The 1930sBill Hewlett and Dave Packard completed their studies as electrical engineers at Stanford University in 1934. They became close friends and in 1939 they decided to start a business “and go for it.” themselves. The Hewlett-Packard Company was founded in January 1939. Bill and Dave began working part-time in a garage with $538 in working capital. Bill's study of negative feedback resulted in HP's first product, the Resistance-Capacitance Audio Oscillator (HP 200A), an electronic instrument. used to test sound equipment. 40sHP products have been very well accepted by engineers and scientists. Bill Hewlett and Dave Packard create a management style that forms the basis of HP's famously open corporate culture and influences. They run the company according to the principle later called management by objectives. This was about clearly communicating overall goals and giving employees the flexibility to work towards those goals in the way they feel best suits their own areas of responsibility. Other important management decisions Bill and Dave make include providing medical insurance in case of disaster, using first names when addressing employees (including themselves), and holding regular employee parties and picnics. . HP enters the microwave business. At the end of the war, this area quickly became an important and growing part of the company's activities. 50Hewlett-Packard underwent a process of growth and maturation in the 1950s, learning much about the "new" technology of electronics and the inner workings. effects of growth. The company went public in 1957. The growing company began construction on the site that would become its headquarters in Palo Alto, California. HP invents the high-speed frequency meter (HP 524A) and significantly reduces the time needed (from about 10 minutes to one or two seconds) to measure high frequencies. Over the years, frequency counters and related products will represent billions of dollars in revenue. In 1956, HP produced its first oscilloscopes. HP becomes a publicly traded company. Its IPO took place on November 6, 1957 at a price of $16 per share. HP begins manufacturing in its first building at Stanford Industrial Park in Palo Alto. The move to this site was completed in 1960, when it became HP's headquarters. HP makes its first acquisition: FL Moseley Company of Pasadena, California, producer of high-quality graphics recorders. This marks HP's entry into the plotter sector. Bill sees new opportunities for American businesses in Europe, based on two developments: the 1957 Treaty of Rome and the European Common Market. HP gradually expands its European operations.