Here is an extract from Wikipedia about William Lee,an inventor who devised the first stocking frame knitting machine in 1589. It's followed by a paraphrased version showing the parallels with insurance industry 420 years later
"Lee was a curate at Calverton when he is said to have developed the machine because a woman whom he was courting showed more interest in knitting than in him. His first machine produced a coarse wool, for stockings. Refused a patent by Queen Elizabeth I, he built an improved machine that increased the number of needles per inch from 8 to 20 and produced a silk of finer texture, but the queen again denied him a patent because of her concern for the employment security of the kingdom's many hand knitters whose livelihood might be threatened by such mechanization. The queen said to Lee: "Thou aimest high, Master Lee. Consider thou what the invention could do to my poor subjects. It would assuredly bring to them ruin by depriving them of employment, thus making them beggars." Most likely the Queen’s concern was a manifestation of the hosiers’ guilds' fear that the invention would make the skills of its artisan members obsolete.
He entered into a partnership agreement with one George Brooks on 6 June 1600, but the unfortunate Brooks was arrested on a charge of treason and executed. Eventually, he moved to France with his brother James, taking 9 workmen and 9 frames. He found better support from the HugenotHenry IV of France, who granted him a patent. Lee began stocking manufacture in Rouen, France, and prospered until, shortly before Henry's assassination in 1610, he signed a contract with Pierre de Caux to provide knitting machines for the manufacture of silk and wool stockings. But the climate changed abruptly on the king's death and despite moving to Paris, his claims were ignored and he died in distress in 1614.
Here's my version
Lee was a broker in London when he developed a new insurance start up because the girl he was dating showed more interest in social media than in him. His first version was a run off debt exchange and not very good. When the market showed no interest he developed an improved e- trading platform that enabled more efficient placement of insurance, but the market again refused to adopt it because of concerns for the employment security of the market’s many middle aged analogue underwriters and brokers whose livelihood might be threatened by digitisation. The market said to Lee: “You aim high, Mr Lee. Consider what your platform could do to the market’s practitioners. It would certainly bring them to ruin by making them unemployable, thus putting them on the dole” Most likely the market’s concern was a manifestation of the brokers fear that the invention would make their skills obsolete.
He entered into a partnership with venture capitalists, but they soon lost interest as there was far more money to be made in FinTech disrupting banking. Eventually he moved to Munich with his 9 developers and 9 tradable products. He got better support from Munich Re who funded him and gave him proper technical support. Lee began a whole new way of trading insurance and prospered until a change of management at Munich Re. He also signed a contract with AXA and Aviva to provide his platform to distribute their products. But the climate changed abruptly when blockchain became widely adopted and his platform was ignored and he died in distress in 2034.
William Lee (inventor) From Wikipedia, the free encyclopedia William Lee (was born 1563 – died 1614) was an English clergyman and inventor who devised the first stocking frame knitting machine in 1589, the only one in use for centuries. Its principle of operation remains in use.[