Entrepreneurs have never had it easy. Gavin Weightman's fascinating journey (The Industrial Revolutionaries)on start ups from the Industrial Revolution into to early 1900's makes that very clear.
Weightman traces entrepreneurial activity in Europe, America and Japan from 1776 until WW I, moving seamlessly between countries, inventions and people who helped make the world what we know it today. And one of the fascinating facts is that the earliest entrepreneurs, who put the world on the track to electric lighting, wireless telegraphy and automobiles often were the losers in the game. Who knew that Samuel Morse invented neither the telegraph or the "Morse" code? Morse, for example, was a fantastic marketer who co-opted others inventions as his own in the era of poorly written and unenforced patents across international boundaries. Other entrepreneurs simply copied inventions without innovation, such as the Japanese in the early 20th century.
Perhaps the most interesting observation is Weightman's last one. In the Postscript, he observes that the grand master reporter of the Industrial Revolution, Adam Smith missed the boat on what was happening around him. For example,he was familiar with the steam engine, but never understood the importance of them in revolutionizing manufacturing. Such is also true today, in that no matter how smart we are, it is difficult to predict how innovations will change our lives. I guess that's just part of our human experience.
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