Summary of The Vaporware Salesman

00:00:00 - 00:05:00

In this video, John Keely is shown to be a fraud, using old power sources to power his machines and claiming to have invented new, revolutionary energy sources. Keeley is a colorful example of a type of fraudster or fantasist who has been around forever and must be careful of investing in companies that announce vaporware products.

• 00:00:00 In 1872, John Keely, an inventor from Pennsylvania, invited scientists and the press to attend a demonstration of a machine which he explained was driven by a new and previously unknown force. Keeley explained that the machine ran using a new form of energy at an astonishingly low cost, and public interest was intense. Within a few months of the initial demonstration, Keely Motor Company was formed, with starting capital of five million dollars ($100 million in today's money) which is equivalent to around $100 million in John Keely's fraudulent schemes. Keely's main trick was that whenever investors became agitated about a product not being delivered, he would dazzle them by announcing an even more exciting new product which was always right around the corner. Keely was a master in dealing with the press and managed to convince people that he was the greatest inventor to have ever lived. The constant announcements of new products managed to distract attention from the shortcomings of the Keely Motor Company. The new inventions meant that all of Keelys time was consumed working on new and exciting technologies that would change the world for the better. To his believers - Keeley was a savior of sorts. However, Keely faced a number of shareholder lawsuits over the years, but these were big ideas he was
• 00:05:00 In this video, an inventor, John Keeley, is shown using old, conventional power sources to power his inventions. After Keeley's death, investigators found that he had been using hidden mechanical belts and high pressure tubes to power his machines, and that nothing new had been invented. Keeley is a colorful example of a type of fraudster or fantasist who has been around forever and must be careful of investing in companies that announce vaporware products.