You could be forgiven for thinking that combining razor blades with the reloading mechanism of a repeating rifle sounds downright dangerous. But in fact, it was the basis of a design for a safety razor that Jacob Schick came up with in 1921.
At the outbreak of the Spanish-American War in 1898, Schick joined the US Army and was sent to the Philippines. After nearly dying from dysentery, he was posted to Alaska for health reasons, but found the cold made it difficult to shave.
Hot water was hard to come by, and numb fingers made it dangerous to replace worn-out razor blades. A self-reloading or repeating razor solved the problem of the numb fingers, but not the water. So Schick put his mind to inventing a dry motorised razor.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
In 1925, Schick set up the Schick Magazine Repeating Razor Company in New York. The repeating razors were a commercial hit, and three years later, Schick sold his stake to the American Chain & Cable Company.
Schick poured all his energy and money into finally launching his electric razor, for which he received a patent in November 1928. The electric razor was launched in 1931. Schick sold over a million electric razors in two years, at $25 each. But while he was a great inventor, Schick was no accountant, and it wasn't long before the taxman came after him.
In 1935, Schick fled to Canada. He renounced his US citizenship and spent the rest of his life being pursued over dodgy business practices.
Meanwhile, other companies took advantage of his self-imposed exile to muscle in on the electric razor market. Soon after, Jacob Schick contracted pneumonia and died in 1937.
-
What will the unravelling of US-China trade mean for the economy?What will a US-China decoupling mean for the global economy?
-
Scottish Mortgage: why we’re turning to private companies and China for exceptional returnsWhen it comes to delivering growth, Scottish Mortgage will stop at no end in its hunt for exceptional long-term returns - this includes China, unicorn companies and sectors such as space exploration
-
31 August 1957: the Federation of Malaya declares independence from the UKFeatures On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
-
13 April 1960: the first satellite navigation system is launchedFeatures On this day in 1960, Nasa sent the Transit 1B satellite into orbit to provide positioning for the US Navy’s fleet of Polaris ballistic missile submarines.
-
9 April 1838: National Gallery opens in Trafalgar SquareFeatures On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
-
3 March 1962: British Antarctic Territory is createdFeatures On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
-
10 March 2000: the dotcom bubble peaks
Features Tech mania fanned by the dawning of the internet age inflated the dotcom bubble to maximum extent, on this day in 2000.
-
9 March 1776: Adam Smith publishes 'The Wealth of Nations'
Features On this day in 1776, Adam Smith, the “father of modern economics”, published his hugely influential book The Wealth of Nations.
-
8 March 1817: the New York Stock Exchange is formedFeatures On this day in 1817, a group of brokers moved out of a New York coffee house to form what would become the biggest stock exchange in the world.
-
7 March 1969: Queen Elizabeth II officially opens the Victoria Line
Features On this day in 1969, Queen Elizabeth II took only her second trip on the tube to officially open the underground’s newest line – the Victoria Line.
