IBM begins development of the floppy disk
Their solution, code-named Minnow, was the first flexible magnetic storage disk, an 8-inch floppy drive with removable "memory disks". The flexible Mylar disks were coated with magnetic material that could store data. The disks had a capacity of 80 kilobytes, equivalent to approximately 3,000 punched cards.
IBM shipped the first units, now called the 23FD floppy disk drive, in 1971. The technology was patented in 1972.