EESO born in a downturn - Six Major Companies Born During Downturns - YOU WILL LOVE THIS. ENJOY. Someone write the section for EESO and I will add it to the list as the 7th Possible Major company born in a recession.
Think a recession is a bad time to start a company? Imagine if the founders of these major corporations had thought the same. Even in the worst economic times, there are still opportunities.
Procter & Gamble
Industry: Household products
Founded during: The Panic of 1837
Despite a shaky economy, P&G's small household-goods business survived and went on to score lucrative contracts to supply necessities to the Union Army during the Civil War.
Status today: With $83.5 billion in revenue in 2008, Procter & Gamble has built a portfolio of some of the most recognizable brands in the U.S.
IBM
Industry: Computer
Founded during: The Long Depression, 1873-1896
Three startups (that later merged in 1911) developed tabulating machines and other technologies that were in demand despite the sour economy.
Status today: Last year, the company had record revenue of $103.6 billion. However, thousands of layoffs are reportedly underway
General Electric
Industry: Energy and other
Founded during: The Panic of 1873
Thomas Edison produced the first light bulb in 1879 -- the same year the panic officially ended -- and later started the Edison General Electric Company.
Status today: GE posted $183 billion in revenues in 2008, but its earnings were down 19%. While GE's energy sector saw a modest growth in profits, it is bracing for a rough 2009
General Motors
Industry: Automobiles
Founded during: The Panic of 1907
In 1908, a time of bank failures much like our own today, William Durant founded GM to try his luck on a new technology called the automobile.
Status today: The company is currently under scrutiny: It must prove it can cut costs enough to be a viable recipient of the billions it needs to stave off bankruptcy.
United Technologies Corp
Industry: Aerospace
Founded during: In 1929, amid the Great Depression
Most industries floundered under the financial crisis, but United Aircraft stayed aloft. In 1934, Boeing and United Airlines became separate companies and United Aircraft turned into what is now UTC.
Status today: UTC reported $58.7 billion in revenue in 2008
FedEx
Industry: Shipping
Founded during: The Oil Crisis of 1973
Entrepreneur Frederick W. Smith incorporated a company called Federal Express in June 1971 and began operations in 1973.
Status today: Facing bad economic times, CEO Frederick Smith took a 20% pay cut for 2009 as part of a sweeping cost-cutting plan
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