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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 1000 each to form their own company Their first idea was a portable personal computer that was sketched on a paper placemat in a Houston pie shop 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 innovated within the emerging standard and agreed to fund the new company Their brainchild was the worlds first standard-based portable computer and it was extremely successful In the first full year of trading Compaq sold more than 53000 units and sales reached over 111 million which is a US business record for a new company Compaq eventually became well known for the compatibility and quality of its computers and hence its name Compaq In the first ten years Compaq concentrated on marketing its products for businesses but by 1993 it finally expanded its business to the consumer markets with its Compaq Presario PC Compaq became known as worldwide IT Company and supplier of computers Even though Compaq is in a very competitive industry where alliances are not only formed with one company but with several at once Compaq has become one of the worlds most successful companies in the computer industry and has been recognized as Forbes Magazines 1997 Company of the Year and is ranked no42 in 1998 Fortunes 500 Currently Compaq is partnering with a large number of prominent Canadian and multinational information technology firms including Asset Software International ASI Celestia Delrina Symantec Intel Lotus Matrox Microsoft Novell Oracle SAP Tandem and many others in order to gain a competitive advantage by sharing resource knowledge and cost In 1996 Compaq and Intel Corporation began a ten-year cross licensing agreement Competitors of Compaq include Sony Corp and Dell
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