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The Apple founders would be unable to get funding these days. They wouldn't even get a meeting. This was true in the 70s as well. The Apple founders had to rel

by apike 13y ago

The Apple founders would be unable to get funding these days. They wouldn't even get a meeting. This was true in the 70s as well. The Apple founders had to rely on revolving credit from the parts suppliers to get the parts they needed to get off the ground.

hga 13y ago
Eh, that's more like angel level stuff. Wikipedia's history is lacking in details, but says "Jobs eventually met Mike Markkula who co-signed a bank loan for US$250,000, and the three formed Apple Computer on April 1, 1976." That's a million in 2013 dollars. But I know they got VC funding later (and I seem to remember they weren't given the third degree in getting it) and Wikipedia acknowledges that saying "On December 12, 1980, Apple launched the Initial Public Offering of its stock to the investing public. When Apple went public, it generated more capital than any IPO since Ford Motor Company in 1956 and instantly created more millionaires (about 300) than any company in history. Several venture capitalists cashed out, reaping billions in long-term capital gains." (http://en.wikipedia.org/wiki/History_of_Apple_Inc. http://en.wikipedia.org/wiki/History_of_Apple_Inc.)
- nostrademons 13y ago
  They had traction well before they met Mike Markkula - the Apple I sold out, even though it was nothing but a kit. If can show traction today similar to what Apple had, you'll have a bidding war of investors on your hands. This is how YouTube and Instagram got bought for $1B+, it's how Google got two separate VCs to co-lead their series A, and it's how any number of other small startups attract investor attention. The thing that's new is that you can sometimes get VC funding based only on an idea, without traction and without a prior business relationship. That never used to happen before YC. When I quit my job in 2007 to pursue a startup (2 years work experience), I told our VP of BizDev (a former investment banker) "Realistically, we have about zero chance of getting VC funding without traction, but this is our chance to try to build traction and see if it's fundable ourselves" and he was like "Well, at least you're being realistic about your odds."
  - wilfra 13y ago
    Not that I necessarily disagree but YouTube, Instagram and Google are bad examples. The first two had founders who were master "politicians" and were already well connected in the valley. Sergey and Larry were Stanford CS PhD students who merely had to impress their professors with their prototype to get introductions to SV Royalty. Facebook would be a good example though. Zuck did come from Harvard which added credibility and opened some doors but from the beginning FB's traction is what mattered far more than anything else.

by apike 13y ago

hga 13y ago

Eh, that's more like angel level stuff. Wikipedia's history is lacking in details, but says "Jobs eventually met Mike Markkula who co-signed a bank loan for US$250,000, and the three formed Apple Computer on April 1, 1976." That's a million in 2013 dollars. But I know they got VC funding later (and I seem to remember they weren't given the third degree in getting it) and Wikipedia acknowledges that saying "On December 12, 1980, Apple launched the Initial Public Offering of its stock to the investing public. When Apple went public, it generated more capital than any IPO since Ford Motor Company in 1956 and instantly created more millionaires (about 300) than any company in history. Several venture capitalists cashed out, reaping billions in long-term capital gains." (http://en.wikipedia.org/wiki/History_of_Apple_Inc. http://en.wikipedia.org/wiki/History_of_Apple_Inc.)

nostrademons 13y ago
They had traction well before they met Mike Markkula - the Apple I sold out, even though it was nothing but a kit. If can show traction today similar to what Apple had, you'll have a bidding war of investors on your hands. This is how YouTube and Instagram got bought for $1B+, it's how Google got two separate VCs to co-lead their series A, and it's how any number of other small startups attract investor attention. The thing that's new is that you can sometimes get VC funding based only on an idea, without traction and without a prior business relationship. That never used to happen before YC. When I quit my job in 2007 to pursue a startup (2 years work experience), I told our VP of BizDev (a former investment banker) "Realistically, we have about zero chance of getting VC funding without traction, but this is our chance to try to build traction and see if it's fundable ourselves" and he was like "Well, at least you're being realistic about your odds."
- wilfra 13y ago
  Not that I necessarily disagree but YouTube, Instagram and Google are bad examples. The first two had founders who were master "politicians" and were already well connected in the valley. Sergey and Larry were Stanford CS PhD students who merely had to impress their professors with their prototype to get introductions to SV Royalty. Facebook would be a good example though. Zuck did come from Harvard which added credibility and opened some doors but from the beginning FB's traction is what mattered far more than anything else.