Having grown up in his father’s photography products firm, Haloid Company, Wilson knew the business well enough to spot the need for Haloid to find a new technology in which to invest. He found such a venture in Chester Carlson’s electric photography process, which came to be known as xerography. Though the innovative technique was only partially owned by Wilson’s company, the rights were eventually broadened and Haloid changed its name to Xerox in 1961 to reflect its new product. Being the sole producer of a product that not only revolutionized its own industry, but also profoundly changed business as a whole, Xerox grew exponentially.