The term Apple Inc. (NASDAQ: AAPL) is synonymous with novelty, innovation and appeal. The company was named the most innovative company by the Boston Consulting Group in 2015, topping the list every time since 2005

Among the many compelling and innovative products that have rolled out of Apple's stable, the iPhone stands tall.

iPhone, as with any Apple product, had a long incubation period and was shrouded in secrecy until it was launched in 2007. The product has had so many iterations over the years, with the latest version to be launched being the iPhone 7, which was released in September.

Work on the original iPhone began in 2004, when Apple hired about 1,000 employees to work on the project which was then code-named as Project Purple. The executives roped in to develop iPhone included Jonathan Ive, currently Apple's Chief Design Officer, and Scott Forstall, who oversaw the software development.

On Apple founder Steve Jobs' direction, the product design was moved to a phone and away from a tablet. Spending about $150 million, the company created the iPhone in collaboration with Cingular Wireless, which has now become part of AT&T Inc. (NYSE: T).

The First iPhone Event in 2007

The first iPhone event was held on January 9, 2007, and Jobs announced the iPhone to the world in an hour-long speech. Terming it as a revolutionary product, Jobs introduced it as a combination of three devices, namely a widescreen iPod with touch controls, a revolutionary phone and a breakthrough Internet communicator.

Magic of Multi-touch

Introducing the multi-touch technology, Jobs said, "We have invented a new technology called multi-touch. It works like magic, you don't need a stylus, far more accurate than any interface ever shipped, it ignores touches, mutli-finger gestures, and BOY have we patented it!"

Stunning Design & Features

Jobs said that the iPhone would run on OS X, which does multi-tasking, networking, power management, graphics, security, video, graphics, audio core animation etc. The design of the original iPhone such that it had only one button, the home button, a 3.5 inch screen, with very high resolution.

Other features revealed in the event were a two megapixel built-in camera, a headset jack, SIM tray, sleep-wake switch, speaker, mic input and iPod connector. Jobs also spoke of some stuff, which are not visible, including three advanced sensors.

Killer Apps

Jobs demoed making calls and explained features such as favorites, visual voicemail, multiple SMS conversations and photos.

Coming to Internet communications device, Jobs pointed to the rich HTML emails, which work with any IMAP or POP3 e-mail service. Safari browser was used on the first iPhone. Additionally, it had Alphabet Inc's (NASDAQ: GOOGL) Google Maps as well. Jobs also showed off the widgets, which communicate with the Internet over WiFi and EDGE.

Pricing & Availability

Initial models, included a 4GB model priced at $499 and a 8GB model at $599. Jobs said then the product was to be shipped, beginning in June 2007. IPhone was to be launched in Europe in the fourth quarter of 2007 and in Asia in 2008.

Despite its innovative appeal, Apple trails Samsung in terms of its share in the smartphone market. IDC's data pitches Samsung's market share at 21 percent in the third quarter of 2016 compared to Apple's 12.5 percent.

Apple has come a long way since its first iPhone, and the world now waits with bated breath for the iPhone 8.

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