Not long after Intel introduced its 8080 chip, a small firm in Albuquerque, New Mexico, named MITS (Micro Instrumentation and Telemetry Systems) announced a computer kit called the Altair, which met the social as well as technical requirements for a small personal computer. MITS succeeded where other, more established firms had failed, and it was their machine that inaugurated the personal computer age. MITS got its start in computing in 1971, when it introduced an electronic calculator kit. Several thousand sold before 1974, when the sharp reduction in calculator prices drove the company out of that market. H. Edward Roberts, the Florida-born former U.S. Air Force officer who headed MITS, decided to design a small, affordable computer around the Intel 8080. His daughter named the new machine after the star Altair. It was the first microcomputer to sell in large numbers. In January 1975, a photograph of the Altair appeared on the cover of the magazine Popular Electronics. The caption read "World's First Minicomptuer Kit to Rival Commercial Models." According to the magazine, the machine sold as a kit for $395, and assembled for $498. Roberts had hoped to break even by selling 200 Altairs. Within three months he had a backlog of 4,000 orders.