It’s often said that during a “gold rush” the people who find the real gold are the ones selling the supplies miners needed like “picks and shovels.” They usually did much better than the miners. (This strategy became so successful that similar ones in other markets are called “pick-and-shovel” strategies.)
One such entrepreneur was Jacob Davis who found that two simple innovations to the goods he sold to miners greatly enhanced their value. He was introduced to a financier who quickly saw the opportunity and not only provided capital, but helped Davis secure a patent for the products that now bear the financier partner’s name.
Later, early Cowboy movies would popularize this innovation to America and the world, creating an incredibly successful product category. Can you guess what it is ?
That patent celebrates its 150th anniversary this week and this innovation is still growing strong. In fact, you may be sitting on it!
