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Klein's inventor story is proof that simple inventions can have an impact. His creation of the magnetic strip on credit cards made purchasing transactions more convenient. Before devising the magnetic strip, merchants had to look up credit card numbers with a long list that the credit card company sent to department stores.
In the early 60s, a large department store went to Klein to fix this issue. As someone with an engineering background, Klein was intrigued to take on the challenge. He worked on a prototype by placing holes in the card. Then he finally found a solution. Klein put tape that mimicked a tape recorder on the back of a credit card. When customers swipe the card, the tape holds all the credit card information, eliminating the tedious task of searching a lengthy list of credit card numbers.
Klein invented many other inventions like the nutrition system to raise chicken and multiple listing services for the Real Estate Industry. His invention of the voice response for the banking industry even led him to work with the NY Stock Exchange for 25 years.
At the NY Stock Exchange, Klein seized another opportunity to take on a challenge. On the floor of the stock exchange, brokers had to filter out information manually. Ron came up with a system to automate the bond information that would come through the NY Stock Exchange floor.
Reluctantly, the NY Stock Exchange didn't want to change the way it filtered information. It has been using the same method for over 200 years. But, with Klein's connection with a prominent bond manager and his business savvy mindset, his automated device became valuable on wall street for a quarter of a century.
One of the takeaways that Klein gives to others is that they don't have to be an inventor to be an innovator. You can solely focus on how to make things better.
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