Steve Wozniak Says He Cofounded Apple to Build Computers, Not for Money

Apple cofounder Steve Wozniak said he started the company after Hewlett-Packard rejected his personal computer design five times. He told graduates at Grand Valley State University earlier this month that he did not set out to make money or start an industry.

Wozniak said his goal was to create a personal computer that other engineers would admire. He and Steve Jobs each received a 45 percent stake when the company was founded in 1976, with Ronald Wayne holding the remaining 10 percent.

Wozniak worked at Hewlett-Packard after leaving the University of California, Berkeley. After the five rejections, he followed Jobs' suggestion to start their own company. Wozniak said he sold much of his Apple stock in the 1980s and gave some shares to early employees and to charity. He has stated that he does not invest and has avoided accumulating large amounts of wealth.

Wozniak said he has received a weekly Apple paycheck since the company's founding, initially about $50 after taxes and savings. He stepped back from full-time work in 1985 but remains on the payroll. Wozniak returned to the University of California, Berkeley, and completed his degree at age 35 under the name Rocky Raccoon Clark.

He later taught computing to elementary and middle school students for a decade. Wozniak advised graduates not to follow conventional career paths and to take any job that provides enough money for housing.