Today we are breaking down Polaroid. For 30 years, Polaroid monopolized the instant photography industry, producing one Nobel-caliber breakthrough after another. As their products dazzled, sales grew from just under $1.5 million in 1948 to $1.4 billion in 1978. Today, the business is a shadow of its former self but the lessons from its history and especially from the founder endure. Edwin Land is not the most familiar name in business history, but he has had an outsized influence on the world in which we live. In particular, he was Steve Jobs’s hero. To break down Polaroid, I’m joined by David Senra, who studies history’s greatest entrepreneurs through his Founders podcast. David is uniquely qualified to distill the lessons and secrets behind Edwin Land and his life’s work, Polaroid.   For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.   -----   This episode is brought to you by Tegus. Tegus is the new digital hub for market intelligence. The Tegus platform empowers Investors and Corporate Development teams to invest smarter by pairing best-in-class technology with the highest quality user-generated content and data. Find out why a majority of the top firms are using Tegus on a daily basis. If you're ready to go deeper on any company and you appreciate the value of primary research, head to tegus.co/breakdowns for a free trial.   —--   This episode is brought to you by Scribe, the trusted transcription provider for business. Scribe powers call transcription, closed captioning and more with best-in-class accuracy, speed and security. It’s the chosen transcription service for all of S&P Global, including CapIQ Pro, and clients like leading market intelligence platform, Tegus. Scribe accurately transcribes messy, difficult audio including company and product names, currencies, accents and numbers. Challenge us with your hardest audio and see how we stack up. Visit scribefreetrial.com to unlock 150 minutes of free transcription today.    —--   Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes.   Stay up to date on all our podcasts by signing up to Colossus Weekly, our quick dive every Sunday highlighting the top business and investing concepts from our podcasts and the best of what we read that week. Sign up here.   Follow us on Twitter: @JoinColossus | @patrick_oshag | @jspujji | @zbfuss | @ReustleMatt   Show Notes [00:03:04] - [First question] - How unique Edwin Land was [00:08:58] - What he was like and how he solved the problem that lead to Polaroid [00:13:20] - Defining what a polarizer is at a high level [00:16:36] - How scope of ambition can overcome humble beginnings [00:18:59] - The story of the instant camera and how much of a leap forward it was   [00:26:11] - Revealing the Instant Camera; The marketing side of Polaroid beyond the initial magic Land created [00:31:40] - Why they were so successful in building a four decade moat around their patent [00:34:59] - Living in the space of the important and the impossible  [00:38:50] - Optimism as a moral duty that we can take away from Land [00:42:59] - Lessons from the aftermath of Polaroid after Land’s death  [00:48:02] - What the story of Polaroid most represents that is useful for entrepreneurs [00:49:52] - A Triumph of Genius