Edison's Electric Bulb: Financial account

Almost everybody in the world knows that Edison invented the electric bulb and brought electric power and light all around the world.

However, few know that Tomas Alva Edison received about one million dollars from the Morgan Financial Group for the development of his electric bulb in 1880. A special company was founded for this purpose. Edison received 80% of all shares for free, and Morgan Financial Group received 20% for the invested money. One million dollars 120 year ago was worth about $100 million in current terms. However, very soon all the money was expended, and Edison went to Morgan for additional funds. "Money for your shares," was what he received from Morgan.

And shortly, Edison exchanged all of his shares for the necessary money.

When Edison finally finished the project and brought electrical light and power to the world, in the shine of this light he found the patent for his bulb entirely in the possession of Morgan!

At the age of 55, Edison lost all of his money in his industrial adventures. At the age of 60, a fire destroyed his laboratories. Only a one-million-dollar loan from Henry Ford, the founder of the Ford Motor Co. helped rebuild the labs. However, Edison died as world-recognized inventor. Everybody in the world knows his name.

Vladimir Zworykin, the father of modern television, as he is titled in the 15th edition of "The New Encyclopedia Britannica"(volume 12, p. 947), did not get any money for his invention of television at all because he worked for RCA for a salary. Nor does the public remember him. Almost nobody has even heard his name. By the way, the idea of the all-electronic television system belongs to Prof. Rozing, Zworykin's teacher, who expressed it in 1911 in Odessa, Russia.

This is typical inventor's path. At least, Thomas Edison said, "We have had a good time," characterizing the five years after he sold all his General Electric shares for $5 million and lost all of it in the mine and cement industry. By the way, Yankee stadium in New York was built using cement from Edison's plants.