7 May 1946: Tech giant Sony is founded
Japanese scientists Akio Morita and Masaru Ibuka set up the Tokyo Telecommunications Engineering Corporation, later to become Sony, on this day in 1946.
World War II left Japan in ruins, but it still had plenty of talented scientists and engineers. One of these was Masaru Ibuka, who had worked in the research division of the Japanese Navy during the war. There, he met fellow scientist Akio Morita, who came from a wealthy family. In 1946 the duo set up the Tokyo Telecommunications Engineering Corporation, operating out of a department store.
A lack of resources and the need to generate cash flow meant it initially focused on basic consumer products, such as a heated cushion, sold under a fictitious name to protect the new firm from complaints. But the firm would quickly switch to more sophisticated products, selling the first Japanese tape recorder, the G-Type, in 1950.
In 1952 it became the first firm to license the transistor developed by Bell Labs, giving it an advantage over its competitors. By the mid-1950s it was using "Sony" as a brand for its goods and adopted this as the company name in 1958.
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
By 1960, Sony had opened US offices and was selling the first portable television. However, its most famous product was the iconic Walkman portable cassette player, which first hit the market in 1979. Despite many similar clones appearing, more than 220 million units were sold until the line was discontinued in December 2012. The PlayStation games console was another big hit, with an estimated 350 million units shipped to date from four generations of the product.
Sign up to Money Morning
Our team, led by award winning editors, is dedicated to delivering you the top news, analysis, and guides to help you manage your money, grow your investments and build wealth.
Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.
He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.
Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.
As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.
Follow Matthew on Twitter: @DrMatthewPartri
-
James Halstead drives profits: should you buy?
James Halstead will rebound from a weak patch, while tax changes would be a buying opportunity
By Jamie Ward Published
-
Premium Bond winners – who won the November £1 million jackpot?
NS&I unveils November’s Premium Bond winners. Who bagged the jackpot and what other prizes are on offer?
By Vaishali Varu Published
-
31 August 1957: the Federation of Malaya declares independence from the UK
Features On this day in 1957, after ten years of preparation, the Federation of Malaya became an independent nation.
By Jasper Spires Published
-
13 April 1960: the first satellite navigation system is launched
Features 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.
By Ben Judge Published
-
9 April 1838: National Gallery opens in Trafalgar Square
Features On this day in 1838, William Wilkins’ new National Gallery building in Trafalgar Square opened to the public.
By Ben Judge Published
-
3 March 1962: British Antarctic Territory is created
Features On this day in 1962, Britain formed the British Antarctic Territory administered from the Falkland Islands.
By Chris Carter Published
-
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.
By Chris Carter Last updated
-
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.
By Ben Judge Last updated
-
8 March 1817: the New York Stock Exchange is formed
Features 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.
By Chris Carter Last updated
-
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.
By Ben Judge Last updated