| (1855
- 1937) |
| Inducted: |
1981 |
| Region: |
Northeast |
| Industry: |
Finance
|
|
Andrew Mellon took over his family’s small private bank and turned it into one of the greatest sources of venture capital in American history. He made a fortune by finding people with good ideas, financing the ideas to fruition, and then letting them run their businesses. Arthur Davis showed Mellon a feather-light chunk of aluminum (Alcoa), and Edward Acheson presented what looked like an uncut diamond but was in fact an abrasive substance formed at high-temperature by fusing sand, coke and salt (Carborundum), Mellon gave them both more money than they asked for. |
