Short for International Business Machines, the largest computer company in the world. IBM started in 1911 as a producer of punch card tabulating machines. In 1953, it introduced its first computer, the 701. During the 60's and 70's, IBM came to dominate the new field of mainframe and minicomputers. In 1981, IBM launched its first personal computer, called the IBM PC, which quickly became the standard. However, IBM underestimated the market for PCs and lost market share to vendors of PC compatibles, such as Compaq.