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1

Mr

Entrepreneurship

12 March 2018

George Eastman

George Eastman was born on July 12, 1854, in Waterville, New York and is the founder of the Eastman Kodak Company. With his invention of dry plates for film rolls he revolutionized the photography industry and helped photography to become what it is today.

At the age of five he moved to Rochester, where is father established the Eastman Commercial College. About 3 years later his father suddenly died and the family became financially ruined. Due to his family circumstances he had to drop out of school at the age of 14. Eastman had to find employment to get money and started to work as a messenger boy for an insurance company, anyhow his family was still struggling financially.

Therefore he started to study accounting at home. This helped him to get into a higher position at a bank and his salary tripled.

When Eastman was 24, he wanted to go on vacation. One of his co-workers convinced him of buying a complete photography outfit to record his trip. Although he never made the trip, Eastman became absorbed in photography. Experiencing how complex and complicated photographing was he sought to simplify the process.

While he worked at the bank during the day, he experimented in his mother’s kitchen at night. After three years of experimenting, Eastman found a formula that worked. He invented a gelatin-based paper film and a device for costing dry plates.

In 1879 he obtained patent on his invention and quickly realized the possibility of making dry plates for sale. That’s why he leased an apartment in 1880, where he manufactured dry plates for sale. One year later Eastman formed a partnership with banker Henry Strong and the “Eastman Dry Plate Company” was born.

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This camera was a huge success. It was easy to carry and with $25 dollars inexpensive and affordable for almost everyone. A before complex process was now easy to use. After the 100 exposures on the roll of film had been used the camera is sent into the company. There it’s developed and sent back to the customer.

His slogan: “You press the button, - we do the rest.”leading back to this procedure, helped to make the company grow even faster, than it already did. Even though Eastman had almost no business experience when he started, he knew how to handle money and how to advertise a product.

Just as every company Kodak suffered from some serious obstacles too and had to face total collapse at its early stages. Once when dry plates went bad, Eastman had to recall and replace all of them with a good product. This almost lead Kodak into bankruptcy, but Kodak came back since they still had there reputation left.

By 1927, Eastman Kodak was the largest U.S. company in the industry.

George Eastman committed suicide on March 14, 1932 after he suffered from depression and intense pain, caused by a disorder affecting his spine. He was increasingly disabled and already witnessed his mother suffering from pain, while she was dying from a similar disorder. He left a note saying: “To my friends, my work is done - Why wait?”.

In the late 20s century Kodak missed many opportunities in digital photography and made mistakes Eastman avoided, while he was alive. These mistakes led to Kodak’s bankruptcy in 2012. After selling many of its patents for around $525,000,000, Kodak emerged from bankruptcy one year later.

Today Kodak is a technology company with a basis in photography. Kodak provides packaging, printing and graphic communications for businesses. In January 2018 Kodak announced to launch the Kodak Coin. This new product is centered around providing photographers security and should be used for payment for licensing photographs.


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