Lincoln Wilcox:

In 2018 Apple became the world’s first trillion-dollar company. Had the executives at Hewlett-Packard not made a critical mistake a few decades earlier, that title might have belonged to them.

It’s well known that Steve Jobs and Steve Wozniak founded Apple in a tiny garage in Los Altos, California. However, what many people don’t know is that when Wozniak designed the first prototype of the Apple I personal computer, he wasn’t working for Apple, but for HP. In fact, Wozniak proposed the idea for the Apple I to executives at HP and was rejected not once, not twice, but five separate times.

As painful as it must be for the executives at HP to look back on the episode with Wozniak, their experience isn’t an anomaly. In fact, history is full of examples of companies that overlooked or even rejected what turned out to be lucrative business ventures. Just look at how Blockbuster passed on an opportunity to buy Netflix in 2000, how AT&T decided it wasn’t worth investing in personal cellphones in the early 1980s, or how telecommunications executives laughed at Mo Ibrahim in the late 1990s when he proposed building a cellular network in Africa. The list goes on.

“You win some and you lose some,” HP cofounder Bill Hewlett later remarked about the company’s missed opportunity with the personal computer. But were HP’s executives simply unlucky? Or did something actually prevent them from seeing the opportunity in front of them, causing them to repeatedly pass on the idea?