Its peak employment was 21,000 in 1978, and its peak revenue was $3 billion in 1991. Land and Polaroid created the first instant camera, the Land Camera, in 1948. Land, to exploit the use of his Polaroid polarizing polymer. The company was founded in 1937 by Edwin H. The original incarnation of Polaroid was an American company best known for its instant film and cameras, which now survives as a brand for consumer electronics.