Modern Genetically Modified Organisms (GMO’s)People have been genetically modifying plants and animals for eternity. Virtually every plant we eat is the result of genetic modification via selective breeding. Tomatoes, broccoli, cauliflower, kale, and countless others only exist due to genetic modifications. Furthermore, cows, pigs, chickens and arguably even all modern breeds of dogs are the result of genetic modification. … Continue reading "Modern Genetically Modified Organisms (GMO’s)"
Vaccines (Smallpox)Smallpox was a killer, affecting royalty and peasants alike. When it didn’t kill, it oftentimes left victims permanently maimed. Besides eventually eradicating smallpox, this vaccine led to the development of future ones. Background Jenner was born to a wealthy and well-educated family. Like many during his time, he was inoculated for smallpox, a process where … Continue reading "Vaccines (Smallpox)"
Grocery Store Chain / Mass RetailerThe Great Atlantic & Pacific Tea Company (A&P) showed that relying on massive scale could push down prices while running a company profitably. Relying on low prices A&P expanded rapidly. Early A&P stores were full-service. Shoppers, who typically arrived on foot to the neighborhood stores, would tell grocers what they wanted, and the grocers would … Continue reading "Grocery Store Chain / Mass Retailer"
Digital Video Recorder (DVR)Digital Video Recorders (DVR’s) record digitally, to disk or flash memory, rather than analog recording to tape. This allows end-users to quickly fast-forward, rewind, and jump to a section of a recording rather than slowly searching. Tivo and ReplayTV both launched DVR’s at the 1999 Consumer Electronics Show. As they did with videotapes, broadcasters and … Continue reading "Digital Video Recorder (DVR)"
Breach Loaded FirearmsFlintlock guns required the user to pour gunpowder into the barrel of the weapon, stamp it down, add a bullet, then carefully pick the whole thing up and fire it. By the time all that finished, soldiers could be chased down and stabbed with a knife. Breach-loading firearms opened the rifle near the back. They … Continue reading "Breach Loaded Firearms"
Multi-Shot Revolver“God created men equal, Sam Colt made them equal.” Samuel Colt Overview Colt’s revolver reduced the cost and risk of settling the US. Before the revolver, Native Americans could shoot arrows faster than pioneers could reload muskets, making westward travel and settlement dangerous. The Colt revolver reversed the dynamics and is widely credited with winning … Continue reading "Multi-Shot Revolver"
Stock ExchangeLike insurance, regulated stock exchanges opened the door to high-quality stock offerings which allowed businesses to procure financing. That both lowered the cost of capital and also spread both the risk and returns of an investment to a wider group of people. The Antwerp, formed in 1531, traded what today is called of government debt … Continue reading "Stock Exchange"
- Blue Ocean Strategy Basics – Noncustomers
Blue Ocean noncustomers aren’t just new customers; they’re a new type of customer. It’s your first week of MBA school. You’re excited, psyched, and vaguely hungover. A professor walks to the front of the class and asks “should you focus on existing customers or new customers?” Every hand in the room shoots up. “Anyone knows … Continue reading "Blue Ocean Strategy Basics – Noncustomers"
Cable TelevisionCable television brings television channels to customers without antennas. Later versions bring more channels than analog antennas provided. Walson owned a small company, Service Electric, located in a mountainous region in Pennsylvania. Frustrated that buyers of his televisions could not receive a signal he climbed a mountain and installed an antenna at the top. Eventually, … Continue reading "Cable Television"
X-Ray ImagingIn 1895, Wilhelm Röntgen noticed that electromagnetic radiation would expose bone structure under certain conditions. He invented the medical X-Ray machine. For his invention, Röntgen received the first Nobel Prize for Physics, in 1901, and several other illustrious awards. Due to WWI, companies were forbidden from paying the German royalties and his savings were destroyed … Continue reading "X-Ray Imaging"
Antibiotics“I did not invent penicillin. Nature did that. I only discovered it by accident.” Sir Dr. Alexander Fleming Few medical discoveries impacted life expectancy and quality of life more than antibiotics. Before their discovery, simple wounds were often fatal. For example, during the US Civil War, most soldiers eventually died from infection, not from their … Continue reading "Antibiotics"
NylonNylon is a popular low-cost high-strength silk alternative. It vastly lowered the cost of producing silk-like fabric. Carothers started undergraduate school, at Tarkio College in Missouri, as an English major but switched to chemistry due to an influential professor. He excelled, working as an instructor during his undergraduate years. He went on to earn a … Continue reading "Nylon"
Hydraulic Ram (Pump)Allows farmers to raise water from creeks upward, to fields, where it can be used for irrigation without a power source. In the early part of the Industrial Revolution, using a steam engine for farm water would have been prohibitively expensive and pumped far more water than is necessary. The hydraulic ram allows pumping water … Continue reading "Hydraulic Ram (Pump)"
Shareholder Value Theory: Milton Friedman ReduxOn September 13, 1970, Milton Friedman published one of the most arguably economically destructive articles in history, “The Social Responsibility Of Business Is to Increase Its Profits,” in the New York Times. The article is available, in PDF form, for subscribers from the New York Times website. Friedman advanced the idea that managers are agents … Continue reading "Shareholder Value Theory: Milton Friedman Redux"
PhonographWe, the editors of innowiki, have reviewed thousands of inventions. We’ve read through countless idea, rejecting the vast majority not because they lacked merit but because they didn’t rock the world. Background Of the innovations we accept there are very few who have more than one invention. Granted, the raw number of innovations does not … Continue reading "Phonograph"