They are inventors and visionaries. Marketing geniuses and risk takers. When necessity requires invention, it’s entrepreneurs who answer the call. Innovative, original, and headstrong, entrepreneurs work tireless to make the world a brighter and more accessible place. Across all industries, entrepreneurs possess an otherworldly ability to affect our lives, one small idea at a time.
To make big changes, you have to be willing to take big risks. No one embraced that concept better then one of our favorite inventors from history. Read on and see if you can identify this visionary before we reveal his name at the end:
Early Drive and Ambition
Born in Croatia in 1856, this entrepreneur was inspired to pursue a life of science by his mother, who spent her spare time inventing household appliances. At the age of 28 – after failing to attract any interest in his induction motor invention– he traveled to America. Arriving stateside, his pockets were practically empty of cash, but did contain something even more valuable: a letter of introduction to Thomas Edison, who was riding high on the success of his direct current (DC) electricity delivery system.
For a short time the two men worked side by side, improving Edison’s huge catalog of inventions. But the partnership didn’t last long. Business and personality conflicts (not to mention disagreements over money) broke up the pair only months into their now infamous collaboration. Our hero then struggled for years to gain funding for his inventions, even performing manual labor to make ends meet.
The Turning Point
Everything changed in 1887. Financial backing finally came through to support his visionary alternating channel (AC) electricity delivery system, and he was able to file several history-changing patents. Suddenly, our hero was experiencing buzz around his work. American businessman and engineering powerhouse (no pun intended) George Westinghouse was knocking at his door. Westinghouse was convinced that the AC system was the best way to provide the United States with long-distance power, and he purchased our inventor’s patents for $60,000 (that’s over 1 million dollars today!)
Edison, for his part, was none too happy about his protégé’s newfound fame and waged a smear campaign against AC power. But it didn’t work. The Westinghouse Corporation was chosen to supply the lighting for the prestigious 1893 World’s Columbian Exposition in Chicago, and our inventor wowed the crowds with demonstrations of his AC system. AC power was taking the country by electric storm!
In the following years our inventor continued his ingenious work, creating new technology - like a certain coil that laid the groundwork for future wireless tech. In 1895 he designed an AC hydroelectric power plant at Niagara Falls that powered the entire city of Buffalo. This feat established AC power as the world standard for electric current technology - something that is still true today! Sorry, Edison.
Sadly for his encore, our visionary entrepreneur reached too far. He dreamed of a massive, free electricity delivery and communication system that the entire planet could access. His grand plan fell apart as backers began to doubt the reality of such a proposition and slowly withdrew funds from the project. He spent the next few years consulting on other’s work, and even attracting the attention of the FBI for a proposed “death beam” project, before his death in 1943 at the age of 86.
Who Was He?
Nikola Tesla, of course! Despite the last chapter of his life, this inventor, dreamer, and entrepreneur left a legacy of awe inspiring innovation in electricity, radar technology, X-ray technology, completely changing the world we live in today. Inventor of AC electricity and the legendary Telsa Coil, Nikola Tesla remains an almost mythical figure, inspiring all modern entrepreneurs and eccentric inventors of the world – including us!
The Nasdaq Entrepreneurial Center opened its doors on September 24th, 2015. Based in San Francisco, this non-profit is dedicated to support, educate, and connect both aspiring and established entrepreneurs. Through mentorship, complementary trainings, and state of the art facilities, the Nasdaq Entrepreneurial Center seeks to foster ingenuity through innovators.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
