Compaq Computer Corporation was founded in February 1982 by Rod Canion, Jim Harris and Bill Murto, three senior managers who left Texas Instruments and invested $1,000 each to form their own company. Sketched on a paper place mat in a Houston pie shop, the first product was a portable personal computer able to run all of the software being developed then for the IBM PC.
The founders presented their idea to Ben Rosen, president
of Sevin-Rosen Partners, a high-tech venture capital firm. The venture capitalists
were impressed with the idea of a portable product innovating within the emerging
standard and agreed to fund the new company. Ben Rosen continued as chairman
of Compaq's board of directors until September 2000 when Compaq CEO Michael
Capellas was elected chairman of the board by unanimous vote.
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