Theodore “Ted” Waitt, born January 18, 1963 in Iowa’s Sioux City, is the co-founder of Gateway, Inc. He and co-founder Mike Hammond established the company using a $10,000 loan that Ted Waitt got from his grandmother. Since Ted Waitt grew up in a family with a cattle business, they used cow-spotted boxes for their computer hardware deliveries. Gateway actually pioneered the idea of direct marketing.

Although Ted Waitt majored in marketing at the University of Iowa, he eventually dropped out of school when he became intrigued and fascinated with the basics of computer retailing. He spent nine months at Century Systems where he met Mike Hammond. The rest, as they say, is history.

Ted Waitt turned over Gateway’s day-to-day operations and the CEO title to Wayne Inouye in 2004. A year later, he tendered his resignation as chairman. With that move, Ted Waitt bid goodbye to the company he co-founded almost 20 years earlier.

After his ventures with Gateway, Ted Waitt shifted his attention to Avalon Capital Group, Inc. and the Waitt Family Foundation.

Avalon Capital Group, Inc. is a private investment company that spreads its interests in health care, finance, technology, energy, and real estate. The Waitt Family Foundation, on the other hand, aims to concentrate on scientific research, domestic violence prevention, and community development. Founded in 1993, the foundation has paved the way for the creation of the Waitt Institute for Discovery and the Waitt Institute for Violence Prevention.

In support of his work on violence prevention, Ted Waitt also served as chairman of the Founding Fathers campaign carried out by the Family Violence Prevention Fund. Ted Waitt also served as an Advisory Council member of the National Geographic Society and once sat as vice chairman of the Salk Institute for Biological Studies board.

Consistently ranked in Forbes’ 400 Richest lists, Ted Waitt’s 2008 net worth is estimated at $1.4 billion. Recognized in the past as one of the most successful self-made Americans below the age of 40, Ted Waitt is considered a “maverick” in the business field. In fact, several award-giving groups have recognized his expertise in both business and technology. He is a recipient of the United States Junior Chamber of Commerce’s Ten Outstanding Young Americans (TOYA) and the Young Entrepreneur award given by the U.S. Small Business Association.

The University of South Dakota paid Ted Waitt a tribute by awarding him an honorary doctorate of science degree.

More information on Ted Waitt:

The Charlie Rose interview of Ted Waitt.

ThinkExist has a collection of quotations by Ted Waitt.

The Avalon Group’s profile of Ted Waitt.

Ted Waitt is on the forefront of preventing domestic and workplace abuse, including a partnership with the United Way in Siouxland.