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)"
High-Yield Rice (IR8)Asia was on the edge of an epic famine large enough to cause widespread death and civil unrest. Both the Ford and Rockefeller Foundation responded by founding and funding a thinktank to create higher-yield rice, the International Rice Research Institute (IRRI). Straightaway, they sent a team of mainly American scientists to research if anything could … Continue reading "High-Yield Rice (IR8)"
Gas Extraction from Coal & Gas Powered LanternCombining gas extracted from coal into a lantern, then into lights, allowed for non-candle bright lights. This literally lit up the industrial era. Factories could function at night and people could stay awake longer. Gas lighting vastly increased productivity. In 1667, Thomas Shirley published a report describing flammable gas naturally seeping from coal. In 1684, … Continue reading "Gas Extraction from Coal & Gas Powered Lantern"
LaparoscopyFor centuries surgeons have been purposefully cutting holes in people trying to heal them. Background Before anesthesia, antibiotics, and Lister’s germ theories surgery often meant a slow and painful death from infection. Putting things into perspective, more people died in the US Civil War from infection than from direct strike of a weapon. Purposefully cutting … Continue reading "Laparoscopy"
- 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"
MotorcycleAfter engineering a buggy that runs on four wheels it didn’t take long to realize a motorized bicycle would work well. Motorcycles are more efficient than cars: they use less fuel and take less space. However, they’re more dangerous than cars, offering far less protection in the event of a crash. They’re also fun. In … Continue reading "Motorcycle"
RF-IDRF-ID is the technology allowing a low-power or no-power chip to communicate wirelessly. Dongles in a car that pay tolls, credit-cards that can be charged without contact, and badges that open doors are all RF-ID applications. RF-ID stands for Radio Frequency Identification and works by wirelessly transmitting what is essentially a barcode. There are two … Continue reading "RF-ID"
AirplaneWilbur and Orville Wright invented the airplane with their first flight in 1903. Urban myth describes an easy story where the bicycle mechanic brothers built an airplane from spare parts. In reality, the innovation was a long, slow, methodical, and extremely dangerous project. Background People had been building various forms of fixed-wing gliders for years. … Continue reading "Airplane"
Facsimile (FAX) MachineAlexander Bain created a telegraph that transmitted light and dark dots that were reproduced on the other side, the fax machine, long before the telephone. Early faxes were popular with newspapers due to their ability to quickly transmit crude images. Countless modifications and improvements followed over the years. Despite the obvious differences in the innovation, … Continue reading "Facsimile (FAX) Machine"
Intrauterine Device (IUD)Intrauterine Devices (IUD’s) are long-lasting passive birth control for women. Once inserted they work anywhere from ten years to life. IUD’s are the most common birth-control method in the world. Background IUD’s were first developed in 1909 by Richard Richter of Waldenburg, Germany. Ernst Gräfenberg also supported the devices. He is the doctor the “G-Spot” … Continue reading "Intrauterine Device (IUD)"
Compact Audiotape CassetteIn 1960, Consumer Reports reviewed an in-car vinyl record player offered by Chrysler, The RCA Victor “Victrola.” It held 14 records and could play for 2.5 hours continuously. To keep the needle from bouncing around, it was pressed into the vinyl wearing down records. Despite that common sense says the invention sounds idiotic, it worked … Continue reading "Compact Audiotape Cassette"
RocketsIn 1914, Goddard patented the first rocket and, in 1926, Goddard fired the first liquid-fueled rocket. Goddard predicted rockets would one day enable space flight, a prediction widely ridiculed as science fiction. Eventually, in 1929, Oberth fired his modern liquid-fueled rocket. Oberth eventually taught Wernher von Braun, who perfect modern rocketry. In time, both Oberth … Continue reading "Rockets"
Organic Light-Emitting Diode (OLED)Organic Light-Emitting Diodes (OLEDs) emit light with virtually no electricity. Lamps, televisions, mobile phone, and computer monitors are common applications. Additionally, OLEDs are bright, high-contrast, and extremely thin. OLED screens are faster, brighter, and use far less energy than LED-based displays. As the technology develops, they will eventually cost less than LED displays. OLED’s are … Continue reading "Organic Light-Emitting Diode (OLED)"
Flushing Toilets / Indoor PlumbingShortly before reaching their third birthday, children learn to use the toilet. Except for Indian children whose parents somehow potty train them as infants, a trick that’d transform the west though remains a total digression towards indoor plumbing. Life was changed for the better when indoor plumbing was invented. Getting back to the toddlers of … Continue reading "Flushing Toilets / Indoor Plumbing"
Precision Guided Munitions“In the past, wars’ slaughter has been largely confined to armed combatants. Obviously the airman, riding so high above the earth that cities look like ant hills, cannot aim his deadly cargo at armed males. All below will be his impartial target.” Major Gen. James Fechet, US Army Air Corps, 1933 Precision Guided Munitions (PGM’s) … Continue reading "Precision Guided Munitions"