Elizabeth Colt inherited a controlling interest in her late husband's manufacturing company following his death in 1862. At the time, Colt firearms were producing an estimated 1/996th of the entire gross national product of the United States. She steered the company until 1901 with her brother Richard Jarvis as president, becoming one of the most prominent female industrialists in America. Together they transitioned the company from the end of the American Civil War into the 20th century, seeing the evolution from percussion revolvers to cartridge revolvers to semiautomatic pistols and machineguns.