Pantone is a classic story of American ingenuity. Started by a med school dropout who worked at an offset co. Long story but he eventually bought the company. Frustrated by the void of color standards he set out to remedy that. They developed the proprietary inks and equipment that pretty much are still in use today, with some mods of course. Since they were the first and only company of its kind at the time, they quickly grew into the worldwide color standard they are today, for better or worse.
BTW the Pantone color of the year is Radiant Orchid