The Sony Corporation was founded by Akio Morita and Masaru Ibuka in the year 1946 and registered as TTK (Tokyo Telecommunications Engineering Corporation). They started off by borrowing $500 to start developing consumer products.
Their first product was a rice cooker which was a major failure and was unable to live up to its expectations. It grossed nearly $6500 in sales but was only able to bring in profits of $300. But they were not discouraged by their failed attempt and went on to invest more capital for research. They were focussed on developing consumer products that would be useful to the population in Japan.