(Okoboji)– The founder of Gateway Computers addressed attendees at Wednesday’s session of the Okoboji Entrepreneurial Institute.
Ted Waitt outlined the history of the company and explained how it all got started in 1985 with a 10-thousand dollar loan he took out that was secured by a 15-thousand dollar c-d his grandmother had.
Waitt says there were several factors that led to the rapid growth of Gateway. One of the major elements, he says, was locating the company in the midwest and Sioux City, in particular.
Waitt retired from Gateway in 1999, but went back to work a year later as its CEO when the company fell upon hard times. Waitt says higher production costs resulted in lower profit margins at that time. He says he managed to turn things around by diversifying the company. Instead of focusing just on computers, he says they turned to other products, including plasma t.v’s…which are now a major seller for the company.
Waitt retired a second time from Gateway a couple years later.
He says he’s spending most of his time now on philanthropic projects, including those that assist domestic violence programs.
Waitt says he’s also working on some projects aimed at reducing the country’s dependence on foreign oil and reducing green house gas emissions.
