They therefore
wanted make their own judgements the commercial future of
an invention rather than rely Edison make the choice for
them.
This was not easy time raise money. addition, his basic core of
investors— nurtured through the telegaph and electrical
days— were fully committed the electrical industry which was
insatiable its demands for capital.11-19
RESEARCH FOR HIRE. The failure attract
funds from individual investors led the demise the Edison
Industrial Works and severly damaged Edison's financial
strategy. Many financiers who were drawn to
Edison were looking for the "Big Score": revolutionary new
technology which offered create new industry and generate
incredible profits the electric light had.
The attempt draw many investors into supporting the
West Orange complex met with little success, and Edison was
unable embark the construction the Edison Industrial
Works. was forced explore many different sources of
. The Great
Depression had begun 1872, and whatever said about the
extent this depression, Edison found difficult raise
capital the middle long period deflation punctuated
O1
by financial panics. The plan focus all financial support into one
organization failed because venture capitalists tended make
product specific investments
