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In page Bakelite:

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Leo 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. Chemists had begun to recognize that many natural resins and fibers were polymers.[citation needed] Baekeland's initial intent was to find a replacement for shellac, a material in limited supply because it was made naturally from the secretion of lac insects (specifically Kerria lacca). He produced a soluble phenol-formaldehyde shellac called Novolak, but it was not a market success,[2] even though it is still used to this day (e.g., as a photoresist).