Excerpt from The Financial Policy of Corporations, Vol. 2 of 5
Stages in promotion, 3; The promoter, 4; Promoter and inventor, 5; The promotion of an invention, 6; The work of a promoter in the public service field, 9; The promoter of a new factory in an established industry, 13; The promoters of industrial combinations, 14; Value of the promoter, 17; The promoters profits, 19; The legal status of the promoter, 20.
The Initial process underlying all other processes and steps of corporation policy is the organization and establishment of the corporation as a going enterprise. This is promotion. It is logically and temporally first. All business enterprises arise first in the mind of a single man or a small group of men, and become actual only through the co-operative effort of many working toward a common end. In simple stages of industrial organization the promoter merely "started in business" in his own house or shop or on his own farm. But as business enterprise has become more intricate, especially when conducted under the form of the corporation, promotion has become correspondingly intricate, involving the co-operation of a specialized kind of entrepreneur ability and large amounts of capital. The former is represented by the promoter and the latter by the banker.
In general, there are five stages in the promotion of a business enterprise of some size.
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