In 1986, the newly independent Pixar was headed by President Edwin Catmull and Executive Vice President Alvy Ray Smith. Lucas's search for investors led to an offer from Steve Jobs, which Lucas initially found too low. He eventually accepted after determining it impossible to find other investors. At that point, Smith and Catmull had been declined 45 times, and 35 venture capitalists and ten large corporations had declined. Jobs, who had been edged out of Apple in 1985, was now founder and CEO of the new computer company NeXT. On February 3, 1986, he paid $5 million of his own money to George Lucas for technology rights and invested $5 million cash as capital into the company, joining the board of directors as chairman.