Baekeland's initial intent was to find a replacement for shellac, a material in limited supply because it was made naturally from the excretion of lac insects (specifically Kerria lacca). Chemists had begun to recognize that many natural resins and fibers were polymers.
Baekeland was already wealthy due to his invention of Velox photographic paper when he began to investigate the reactions of phenol and formaldehyde in his home laboratory.