Theodore Waitt

Theodore Waitt, an American millionaire, is the co-founder and former chairman and CEO of Gateway, Inc.

Theodore Waitt’s Early Days

Theodore Waitt was born in 1963, in Sioux City, Iowa. His family had been in the cattle business for years. Waitt Joined the University of Iowa for pursuing his studies in marketing. He worked in the PC industry in Des Moines, Iowa, for nine months. He finally dropped out of his business management program at the University of Iowa and planned to start his own business together with Mike Hammond. Failing to obtain capital from the bank, Waitt got a $10,000 loan from his grandmother. In 1985, Waitt and Hammond started their computer mail-order business, TIPC Network.

Their company started off humbly in Waitt’s father’s cattle ranch. They stressed on their Iowa roots and advertisements carried the tagline - Computers from Iowa? They even packaged their sales in computer boxes with cow patterns! The Holstein cow later became a standard that differentiated their company. Even with such modest beginnings, the company was successful.

Gateway’s Rapid Growth under Theodore Waitt

Waitt realised that the PC market would be more profitable than the peripherals business they dealt in. They began assembling computers for customers who preferred customized systems. TIPC Network was renamed as Gateway 2000 in 1988. Their sales soared to $12 million that year and $70.9 million the next year. After that there was no looking back.

Gateway 2000 was named the fastest growing private firm by Inc. Magazine. By 1992, they had crossed the billion dollar mark in sales. In 1998, the company altered its name to Gateway Inc. In January 2000, Jeff Weitzen took over the position of Chief Executive Officer (CEO) from Waitt. However, Waitt remained as chairman of Gateway Inc. He regained the title within a year due to a significant drop in the earnings of Gateway Inc. In 2007, Acer Inc. completed its acquisition of Gateway Inc.

Waitt’s Diverse Deeds

Waitt is an avid traveller and he engages in various philanthropic activities. He established the Waitt Family Foundation in 1993 which takes part in diverse activities. It funds several programs including environmental, scientific, and ocean exploration. Waitt is also on the Board of Trustees and the Council of Advisors of the National Geographic Society. He has even ventured into movie production with the film ‘Amelia’ starring Hilary Swank, which he developed, produced and financed. He founded the Avalon Capital Group, a wholly-owned private investment company. He stepped down from the Chairman’s post in Gateway Inc. in 2005. He is known in the business publication industry as a maverick and was well known for his “work with fun” philosophy.

Waitt’s Numerous Accolades

Waitt is the recipient of the Young Entrepreneur of the Year award from the U.S. Small Business Association, Marketing Computers Marketer of the Year, and a Ten Outstanding Young Americans (TOYA) award from the United States Junior Chamber of Commerce. Apart from these awards, he received an Honorary Doctor of Science from the University of South Dakota.

Theodore Waitt- Biography

Ted Waitt's Gateway Inc

Ted Waitt- The Waitt Family Foundation