PANASONIC is a Japanese conglomerate based in Osaka. Its former name was Matsushita Electric Industrial Co, after its founder. Konosuke Matsushita began working as a salesman at the age of 10. Fascinated by the electrical revolution, he joined Osaka Electric Light where he designed a new generation of light bulb socket. Faced with the scepticism of his employers, he decided to set up his own company to market his invention, which he installed in his flat. By dint of perseverance, he eventually became the supplier of insulating plates and lampholders to all the Japanese electrical manufacturers. In 1918, taking advantage of the economic growth in Japan, he founded the Matsushita Electric Industrial Co, the first company in the group. He again took a big risk with battery-powered bicycle lamps, deciding to let customers buy lamps only if they were satisfied; it was a winning bet. In the 1930s, never short of ideas, he had great success with the National lamps. Panasonic went on to manufacture household appliances and increasingly complex products, including air conditioners, heat pumps, chargers and batteries, alongside its famous televisions and CD players. Panasonic took its definitive name in 2003.