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"
Modern ArtBackground Towards the late 1800s, two new technologies radically changed the world of painting. The first photography. Images were primitive, expensive, and slow at first. However, by the late 1800s photography would eventually produce entirely realistic images in less time and at less cost than any painter could. Painting as a functional exercise, to preserve … Continue reading "Modern Art"
Rotary Printing Press (Web Offset)Rotary web printing presses revolutionized newspaper publishing. The technology enabled larger, faster newspaper printing at a far lower cost. However, digital distribution of news via the world wide web has dramatically decreased demand for paper newspapers. Hoe’s web press printed in a continuous sheet, a roll, then machines cut the paper into sheets. When connected … Continue reading "Rotary Printing Press (Web Offset)"
Air BrakesAir brakes use compressed air to allow trains to run much faster, reducing the cost of train rides. Before air brakes, train speeds were limited due to an inability to reliably slow them. Runaway trains were a real problem before air brakes limiting the speed and utility of trains. Westinghouse innovated an airbrake for trains … Continue reading "Air Brakes"
Plasma Panel1964 Donald BitzerGene SlottowRobert Wilson Plasma panels form fonts, images, and other patterns using plasma, rather than tubes. The panels are flat, cool, and use less power than CRT tubes. Bitzer developed the plasma panel as the monitor for his teaching computer, PLATO. PLATO is a lesser-known fountain of innovation. Along with Bell Labs, Xerox … Continue reading "Plasma Panel"
Health InsuranceBackground Germany has the oldest health insurance system, the Sickness Insurance Law of 1883. Employers paid one-third and employees two-thirds. The insurance covered both medical treatment and sick leave. In 1911, the UK created basic health insurance. Russia followed in 1912, nationalizing all healthcare after the Russian Revolution of 1917. Most countries rolled out some … Continue reading "Health Insurance"
Electronic Stock Exchange (NASDAQ)History In early stock markets, traders offered and accepted bids for stock prices to one another. People would stand in a stock exchange and literally yell out stock symbols and prices. Buyers would purchase blocks of stock. This system was slow and expensive. Only high-level bankers had access to the people on a stock trading … Continue reading "Electronic Stock Exchange (NASDAQ)"
Mass-Scale DesalinationReverse osmosis enables large-scale desalination of seawater, efficiently transforming it into drinking water. People have been trying to desalinate seawater into drinking water for millennia. Firstly, Aristotle and other ancient Greeks unsuccessfully attempted to desalinate seawater. Eventually, by the 16th century, ship-based evaporation desalination systems created potable water. In time, by 1955, the first multi-stage … Continue reading "Mass-Scale Desalination"
Protease InhibitorsHistory They first called it gay men’s cancer. Then announced it affected intravenous drug users. People became skeptical when they added Haitians as a risk factor. Being gay, a drug user, or black was a death sentence? My openly gay high school English teacher became sick and quickly died in the middle of a semester. … Continue reading "Protease Inhibitors"
Blue Ocean Strategy Explained: What It Is & What It Isn’tBy the book, blue ocean strategy is the simultaneous pursuit of differentiation and low cost? But what does that really mean? What Isn’t Blue Ocean Strategy First, let’s look at some conceptions of what blue ocean strategy is not. Redefine Market Boundaries Above all else, blue ocean strategy is not about accepting the status quo … Continue reading "Blue Ocean Strategy Explained: What It Is & What It Isn’t"
Automatic Automobile TransmissionAutomatic transmissions lower the complexity of driving, removing a barrier of entry. They also allow drivers to focus on the road rather than worries about shifting gears. Automatics vastly simplify driving though, in many countries, drivers who take their test with an automatic transmission may only drive using automatic transmission. Thomas Sturtevant’s automatic transmission system, … Continue reading "Automatic Automobile Transmission"
Relational Database Management System (RDBMS)Relational databases simplify the storage and retrieval of related information. For example, rather than storing the state a person lives in a relational database might store a number to a single list of all states. Significantly, this reduces overall storage needs and makes indexing and searching significantly easier and subsequently faster. Edgar Codd, working at … Continue reading "Relational Database Management System (RDBMS)"
InsuranceInsurance – paying to spread risk – is an ancient practice. Modern insurance, where businesses specifically focus on assuming the risk of loss for a third-party is a more modern practice. The Hamburger Feuerkasse (Hamburg Fire Office) opened in 1676. Fire insurance spread throughout Europe. Eventually, Lloyd’s of London popularized shipping insurance, where people willing … Continue reading "Insurance"
Optical Character Recognition (OCR)Optical Character Recognition (OCR) technology increases productivity and decreases cost by alleviating the need for humans to type printed information into computers. It also reduces the risk of typos. David Shepherd’s OCR machine was used in few places. Most notably, Reader’s Digest used it to manage subscription information, transforming printed material to punch cards. Other … Continue reading "Optical Character Recognition (OCR)"
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"