<P> The credit manager called Paul Terrell, who was attending an IEEE computer conference at Asilomar in Pacific Grove, and verified the validity of the purchase order . Amazed at the tenacity of Jobs, Terrell assured the credit manager if the computers showed up in his stores, Jobs would be paid and would have more than enough money to pay for the parts order . The two Steves and their small crew spent day and night building and testing the computers, and delivered to Terrell on time to pay his suppliers and have a tidy profit left over for their celebration and next order . Steve Jobs had found a way to finance his soon - to - be multimillion - dollar company without giving away one share of stock or ownership . </P> <P> The machine had only a few notable features . One was the use of a TV as the display system, whereas many machines had no display at all . This was not like the displays of later machines, however; text was displayed at 60 characters per second . However, this was still faster than the teleprinters used on contemporary machines of that era . The Apple I also included bootstrap code on ROM, which made it easier to start up . Finally, at the insistence of Paul Terrell, Wozniak also designed a cassette interface for loading and saving programs, at the then - rapid pace of 1200 bit / s . Although the machine was fairly simple, it was nevertheless a masterpiece of design, using far fewer parts than anything in its class, and quickly earning Wozniak a reputation as a master designer . </P> <P> Joined by another friend, Ronald Wayne, the two Steves started building the machines . Using a variety of methods, including borrowing space from friends and family, selling various prized items (like Wozniak's HP scientific calculator and Jobs' VW bus) and scrounging, Jobs managed to secure the parts needed while Wozniak and Wayne assembled them . Building such a machine was going to be financially burdensome, and the owner of the Byte Shop was expecting complete computers, not just printed circuit boards . The boards being a product for the customers, Terrell still paid them . Jobs started looking for cash, but banks were reluctant to lend him money; the idea of a computer for ordinary people seemed absurd at the time . Jobs eventually met Mike Markkula who co-signed a bank loan for $250,000 (equivalent to $1,080,000 in 2017), and Jobs, Wozniak and Wayne formed Apple Computer on April 1, 1976 . Wayne was somewhat gun - shy due to a failed venture four years earlier and soon dropped out of the company, leaving the two Steves as the active primary co-founders . The name Apple was chosen because the company to beat in the technology industry at the time was Atari, and Apple Computer came before Atari alphabetically and thus also in the phone book . Another reason was that Jobs had happy memories of working on an Oregon apple farm one summer . Eventually, 200 of the Apple I's were built . </P> <P> Wozniak had soon moved on from the Apple I . Many of the design features of the I were due to the limited amount of money they had to construct the prototype, but with the income from the sales Wozniak was able to start construction of a greatly improved machine, the Apple II; the two Steves presented it to the public at the first West Coast Computer Faire on April 16 and 17, 1977 . On the first day of the exhibition, Jobs introduced the Apple II to a Japanese chemist named Toshio Mizushima, who became the first authorized Apple dealer in Japan . </P>

Where did the brand name apple come from
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