We know of the two Steve’s but how well do we know about the
third founder of Apple and what can we learn from him about investing in tech start-ups in an ICT age?
Three young men sitting in a garage in California on April
1, 1976- Steve Jobs, Steve Wozniak, and Ronald Wayne co-founded Apple Computer,
now arguably one of the most known brands in the World today in ICT and
beyond. Wozniak was the charismatic and affable inventor, Jobs was the sales
person and Wayne was the voice of reason between the two men
Now 81, Wayne was just about the age Apple is now when he
met the younger Steve Jobs. Jobs who would regularly seek counsel from Wayne on
different issues needed Wayne’s advice one more time on that prolific day - to
convince Wozniak to become the exclusive brain in inventing for apple computers.
After convincing Wozniak, Wayne drew up the legal agreement for the company. Jobs
and Wozniak got 45% each, and Wayne had 10%, and the right to be the voice of
reason in any disputes.
Interestingly, Wayne pulled out a mere 12 days later. Jobs
had secured a contract to sell computers to a company that wasn’t so credit
worthy and Wayne not willing to take the fall in the event of any debt or liability,
decided to pull out. Wayne asserts he doesn’t regret this though because he
made the decision based on "... reasons that are still sound to me
today," he said. Interestingly, the
market value of his 10% would have been $600bn, 40 years later. Instead, he got
$1,500 in 1976 when he sold.
Wayne now lives in Nevada, one of the far flung points in the
US. Some call Wayne forgotten, but he says he never has regretted for a day, the
decision to walk away as that was not the future he saw for himself. Boldness
or lack of investment foresight ? We may never know but Wayne has this advice
for youngsters-
"Find something you enjoy doing so much that you'd be
willing to do it for nothing… and you'll never work a day in your life."
Wayne apparently found his even though it made him almost
$600bn dollars poorer but as I discussed earlier today with a friend, my advice to
young people will also be, never sell out your investment in a start-up just for a temporary
situation. Investment is always about risk and foresight.
