The Legacy of Mr. Spencer Trask

Spencer Trask & Co. invests in ideas and companies trying to change the world. We are inspired by the legacy of Mr. Spencer Trask, a supporter of new inventions. He foresaw the potential of inventions such as Edison's incandescent light, the Marconi wireless telegraph, the telephone and the phonograph: "to all of these he gave of his time, his money and his judgment, to aid in their development." 1

Behind the Electrical Grid—Lighting up the World

Beginning in the 1870's Trask began investing and supporting entrepreneurs whose ideas and companies have literally changed the world—most notably Thomas Edison's research on the invention of the light bulb and the first electrical network. It's fair to say that Trask launched the modern age as president of the first electric company, which became Consolidated Edison.

Trask was also an original trustee of the Edison Electric Light Company—the predecessor to the General Electric Company—and a member of the executive committee for many years.

Saving the New York Times

In 1896, Trask and his business partner led an investment group that bought the struggling New York Times to avert it from bankruptcy. Trask reorganized the New York Times naming himself chairman and Adolph S. Ochs publisher—making it into arguably the most influential publication in the world.

Behind the Foundation of the World's Financial Markets

Trask also hired John Moody to start the credit rating agency that today is a foundation for the world financial markets.

Spencer Trask: Supporter of Visionaries in Business and the Arts

Not only was Spencer Trask a supporter of visionary inventors and entrepreneurs, he and his wife, Katrina, were firm supporter of the arts. In his lifetime he was president of the National Arts Club, a patron and member of the Municipal Art Society of New York, and the Metropolitan Museum of Art.

With no close heirs, the Trasks began to entertain the idea of turning their 400-acre, Saratoga Springs, New York estate into a working community of artists and writers—Yaddo. Collectively, artists who have worked at Yaddo have won 61 Pulitzer Prizes, 56 National Book Awards, 22 National Book Critics Circle Award, a Nobel Prize, and countless other honors. Trask died in a train accident on New Year's Eve in 1909.2 

Spencer Trask & Co.

More than a century later, the ripple effect of Spencer Trask's belief in entrepreneurs is still lighting up the world and impacting our lives. Today, Spencer Trask & Co. strives to live up to this powerful legacy. Modern-day Spencer Trask, with the same entrepreneurial spirit and vision, discovers and supports innovative companies poised to have a profound social impact. We back the Edisons of today—visionaries whose breakthrough innovations may represent tomorrow's breakout investments.

Footnotes:

[1] "New York State Men--Individual Library Edition with Biographic Studies, Character Portraits, and Autographs", p. 2, Hon. James H. Manning, The Albany Argus Art Press, 1913

[2] "The Syracuse Herald", December 31, 1909