By March 1976, Wozniak completed the basic design of the Apple I computer and showed it to Jobs, who suggested that they sell it; Wozniak was at first skeptical of the idea but later agreed. In April of that same year, Jobs, Wozniak, and administrative overseer Ronald Wayne founded Apple Computer Company (now called "Apple Inc.") as a business partnership in Jobs's parents' Crist Drive home on April 1, 1976. The operation originally started in Jobs's bedroom and later moved to the garage. Wayne stayed briefly, leaving Jobs and Wozniak as the active primary cofounders of the company. The two decided on the name "Apple" after Jobs returned from the All One Farm commune in Oregon and told Wozniak about his time in the farm's apple orchard. Jobs originally planned to produce bare printed circuit boards of the Apple I and sell them to computer hobbyists for $50 (equivalent to about $240 in 2021) each. To fund the first batch, Wozniak sold his HP scientific calculator and Jobs sold his Volkswagen van. Later that year, computer retailer Paul Terrell purchased 50 fully assembled Apple I units for $500 each. Eventually about 200 Apple I computers were produced in total.
They received funding from a then-semi-retired Intel product marketing manager and engineer Mike Markkula. Scott McNealy, one of the cofounders of Sun Microsystems, said that Jobs broke a "glass age ceiling" in Silicon Valley because he'd created a very successful company at a young age. Markkula brought Apple to the attention of Arthur Rock, which after looking at the crowded Apple booth at the Home Brew Computer Show, started with a $60,000 investment and went on the Apple board. Jobs was not pleased when Markkula recruited Mike Scott from National Semiconductor in February 1977 to serve as the first president and CEO of Apple.