Introduction
Innovation and entrepreneurship were at the core of economic development in the U.S. past the 1860s. The half-century that followed immediately after the end of the Civil War was one that was majorly characterized by high rates of innovation and economic expansion. This tremendous rate of economic growth made the net real GDP of the country double by 1920, which was unprecedented in U.S. history. The new inputs that were added in the economy by inventors and innovators within that period led to the net increase in productivity of the economy. There were many instrumental innovators whose innovations came to prove vital in the strengthening of the economy. Many innovators like Henry Ford and Madam Walker were at the heart of the country’s innovation ecosystem. It is imperative to appreciate that most of these innovators were responding to the increasing opportunities that were being presented by the expanding U.S. economy.
History and Issues
Innovation in the period of the post-1860s did not solely rely on scientific research of indigenous descent. This was because there was little government support and intervention in the field of innovation since government luminaries thought that it was unimpactful and irrelevant. It was during this period that Henry Ford established himself as a towering industrialist with an excellent grasp of business practices and skills. He founded the Ford company and became the chief developer and innovator in the company’s line of mass production. He came up with the first automobile company in the U.S. that was capable of mass-producing cars that people in the middle-class were capable of purchasing (Schultz, 1). He, therefore, managed to covert a hitherto expensive industry, which people merely admired to one that people could afford its products. This explains why he went on to become a person of immense impact on the scope of automobile manufacturing in the 20th century (History.com, 4). The concept of mass production led to the revolutionary vehicle, which used standardized methods of conceptualization and manufacturing. Henry Ford was not just influential within the business circles, but his influence also extended to the political realm.
Madam Walker became a renowned national figure due to his status as the first self-made millionaire woman of black complexion. Walker was known for her phenomenal invention of the first hot comb that was relying on the application of the newly innovated hair-strengthening formula. Because of her great inventions, Walker would later use the many opportunities and business networks that she established after her innovations to create jobs for others (Bundles, 2). Furthermore, most of her incomes were used in donating at philanthropic organizations and also empowering other black women. The comb that Walker had invented was a page-turner, but to ensure that it reached out to many people, she used various marketing strategies that had not been witnessed previously. She often used her outstanding marketing skills to reach out to the people in their homes, churches, markets, and other social places (Gates, 3). The reason was to ensure that there was a high market penetration of the comb and that many people got to understand how it worked. The profits that were realized from the sales of the comb were often used in sponsoring charities and public events for the poor in society. This made Walker become an influential figure in society at the time.
Comparison
Several comparative aspects can be deducted from the business operations and orientations of Henry Ford and Madam Walker. First, both entrepreneurs showed immense business acumen and skills that did their businesses to become historic and iconic. It was for this reason that enabled both innovators to succeed within their specific business realms. For instance, Walker used her marketing skills to reach out to more significant market segments that were initially unexplored. She was leveraging on her people-based skills to sway them to purchase the hot combs with its newly innovated formulae. On the part of Ford, he ensured that his employees remained committed to the cause of mass-production and that there was optimal productivity. He used to motivate his workers in the company to think innovatively on the best ways that could be used to enhance automobile production. Additionally, Ford was possessing immense skills in marketing to ensure that his company’s cars were capable of fierce market competition. Leveraging on the cheapness of the vehicles, Ford made many middle-class families fall in love with them hence increased sales.
Conclusion
Innovation played a very critical role in the shaping of America’s economy past the civil war. There emerged a new class of innovators who were willing to use their skills to change the orientation of the economy radically. The innovations of Henry Ford drastically changed the automobile landscape in the country. His innovations on mass-production were unprecedented historically and hence led to many other manufacturers to re-consider their production chains. Walker used her marketing skills to reach out to many ordinary citizens to purchase the hot comb. Both Ford and Walker also had immense political influence because of their respective innovations.
Sources
- Kevin M. Schultz. 2018. HIST: Volume 2: U.S. History since 1865. 5th ed.
- A’Lelia Bundles. n.d. Madam C. J. Walker: A Brief Biographical Essay. http://madamcjwalker.com/about/
- H. L. Gates. n.d. Madam Walker, the First Black American Woman to Be a Self-Made Millionaire. https://www.pbs.org/wnet/african-americans-many-rivers-to-cross/history/100-amazing-facts/madam-walker-the-first-black-american-woman-to-be-a-self-made-millionaire/
- History.com Editors. June 6, 2019. Henry Ford. https://www.history.com/topics/inventions/henry-ford
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