Apple was established on April 1, 1976, by Steve Jobs, Steve Wozniak and Ronald Wayne to sell the Apple I personal computer kit. The Apple I kits were computers single-handedly designed and hand-built by Wozniak and first shown to the public at the Homebrew Computer Club. The Apple I was sold as a motherboard (with CPU, RAM, and basic textual-video chips), which was less than what is now considered a complete personal computer. The Apple I went on sale in July 1976 and was market-priced at $666.66 ($2,772 in 2016 dollars, adjusted for inflation).
Apple was incorporated January 3, 1977, without Wayne, who sold his share of the company back to Jobs and Wozniak for $800. Multimillionaire Mike Markkula provided essential business expertise and funding of $250,000 during the incorporation of Apple.During the first five years of operations revenues grew exponentially, doubling about every four months. Between September 1977 and September 1980 yearly sales grew from $775,000 to $118m, an average annual growth rate of 533%.