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Insull the Innovator



(p. 262) Willing to take risks, he picked up for a bargain price a state-of-the-art engine and pair of generators from General Electric that had been on display at the 1893 world's fair. In only his second year on the job, he arranged to acquire his larger competitor, the Chicago Arc Light and Power Company. Branching farther out, he acquired coal mines and a steam railroad that provided vertical integration. Most innovative of all, he introduced new pricing schemes to encourage high-volume residential use spread over the entire day so that he could optimize the greatest volume of business for the least possible capital investment. With the acquisition of neighboring utilities, he created a six-thousand-square-mile regional network of power.


Source:

Stross, Randall E. The Wizard of Menlo Park: How Thomas Alva Edison Invented the Modern World. New York: Crown Publishers, 2007.






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