Less than $7 million had gone into the company thus far, and there was little to show for it other than a neat logo and some snazzy offices. It had no
revenue or products, nor any on the horizon. Not surprisingly, the venture capitalists all passed on the offer to invest.
Jobs made an offer to Perot that was three times more costly than had quietly been offered to venture capitalists a few months earlier. For $20 million, Perot would get 16% of the equity in the company, after Jobs put in another
$5 million. That meant the company would be valued at about $126 million. But money was not a major consideration for Perot. After a meeting with
Jobs, he declared that he was in. “I pick the jockeys, and the jockeys pick the horses and ride them,” he told Jobs. “You guys are the ones I’m betting on, so you figure it out.”