Trains, flashlights and interior landscaping
Mr. Cowen was the original owner of the American Eveready Company, but his two passions were trains and inventing. One of his inventions was a method of decoratively lighting indoor plants. He used a metal tube, a light bulb and a dry cell battery that kept the light on for 30 days. Hmmm. Good idea.
But it never quite took off and he wanted to pursue other interests; so he gave the Eveready Company and the plant light idea to one of his salesmen, Conrad Hubert, who knew a bright idea when he saw one. With a little finessing, Hubert turned the lighted flowerpot into a flashlight (in 1898) and turned Eveready into a multi-million dollar success story.
This left Mr. Cowen time to invent the first toy train -- which was really not his intention at all -- and to recoup the millions he lost when he gave away his idea. What he meant to create was a little battery powered flatbed car to run along a track in a store window and display merchandise for sale. It seems that people wanted to buy the little car, not the merchandise, and a whole new industry (and hobby) was born.
Can you guess what the 'L' in Joshua L. Cowen's name stood for? Yup. Lionel.
Reference: inventors.about.com