The University of Iowa
The University of Iowa News Services Home News Releases UI in the News Subscribe to UI News Contact Us


100 Old Public Library
Iowa City IA 52242
(319) 384-0011; fax (319) 384-0024

Release: Immediate

Ted Waitt honored by UI College of Business Administration

IOWA CITY, Iowa -- Ted Waitt, the founder of Gateway 2000 Inc., will be presented the annual Iowa Business Leadership Award by the University of Iowa College of Business Administration Friday, April 4 at the college's Iowa Business Leadership Banquet.

A former student of the University of Iowa's business management program, Waitt co-founded a company that has grown to be an international personal computer operation based in North Sioux City, S.D., on the borders of Iowa and Nebraska. The award will be presented at 7:15 p.m. in the Main Lounge of the Iowa Memorial Union.

Waitt's career in the computer industry had humble beginnings. Shortly after Waitt dropped out of the UI in 1984, he and a friend began their business by borrowing $10,000 from Waitt's grandmother. What is today a global giant began as a two-man operation. Gateway 2000 is now the 10th-largest computer maker in the world, and Waitt's estimated worth is $1.7 billion.

The Iowa Business Leadership Award was established in 1980 by C. Oscar Schmidt, president of The Cincinnati Butchers' Supply Company of Cincinnati, Ohio. The award was named in honor of Schmidt's father to honor an outstanding Iowa business leader and to provide a vehicle for students and faculty to interact with successful career men and women.

Held annually, the Iowa Business Leadership Banquet is hosted by the College of Business to express thanks to the people and organizations that support it and to recognize individuals who have demonstrated outstanding performance in the world of commerce in the belief that business leadership is essential to the economic progress of Iowa and the nation.