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By the spring of 1946, Eckert and Mauchly had procured a U.S. Army contract for the University of Pennsylvania and were already designing the EDVAC – the successor machine to the ENIAC – at the university's Moore School of Electrical Engineering.
J Presper Eckert and John Mauchly were prepared to absorb any overrun in costs in hopes of recouping from future service contracts, but the economics of the situation brought the inventors to the edge of bankruptcy.
Mauchly and Eckert resigned from the Moore School shortly after the public announcement of the ENIAC and formed the Electronic Controls Company. Eckert assumed the task of designing a new computer system, while Mauchly conducted research into the possible uses for electronic computers.
Eckert-Mauchly Computer Corporation (EMCC) full record download pdf. J. Presper Eckert and John Mauchly, the major figures in the creation of the ENIAC, left the University of Pennsylvania Moore School of Engineering at the end of WWII to found their own firm.
While the EDVAC (Electronic Discrete Variable Computer) was still a dream at the university, Eckert and Mauchly had the concept of a commercial system, but with limited financial backing they needed a contract in order to provide the funding for further developments.
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Mauchly and Eckert entered into joint discussions with accomplished mathematician John von Neumann, out of which came plans for the EDVAC: The Electronic Discrete Variable Calculator. Von Neumann drafted a report entitled "First Draft Report of the EDVAC Design”, which Goldstine circulated widely.
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The U.S. Army Ordnance Department funded The Moore School for Electrical Engineering at the University of Pennsylvania to build the computer between 1943 and 1945. J. Presper Eckert and John W. Mauchly were the principle designers. The ENIAC computed a thousand times faster than any existing device.
