"When Bell mentioned to Gardiner Hubbard and Thomas Sanders that he was working on a method of sending multiple tones on a telegraph wire using a multi-reed device, the two wealthy patrons began to financially support Bell's experiments."
https://en.wikipedia.org/wiki/Alexander_Graham_Bell
"Hubbard saw great promise in the harmonic telegraph and backed Bell’s experiments. Bell, however, was more interested in transmitting the human voice. Finally, he and Hubbard worked out an agreement that Bell would devote most of his time to the harmonic telegraph but would continue developing his telephone concept."
https://www.britannica.com/biography/Alexander-Graham-Bell
I believe when Hubbard and Sanders invested in Bell's invention they believed this was the next step in the telegraph technology. They could see how a harmonic telegraph would be valuable and it was literally a race to see who could achieve creating a device like this. I imagine they valued the development and evolution of this technology.
Even modern times it's always about the next step in technology. What will be the next feature in telephones.
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