3min chapter

Founders cover image

#121 Billy Durant and Alfred Sloan (General Motors)

Founders

CHAPTER

The Importance of Innovation

The automobile sparked not only the great oil boom, but innovations in petroleum refining and metal alloys that led to further innovation in chemicals. It also spawned the motel industry as well as gasoline retailing. The first gasoline pump appeared in 1905, and by 1915, standard oil had developed the first chain of gasoline service stations. In 1916, the federal government began funding the interstate highway system. And 10 years later, motels and roadside restaurants were common in every state.

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