Robert Noyce a physicist and co-inventor of the integrated circuit, and Gordon Moore a chemist and physicist. were the founders of Intel in 1968. Previously the two worked at Fairchild Semiconductor. They were displeased on how operations were run at Fairchild and decided to start Intel in 1968.
To obtain start-up capital, Noyce and Moore approached Arthur Rock, a venture capitalist, with a one-page business plan simply stating their intention of developing large-scale integrated circuits. At that time, semiconductor memories were ten times more expensive than standard magnetic core memories. Costs were falling, however, and Intel's founders felt that with the greater speed and efficiency of large scale integrated circuits technology, semiconductors would soon replace magnetic cores.Arthur supplied $10,000, raised $2.5 million dollars and became the Chairman of the board of directors.