this day, Jobs and Wozniak are credited with revolutionizing the computer industry by making the machines smaller, cheaper, more intuitive and easily accessible to everyday consumers. 

While the first two series of the Apple computer were considered an out-of-the-gate success, the next few product releases had significant design flaws and resulted in recalls and much consumer disappointment. 

During this time IBM moved into the PC space and quickly surpassed Apple in terms of sales and infiltration of the business market. Despite positive sales and performance of the 1984 released Macintosh computer some members of the board believed Jobs decisions were hurting Apple. They formed a plan to phase him out which resulted in Jobs exiting Apple in 1985. 

Jobs began a new hardware and software enterprise called NeXT Inc, and purchased an animation company, now known as Pixar. Seeing the huge potential in movie animation Jobs invested $50 million of his own money into Pixar, which went on to produce hugely popular movies like Toy StoryFinding Nemo and The Incredibles. When Pixar merged with Walt Disney in 2006, it subsequently made Jobs Disney's largest shareholder.

Apple floundered without Jobs involvement and Apple Inc. share prices were seriously underwhelming. In 1997 he was wooed back to Apple and appointed as CEO and with his renewed involvement and focus on the company stock values rose significantly and have continued to grow since.

Once safely back at the helm
Steve revitalised the company with ingenious products like the iMac – where he utilised effective brand campaigns and stylish designs which caught the attention of consumers once again.

With Jobs in charge, Apple introduced revolutionary products and services such as the Macbook Air, iPod, iPhone, iPad, iTunes -  all of which have gone on to dictate the evolution of modern technology. 

Watch this video where Steve Jobs introduces the very first iPhone. Even now competitors scramble to replicate comparable technologies as soon as Apple releases a new product.

Sadly, Steve Jobs passed away at the age of 56 after succumbing to a ten-year battle with pancreatic cancer, but in his wake he left more than a just a legacy solidified in history – he left behind a world forever changed by his technological concepts and innovations.

AMMA Private Equity is a boutique private equity company based in Australia. They exclusively connect tech start-up businesses with an extensive Accountant network in order to raise capital.

*Please note that nothing in this article should be construed as constituting financial advice by AMMA Private Equity. Professional advice (legal, financial, industry or any other relevant professional advice whatsoever) should be obtained before applying, using, adopting or relying upon the information or content contained in this article. The information or content is not intended to be nor should it be relied upon as a substitute for legal or other professional advice. Please seek professional advice before acting or relying on any of the content.

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