Funding the Dream
Thomas Edison had many inventions, though some not as successful, such as the concrete house. But they all cost a lot of money to develop, something not available to everyone. So where did Edison get his funding?
With all of the money from the purchases of his past inventions, his own pocket money and help from financial backers, Edison was able to fund his experiments. One invention that got Edison really rich was the selling of the rights for the quadruplex, a telegraph that can send four telegraphs simultaneously. Millionaire Jay Gould payed $100,000 for it in 1874. Other inventions that made Edison a profit were the vote recording machine, stock ticker, duplex telegraph, carbon microphone (used in early telephones), phonograph, alkaline storage battery and Kinetoscope. Almost all of these inventions are things that we still have today, though a little upgraded. Could you even imagine life without a telephone, television or electric lights?
Earlier in the inventing process, Thomas Edison conducted his experiments in his lab in Menlo Park. After his invention of the light bulb, Edison realized that the light bulb would not be useable without a feasible infrastructure. To market, manufacture and bring light to the people, Edison formed Electric Light Company (now GE) and Edison Illuminating Co. (now Consolidated Edsion Co.). He received funding from Pierpont Morgan and the Vanderbilt family, two very large investors in Edison's work.
With all of the money from the purchases of his past inventions, his own pocket money and help from financial backers, Edison was able to fund his experiments. One invention that got Edison really rich was the selling of the rights for the quadruplex, a telegraph that can send four telegraphs simultaneously. Millionaire Jay Gould payed $100,000 for it in 1874. Other inventions that made Edison a profit were the vote recording machine, stock ticker, duplex telegraph, carbon microphone (used in early telephones), phonograph, alkaline storage battery and Kinetoscope. Almost all of these inventions are things that we still have today, though a little upgraded. Could you even imagine life without a telephone, television or electric lights?
Earlier in the inventing process, Thomas Edison conducted his experiments in his lab in Menlo Park. After his invention of the light bulb, Edison realized that the light bulb would not be useable without a feasible infrastructure. To market, manufacture and bring light to the people, Edison formed Electric Light Company (now GE) and Edison Illuminating Co. (now Consolidated Edsion Co.). He received funding from Pierpont Morgan and the Vanderbilt family, two very large investors in Edison's work.