"In honor of 50 years of Apple, we're sharing for the first time ever Don Valentine's original 1977 memo for Sequoia's investment into Apple Computer. #Apple50."
"Valentine wrote that he met directly with its founder, Steve Jobs. He described its business as: 'Home Hobby Computers.'"
"Leading company in a hot biz $600k buys 10% very rich deal, management questionable for this evaluation."
"Apple generated $416 billion of net sales and $112 billion of net income in its last financial year."
In 1977, Don Valentine of Sequoia Capital invested in Apple, proposing a $600,000 financing round. At that time, Apple earned $750,000 in net sales and projected significant growth. Valentine described Apple as a 'Home Hobby Computers' business, valuing it at $6 million. His memo reflects skepticism about the management and the high valuation. Apple has since evolved into a leading manufacturer of consumer electronics, generating $416 billion in net sales and $112 billion in net income in its last financial year.
Read at www.businessinsider.com
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