Jobs and Markkula negotiating the investment deal – Jobs (2013)
Summary
TLDRIn this engaging script, Mike Markkula visits Apple Computer, intrigued by the potential he sees in Steve Jobs and Steve Wozniak's startup. After a humorous exchange and a tour of their modest operation, Markkula offers a $90,000 investment at a $300,000 valuation, with an additional $250,000 credit line at 10% interest. His conditions include incorporation to protect the founders' interests, marking a pivotal moment in Apple's early financial journey.
Takeaways
- 🤝 The script involves a meeting between Mike Markkula, Steve Jobs, and Steve Wozniak, discussing the early stages of Apple Computer.
- 🏢 Mike Markkula is introduced as a potential investor and former colleague of Don Valentine, who was contacted by Steve Jobs multiple times.
- 🍎 The Apple Computer company is described as being in its infancy, operating out of a garage and planning to launch the Apple II computer.
- 💡 Mike Markkula sees potential in Steve Jobs and the Apple Computer venture, recognizing a similar drive that he has experienced.
- 💰 The initial investment offer from Mike Markkula is $90,000, which Steve Jobs initially accepts but later suggests is insufficient.
- 📈 Mike Markkula proposes a more substantial investment package including $90,000 in cash and a $250,000 credit line with a 10% interest rate.
- 📋 The credit line is to be paid back once the company reaches a net revenue positive status.
- 🏷️ Incorporation of the company is suggested by Mike Markkula to protect the interests of the owners, Steve Jobs and Steve Wozniak.
- 🔑 Mike Markkula is invited to join the board of the company, indicating his significant role in the future of Apple Computer.
- 🍏 The script humorously notes Steve Jobs' fruitarian diet, adding a personal touch to the business discussion.
- 🎶 Background music is used throughout the script to set the tone of the conversation and highlight key moments.
Q & A
What is the context of the conversation in the script?
-The conversation is about a potential investment in a startup company, presumably Apple Computer, by Mike Markkula. The discussion involves the company's current state, future plans, and the terms of the investment.
Who are the main characters in the script?
-The main characters are Mike Markkula, Steve Jobs, and Steve Wozniak, who are discussing the investment in their startup.
What is the product that the company is planning to launch?
-The company is planning to launch the Apple II computer.
What is the significance of the 'Manson family startup' reference?
-The 'Manson family startup' is a humorous or sarcastic way to describe the chaotic or unconventional nature of the startup, possibly referring to its garage origins or the intense dedication of its founders.
What is Mike Markkula's initial investment proposal?
-Mike Markkula initially proposes an investment of $90,000.
What is the valuation Mike Markkula is considering for the company?
-Mike Markkula is considering a valuation of $300,000 for the company.
What additional financial terms does Mike Markkula propose?
-In addition to the $90,000 investment, Mike Markkula proposes a $250,000 credit line with a 10% interest rate, to be paid back once the company reaches net revenue positive.
What is the reaction of Steve Jobs to Mike Markkula's initial investment proposal?
-Steve Jobs indicates that $90,000 is not enough to meet their needs, suggesting that they require a larger investment.
What is the importance of incorporating the company as per Mike Markkula's suggestion?
-Incorporating the company helps protect the interests of the owners and provides a formal legal structure for the business.
What is the role of Mike Markkula in the company after the investment?
-Mike Markkula is expected to join the board of the company, indicating a more hands-on role in the company's management and strategic decisions.
What is the significance of the 'net revenue positive' mentioned in the script?
-Net revenue positive refers to the point at which the company's revenue exceeds its expenses, indicating financial stability and profitability, which is a condition for repaying the credit line.
Outlines
🤝 Initial Meeting and Investment Discussion
The script opens with a conversation between Steve and Mike, who is visiting Apple Computer. Mike is surprised by the company's humble beginnings and expresses his interest in investing after a recommendation from Don Valentine. Steve and Mike discuss the company's current status, including their presence in six stores and the upcoming launch of the Apple II. Mike suggests an initial investment of $90,000, but Steve counters with a request for a $250,000 credit line at 10% interest, to be paid back once the company reaches net revenue positive. Mike also advises incorporating the company to protect the owners' interests and offers to join the board.
Mindmap
Keywords
💡Apple Computer
💡Mike Markkula
💡Steve Jobs
💡Investment
💡Valuation
💡Credit Line
💡Incorporate
💡Risk
💡Net Revenue Positive
💡Board
Highlights
Introduction of Apple Computer and Mike Markkula's interest in the company
Steve Jobs' persistence in contacting Don Valentine, leading to Mike's visit
Mike Markkula's background as a former CEO and his potential role at Apple
The current state of Apple with six stores and upcoming product launches
Discussion of Steve Jobs' dietary habits as a fruitarian
Mike's skepticism about the initial investment proposal
Steve's lack of business experience and Mike's willingness to take a risk
Mike's recognition of Steve's passion and potential for success
Proposed initial investment of $90,000 and its inadequacy for Apple's needs
Mike's counteroffer of a $90,000 investment with a $250,000 credit line
The terms of the credit line including 10% interest and repayment conditions
Importance of incorporating Apple to protect the founders' interests
Mike's offer to join the board and his acceptance by Steve and Bill
The closing of the deal and the beginning of a partnership between Mike and Apple
The significance of this meeting in shaping Apple's future and its growth
The role of personal connections and networking in business development
The importance of recognizing and investing in potential and passion
Transcripts
is uh is this the right Apple Computer
yeah yeah are you expecting something
else no well yeah maybe something a
little less Manson family startup I'm
Mike Markkula Steve chops Steve
heard a lot about that you spoke to Don
Valentine and he and I are old
colleagues of sorts of be CEO from the
target yeah Valentine he said you called
him 150 times Jesus yeah he practically
begged me to come and look at your
outfit here called in a personal favor
well mark Mike Mike
welcome to the helpful computer thank
you yeah is this this is everything
yes no no we're in six stores in the
greater area we'll be launching the
Apple two and a bottom one in a few
months it's close gentlemen is there
someplace we can talk
[Music]
nor fellas you Steve's a fruitarian
fruit okay boys I'll just I'll leave you
to your business right well thanks mrs.
J is best yeah so where were we
I'm sorry don't take this the wrong way
but what's your angle mmm well my
colleagues trying to say is where was
your last employment into so how much we
talking about here the investment that's
what you came here for for a place not
Steve strong suit
isn't it yeah well I've been looking for
something to really sink my teeth into
look Steve I'm willing to take the risk
and this certainly qualifies but risk
disguises promise and you've shown
promise I've seen it in your eye and I
know that look because I've had it
myself
tells me you're onto something big
[Music]
yeah okay to the point I think we should
start with around 90 grand see where
that takes us
okay I'm sorry could you repeat that I'm
sorry
[Music]
$90,000 isn't gonna get it done oh well
wait Stephen one sec I don't see anybody
else coming in her garage or the
checkbook oh no no no idea grant gets it
done for us I just don't think he gets
it done for you will do the $90,000
investment at a $300,000 valuation but I
also want you to kick in a $250,000
credit line with 10% interest to be paid
back in full
once we meet net revenue positive
[Music]
okay
[Music]
what I mean is okay yeah
now the first thing you need to do is
incorporate so that you two as owners
can protect your interests and that is
of course if you'll have me board thank
you very much miss mark haha of course
Mike yeah yeah put her there bill bill
right Fernando says oh that's Mike Steve
yours too you down
[Music]
[Music]
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