Tetraethyllead (Leaded Gasoline)Leaded gasoline prevented engine ping, making driving safer and more pleasant. Correspondingly, it also caused an enormous amount of extremely toxic pollution. Working for GM under the direct supervision of Charles Kettering at Dayton Research Laboratory, Midgley discovered the benefits of adding lead to gasoline. They named their innovation Tetraethyllead, avoiding any mention of lead, … Continue reading "Tetraethyllead (Leaded Gasoline)"
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"
PsychoanalysisPsychoanalysis is a process of working with highly trained professionals. Through discussions, doctors uncover and heal often forgotten events or disturbances. Freud was a neurologist who noticed that patients under hypnosis talked about disturbing events, oftentimes from their childhood. He theorized that speaking about these events would allow a person to confront, heal, and work … Continue reading "Psychoanalysis"
Branch BankingBranch banking allows ordinary people to utilize banks and theoretically makes banks safer since larger banks are less prone to catastrophic losses than smaller banks. Amadeo Pietro “A.P.” Giannini started life as a fruit wholesaler. He built and sold a large business, decided he was too young to retire, then innovated an entirely new type … Continue reading "Branch Banking"
Pneumatic Tools1871 Simon Ingersoll It’s not an exaggeration to say that pneumatic tools built the modern world. Wherever you’re reading this article: whether in a house, apartment, office or even on a street you can stare up and see something built with pneumatic tools. Reading in the middle of a forest? The device you’re reading on … Continue reading "Pneumatic Tools"
Credit CardMerchants have always issued credit in one form or another directly to customers. But the idea that a bank would issue credit to purchase anything then, eventually, collect from their customer is newer. In 1946, after WWII, John C. Biggins invented the first universal credit card, called “Charg-It.” However, the card only worked at participating … Continue reading "Credit Card"
Vacuum Tube (Diode)Working for the Edison Electrical Light Company of England, Sir John Fleming invented the diode, a vacuum tube at the heart of all early electronics. Radios, television, telephones, computers – virtually every electronic we’re familiar with today – was first built with diodes. Diodes are typically vacuum tubes, though some have specialized gasses in them. … Continue reading "Vacuum Tube (Diode)"
ParachuteParachutes lowered the risk of flight, encouraging innovation in flying. In 1782, the Montgolfier brothers launched the first hot air balloon from the grounds of the Palace of Versailles. King Louis XVI and Marie Antoinette — the last of the French aristocracy who would be beheaded during the revolution — watched as the balloon lifted … Continue reading "Parachute"
Container ShippingBefore container shipping, trucks were manually unloaded by longshoremen, loaded onto ships, and the process repeated at the destination. This added enormous cost, slowed shipping times and increased the risk of breakage. Inspired by WWII standardization, McLean designed containers that fit directly on ships. His standardized containers and ships enable faster and less expensive loading … Continue reading "Container Shipping"
Mass Market Microcomputer with DisplayThe Apple II is the first real mass-market microcomputer. It did anything it was programmed to do, and people programmed it to do all sorts of things. Spreadsheets, invented on the Apple II, drove enormous sales to the business market. The computer also featured several word processors and a sizable game library. Jobs & Woz … Continue reading "Mass Market Microcomputer with Display"
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"
Mobile PhoneMobile phones allow calls from anywhere that’s within range of a tower. They vastly increase productivity, convenience, lower the risk of a missed call, and they’re fun. Mobile phones work by beaming voice (and, later, data) to a tower, seamlessly switching from tower-to-tower as the person moves. Cooper Creates the Mobile Phone Battery-operated gadget maker … Continue reading "Mobile Phone"
Blue Ocean Strategy & Finance: Margin LendingMargin lending refers to the process of using borrowed money for investing. For example, a traditional investor may purchase 100 shares of a business for $10, spending $1,000. However, using margin, that same person may purchase 150 shares, spending the same $1,000 and borrowing another $500. If the stock price goes up, they pay the … Continue reading "Blue Ocean Strategy & Finance: Margin Lending"
Electrical Generator (Dynamo)1831 Michael FaradayJoseph Henry No one person “discovered” electricity. The story about Ben Franklin flying a kite with a key in a thunderstorm and discovering electricity when the kite was struck by lightning is especially ridiculous. A Russian apparently tried the same experiment soon after reading about it and was electrocuted. Alessandro Volta, who invented … Continue reading "Electrical Generator (Dynamo)"
Hybrid CornGenetic modification by people have produced virtually all plants and animals in the western world. Broccoli, cauliflower, cabbage, kale, kohlrabi, and brussels sprouts are all derived from a wild mustard plant in Europe. None of these vegetables exist but-for early genetic engineering. Similarly, all dogs, cows, pigs, sheep, and chickens are modern man-made creations. Scientists … Continue reading "Hybrid Corn"