Most tech experts and enthusiasts know that Steve Jobs was not solely responsible for the success of Apple (NASDAQ:$AAPL). While Steve Jobs became the face of Apple, the company’s earliest technologies — such as the original Apple Macintosh computers that became essential to their success — was made possible thanks to Steve Wozniak.
Having co-founded Apple, Wozniak is no stranger to tech, entrepreneurship, and innovation. As a result, it surprised many when he stated in a recent interview with Bloomberg Canada that he believes Tesla (NASDAQ:$TSLA) will be the next company responsible for the next great technology innovation. The fact that Wozniak himself still hold a big ownership in Apple makes the statement especially encouraging for Tesla stockholders.
When prompted on what won over his admiration, Wozniak said that it was Tesla’s ability to take risks. Their first product, the Tesla Model S car, made little sense in terms of engineering how much can be built with what price, Wozniak pointed out. As well, the market was unclear when the electric vehicle was produced.
While many would suspect that Wozniak could be betting on Tesla because of previous conflict with Jobs, this is not the case. Instead, it is because Wozniak saw similarities between Tesla and early-day Apple. He understands that innovation comes from generation to generation. “Look at the companies like Google and Facebook and Apple and Microsoft that changed the world — and Tesla included. They usually came from young people. They didn’t spring out of big businesses,” Wozniak explained.
Another similarity Wozniak drew between his early days at Apple and Tesla was the fact that Tesla’s CEO and co-founder Elon Musk built the company from a product that he enjoyed. Apple began because Wozniak built computers as a hobby, and wanted to produce the products he would enjoy. Tesla’s cars was built from what kind of product Musk would’ve liked — and when a product is created from what you would enjoy and control, that is when the best products are created, Wozniak said.
Besides electric vehicles, Tesla have been coming up with other innovations as well. One such example is Musk’s latest boring project — in which he wishes to build a network of tunnels under some of the world’s biggest cities. At a TED conference, Musk revealed that the project has already begun in LA. Apple, on the other hand, has been lacking in innovation — its newest AI-controlled speaker HomePod had very similar functions as Amazon’s Echo.
Some believe that if Apple and Tesla teamed up, it would be beneficial to both companies. Apple’s money and Tesla’s innovation seems like a power-couple when it comes to the next tech revolution. Musk, however, has not provided any intentions of such a partnership.
For stockholders, while this may be a good time to turn to Tesla, keep in mind that Apple is still faring well as one of the largest tech companies in the world. They may be lacking in innovation, but their products are still raking in quite an impressive revenue. As such, it still wouldn’t hurt to consider adding Tesla to your investment profile — if Wozniak is betting on the company, it is a very good indicator that perhaps you should too.
Featured Image: twitter
