Genius Doesn’t Always Pay the Bills

History likes to remember inventions. It is less faithful in remembering inventors. Time and time again smart people invented products that changed the world and business people took the profits. If you ever wondered how smart people can go broke, wonder no more.

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1. Nikola Tesla

Tesla’s innovations lit up the world, but his wallet never did. As others profited from Tesla’s genius with alternating current, he kept pursuing grander ideas and ignored business matters. He passed away lonely and nearly destitute in a hotel in New York City.

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2. Charles Goodyear

If tires don’t ring any bells, his name might. Charles Goodyear invented vulcanized rubber but couldn’t stop others from stealing his idea. Lawsuits and poor business decisions haunted him until his grave in a debtor’s prison.

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3. Philo Farnsworth

Television was invented to change media as we knew it, not the fortune of its creator. Legal struggles with corporate giants took Farnsworth’s savings and his spirit. Billions watched television, but Farnsworth had trouble paying his own bills.

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4. Edwin Armstrong

FM radio brought clearer signal to the airwaves, and litigation to Edwin Armstrong. Armstrong was beaten down by legal battles with corporations who had more money and more influence. The man who innovated radio was destroyed by it, both mentally and financially.

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5. Rudolf Diesel

Diesel engines didn’t miss their mark, they took the world by storm. Sadly, Diesel’s bank account couldn’t keep pace with his worldwide success. He passed away mysteriously abroad as his engines became the standard.

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6. Antonio Meucci

Before Bell invented the telephone, Meucci actually invented a working version of it. Lack of funds forced him to forfeit the patent, and Bell stole his claim to the invention. His family didn’t receive recognition until 100 years after his life.

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7. Louis Le Prince

Film stars may have made Hollywood big, but Louis Le Prince filmed the first moving images years before. He went missing before he could profit from his creation, and Hollywood stole his thunder. The film industry boomed while he disappeared mysteriously.

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8. John Pemberton

Today Coca-Cola is an empire, but it wasn’t one for John Pemberton. Pemberton invented the Coke formula as a sick man scrambling to make money. He sold his company for a mere $2,300 and passed away penniless before Coke became popular.

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9. Mary Anderson

Windshield wipers? Mary Anderson invented those. While her patent ran out, others made a fortune on her idea while she earned nothing. Now you know who to really thank the next time your wipers save you from a downpour.

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10. Johann Philipp Reis

Sound was transmitted electrically with the help of Reis’ telephone. Although he lacked technical skill and financial support, he pushed the boundaries of communication. Re-refined and upgraded by others, his telephone faded into obscurity.

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11. Nikolaus von Jacobi

Electrical motors could power the world thanks to Nikolaus von Jacobi. While he laid the groundwork for electrical engineers today, his bank account remained empty. The world of motors has him to thank for the groundwork he laid down.

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12. Elijah McCoy

Lubrication systems are so commonplace now, but they didn’t used to be. McCoy patented several versions of the device and they became known for quality. However, others copied his idea so often that he never saw the wealth his invention was worth.

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13. Wallace Hume Carothers

Nylon changed the way we make and use nearly everything. However, Wallace battled depression and financial insecurity. Because of those struggles, he was never really able to cash out.

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14. Tabitha Babbitt

Ever use a circular saw? Tabitha Babbitt invented it. As a member of the Shaker community, she never patented or profited from her idea that took the world by storm.

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15. Nikolaus Otto

The automobiles we know today run on an internal combustion engine Otto helped develop. Legalities stripped him from his due when the industry exploded and left him near poverty in his later years. Others have since built empires on Otto’s ideas, while he lived in poverty.

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16. Percy Lavon Julian

Julian pioneered advances in chemical syntheses that are used worldwide today. As a black man, Julian was stifled by racism and patent battles. By the time he was allowed to profit from his work, corporations took majority control.

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17. Clarence Birdseye

Frozen food has changed kitchens around the world, but it didn’t help Birdseye. His work in the field was sold for far less than its worth, and Birdseye’s first attempt at freezing foods left him broke. It took time, but frozen food went on to make millions.

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18. Nikolaus Steno

Among his many accomplishments, Nikolaus Steno influenced numerous fields, notably geology and anatomy. Steno gave away his money to the church and passed away owning only the knowledge he worked for. He truly believed that wealth has no meaning to him.

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19. Herman Hollerith

Data is handled daily by thousands using hole-punched cards, thanks to Hollerith. He was denied profit as his own company grew while his name faded from it. Today, IBM is beloved and wealthy off his idea.

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20. Heinrich Hertz

Hertz discovered the existence of electromagnetic waves. Radio? WiFi? All built from his discovery. He made no attempt to profit and cared little for wealth, using his discovery for scientific purposes alone. Others have made billions since his work.

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