kˈɑːɹl ɪnvˈɛntᵻd mˈɑːdɚn pɹˈaɪvət mˈɔːɹɡɪdʒ ɪnʃˈʊɹɹəns ænd sᵻkjˈʊɹd jˌuːˈɛs dˈɑːlɚ tˈuːhˈʌndɹɪd fˈɪfti,zˈiəɹoʊzˈiəɹoʊ zˈiəɹoʊ fɹʌm ɪnvˈɛstɚz, ɪŋklˈuːdɪŋ fɹˈɛndz ænd bˈɪznəs ɐsˈoʊsɪˌeɪts, tʊ ˈoʊpən ˈɛmdʒˈɪk.
Karl invented modern private mortgage insurance and secured US$250,000 from investors, including friends and business associates, to open MGIC.