They were
much different from the Wall Street investors who supported the
electric light; Edison's biographer Matthew Josephson describes
them "speculators, backers race track entries or
20
theatrical shows" These attributes were useful the
promotion the kinetoscope."^
The financiers the motion picture venture were also
entrepreneurs the lookout for profitable new businesses.
Norman Raff and Frank Gammon were gamblers who saw new
industry the flickering images the kinetoscope. His funds
ran out well before the phonograph venture began return a
profit and died 1891. He
bought Edison's interest the phonograph and provided funds
throughout the years work produce commercial machine.
The financial relationships that Edison created, tried
.
Money was all could give this project for had little
industrial experience and was not good businessman. Jesse Lippincott had made his money the
manufacture glassware, and had become interested in
establishing monopoly the new talking machine business. Although Edison certainly had the
knack seeing commercial product laboratory
phenomenon, was out his depth sales and usually looked
to his backers organize marketing.11-13
Edison was able build financial relationship with
one venture capitalist support massive R&D effort the
phonograph. Alfred Tate concluded that the
attempt dominate this industry cost him both his fortune and
his life
