Niche MarketingWalker, daughter of freed slaves, is the first self-made millionaire woman and the first self-made millionaire African American (maybe – tax returns suggest it was $600K but she did very well for herself). She invented beauty products for Black people. Walker was born in a sharecropper’s cabin. She is orphaned at seven. A freelance launderer, … Continue reading "Niche Marketing"
Index Investment Funds“Don’t look for the needle in the haystack. Just buy the haystack!” Index investment funds are simpler and vastly less expensive than individual stock picking. Firms mimic index funds which, themselves, are created to mimic market strength. Not only do 85 percent of hedge fund managers trail returns in the S&P 500 but also they … Continue reading "Index Investment Funds"
Catalytic ConverterCatalytic converters prevent knocking in engines without leaded fuel. Houdry was a Frenchman working on high-octane fuels. His initial focus were race cars. Sun Oil sponsored the early work, in the 1930’s, moving Houdry to the US. The fuel work was a success but could not be use in mass production because the catalysts that … Continue reading "Catalytic Converter"
Electric CarsElectric cars were a strong contender as a powertrain in the late 1800’s and early 1900’s. In 1899, the Electric Vehicle Company (EVC) was the largest vehicle manufacturer in the US. Early electric cars were quiet and drove smoothly. Most nineteenth-century taxis were electric cars. On Year Year’s Eve, 1899, the US had more electric … Continue reading "Electric Cars"
DNA SequencingDNA sequencing creates a map of DNA. The process reads DNA like a computer reads a hard drive. Eventually, the technology will allow scientists to understand and manipulate life functions. In 1955, Sanger discovered how to sequence DNA, which would later win him the Nobel Prize. He is one of four people in the world … Continue reading "DNA Sequencing"
Credit ReportingAccurate credit reporting vastly lowered the risk of lending and, with it, the cost of capital. Lewis Tappan Tappan was a strident Christian who did not believe in credit. His brother and he went bankrupt, twice. Tappan and brothers were busybodies, known to snoop and report on New York City gaming houses, brothels, and other … Continue reading "Credit Reporting"
Marine ChronometerThis device, an accurate clock that works on ships, allows sailors to much more accurately navigate. Before this innovation, sailors had to guess, and it was common for ships to miss their destination on a journey by hundreds of miles. This device reduced the risk and cost of long journeys by ship, lowering the cost … Continue reading "Marine Chronometer"
Venture Capital“There have been many fine scientists desperately trying to become poor businessmen.” Georges Doriot Venture Capital pools resources and spreads risk and reward across multiple companies. This simplifies early-stage investing and makes early-stage investing more convenient for both investors and entrepreneurs. Background General Georges Doriot is the “father of venture capital.” In 1946, he created … Continue reading "Venture Capital"
Modern Computing v1: The Mother of All Demos.On December 9, 1968, the modern world was born. Background Douglas Engelbart, working for the Stanford Research Institute (SRI) showed the future of modern computing to a roomful of people that, for the most part, understood virtually none of it. In a tour de force, Engelbart introduced the world to video conferencing, teleconferencing, hypertext, word … Continue reading "Modern Computing v1: The Mother of All Demos."
ChemotherapyChemotherapy refers to a group of drugs that fight cancer. Surgery and radiation were the two common anti-cancer therapies before the discovery of effective chemotherapy. Immunotherapy was also studied but showed little promise. Background In the 1800s, scientists thought drugs might be able to fight cancer. However, none of them worked well. In the 1910s, … Continue reading "Chemotherapy"
Flash MemoryFlash memory stores and retrieves information more reliably and faster than hard drives. It works similar to RAM but is slower and far less expensive. It is fast, cheap, reliable, and virtually shock-proof. Fuio Masuoka was a Toshiba employee. He developed a better type of solid-state memory and filed a patent in 1981. His new … Continue reading "Flash Memory"
Magnetic Tape RecordingPoulsen, a Danish engineer, created and patented a machine that recorded onto magnetic tape. His called the invention a Telegraphone. There was no amplification and the recording quality was poor. In 1928, Pfleumer, a German, vastly improved the magnetic tape. He named his device a Magnetophone. During WWII the Germans used it for communications and … Continue reading "Magnetic Tape Recording"
TelevisionBefore Farnsworth, there were various types of mechanical TV that used spinning disks (Nipkow disks) and electrical transmitters, none of which ever gained traction. John Logie Baird invented the most widely known mechanical TV. Electrical Television Farnsworth had a small group of innovators, who invested $25,000. They eventually told him to give up so he … Continue reading "Television"
Personal Computer, Xerox Alto (the “interim Dynabook”)Dynabook was at the heart of Xerox PARC. Eventually realized as the Xerox Alto, it is essentially the first personal computer. Easy-to-use with a graphical interface, what-you-see-is-what-you-get (WYSISYG) programs, icons, the mouse, networking. Everything we take for granted today started as the Dynabook/Alto. Background The Dynabook dates to Kay’s doctoral thesis and the first interview … Continue reading "Personal Computer, Xerox Alto (the “interim Dynabook”)"
Highway (Limited Access Road)High-speed streets with minimal interruptions were a novel concept when first created. Highways, technically called limited access roads, have entry and exit ramps are few and located far between. Long Island, near New York, was home to the first highway in 1911. Americans continued to build highways, enacting the Federal Highway Act of 1921. Germans … Continue reading "Highway (Limited Access Road)"