In 1947 Edward Land invented the Polaroid instant camera. The camera could develop its own pictures inside the camera in 60 seconds. Within five years Polaroid sold over a million cameras. Kodak took notice. Since Kodak held 80% of the market for photographic development, instant cameras were a real threat. Kodak quickly came out with their own instant camera. Land sued Kodak for $12 billion for using its technology. In 1990 Land won and Kodak quit making instant cameras. But they won only a fraction of what they said Kodak's action had cost them, and Land went out of business in 2001. 