00:00This is the story of how Philips became one of the most valuable brands in the world.
00:04Taking a look back, the story of Philips dates all the way back to 1891 when two entrepreneurs
00:09named Gerard and Frederick Philips set up an office in the basement of their home in
00:14Eindhoven, Netherlands. At the time, they were aiming to take general electric products to
00:19market in the Dutch territory. But due to some miscommunication, they ended up with an inventory
00:24of carbon filament light bulbs instead. Despite this huge mistake, which ended up costing them
00:29a significant amount of money, the brothers refused to give up. They decided to come up
00:34with a new product that could allow them to sell off these light bulbs. And so, at the
00:39age of just 23, Gerard filed a patent for an invention that would change everything, a
00:44device that allowed consumers to dim their light bulbs. This invention immediately sold
00:49like hotcakes, allowing the brothers to quickly grow their company beyond their wildest dreams.
00:55Within just a few years, they expanded from selling light bulbs and dimming devices
00:59to selling complete lighting systems for homes and businesses.
