In 1967 Kilby and his team produced almost what Haggerty envisioned. It could do only four tasks {add, subtract, multiply, and divide} and was a bit heavy {more than two pounds} and not very cheap {$150}.21 But it was a huge success. A new market had been created for a device people had not known they needed. And following the inevitable trajectory, it kept getting smaller, more powerful, and cheaper. By 1972 the price of a pocket calculator had dropped to $100, and 5 million units were sold. By 1975 the price was down to $25, and sales were doubling every year. In 2014 a Texas Instruments pocket calculator cost $3.62 at Walmart.
In 1967, Jack Kilby and his team developed a calculator that aligned closely with Haggerty's initial vision. Although it was limited to basic arithmetic operations and weighed over two pounds, its price was $150. Despite these drawbacks, it proved to be a significant success as it introduced an entirely new market for a previously unconsidered device. As technology advanced, calculators became progressively smaller, more powerful, and cheaper.
By 1972, the cost of pocket calculators had decreased to $100 with sales reaching 5 million units. This trend continued, with prices dropping to $25 by 1975 and annual sales doubling. By 2014, a simple pocket calculator from Texas Instruments was priced at only $3.62 at Walmart, illustrating the remarkable evolution and widespread adoption of this technology.
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Other quotes in The Innovators: How a Group of Inventors, Hackers, Geniuses, and Geeks Created the Digital Revolution
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