Learjet

Now a subsidiary of Bombardier, Learjet began as the brainchild of William Powell Lear Jr. in the 1950’s. Although things initially looked good for the learjet, the crash of the third prototype in 1958 scared potential buyers away. However, Lear believed in his design, and used it as the basis for the creation of the Learjet 23, which was to set the tone for jet manufacture in the 20th century.

The Learjet 23 is unique in aviation history in that Lear refused to develop prototypes for the craft, and moved straight to production because of his fear that other companies might produce their jets before the Learjet 23 was finished. Luckily for Lear, after one non-fatal crash the Learjet 23 performed well, and received its FAA certification in record time. Despite high interest in the jet and Lear’s temporary monopoly on the jet market—it would be five years before Cessna came out with their first jet—Lear’s company did not have enough capital to produce the high number of jets that were ordered, and so the company went public in 1964.

While this worked as a temporary measure, due to several bad investments and a poorly organized sales network, the Learjet company by now known as “Lear Jet Industries” because of a brief foray into the flash in the pan of 8-tracks—had to seek financial help again. A merger with Gates Rubber Company in 1967 helped get the company back on its feet, and allowed Learjet a basis to begin producing new aircraft; including many of the military airplanes they are famous for today.

Learjet became deeply involved in the creation and development of military aircraft in the 1980’s after it was bought by Integrated Acquisitions, and produced some of its most famous aircraft, including the F-15 and F-16 fighter jets. Today, Learjet is most famous for the Model 45, which remains a top choice for pilots and corporate customers.