Leo Hendrik Baekeland (1863–1944) invented Bakelite in 1907, he was also involved in other chemical technological ventures at the turn of the 20th century. While working as an independent consultant, he invented Velox, an improved photographic paper that could be developed in gaslight rather than sunlight. In 1898 the Eastman Kodak Company purchased Baekeland's invention.  Baekeland began to investigate the reactions of phenol and formaldehyde, and first produced a soluble phenol-formaldehyde shellac called "Novolak," which never became a market success. Then he turned to developing a binder for asbestos, which at that time was molded with hard natural rubber. By carefully controlling the pressure and temperature applied to an intermediate made from the two reagents, he could produce a polymer that, when mixed with fillers, produced a hard moldable plastic. Bakelite, though relatively expensive, was soon found to have many uses, especially in the rapidly growing automobile and radio industries. 

Source

• Chemical Heritage Foundation (Content Partner); Peter Saundry (Topic Editor). 2007. "Baekeland, Leo Hendrik." In: Encyclopedia of Earth. Eds. Cutler J. Cleveland (Washington, D.C.: Environmental Information Coalition, National Council for Science and the Environment). [Published in the Encyclopedia of Earth April 20, 2007; Retrieved July 15, 2009]. <http://www.eoearth.org/article/Baekeland,_Leo_Hendrik>