Arduino started in 2005 as a project for students at the Interaction Design Institute Ivrea in Ivrea, Italy. At that time program students used a "BASIC Stamp" at a cost of $100, considered expensive for students. Massimo Banzi, one of the founders, taught at Ivrea.[5] The name "Arduino" comes from a bar in Ivrea, where some of the founders of the project used to meet. The bar, in turn, was named after Arduino, Margrave of Ivrea and King of Italy from 1002 to 1014.[6]