“Goodbye” Samuel Colt – Died 10 January 1862
Samuel Colt (July 19, 1814 – January 10, 1862) was an American inventor and industrialist from Hartford, Connecticut, founder of Colt’s Patent Fire-Arms Manufacturing Company (now known as Colt’s Manufacturing Company). When he died in 1862,he was one of the wealthiest men in America.
Colt’s manufacturing methods, directed at beating his competition, were at the forefront of the Industrial Revolution. He was one of the first industrialists to successfully employ the assembly line due to his use of interchangeable parts.
Beyond building arms, his innovative use of art, celebrity endorsements and corporate gifts to promote his wares made him a pioneer in the fields of advertising, product placement and mass marketing.
He received criticism during his lifetime and after his death for promoting his arms through bribes, threats and monopoly. Historians have stated that his patents acted as an impediment to arms production during his lifetime, and that his personal vanity kept his own company from being able to produce a cartridge firearm until 10 years after his death when a patent, filed by a gunsmith he had fired, Rollin White, expired in 1872.