Adobe raised $2.5 million to sell whole publishing systems, and nobody wanted the hardware.
John Warnock and Charles Geschke left Xerox PARC in 1982 to sell complete publishing systems. DEC’s Gordon Bell wanted only the printer software. Steve Jobs wanted the same, then offered $5 million for the whole company. Warnock and Geschke refused twice, until their chairman, Q.T. Wiles, told them a business plan was only there to raise money.
Adobe on Brandseum