The term "Spam" was first used by a meat-packing company named Hormel. Hormel developed America's first canned ham ('Hormel Flavor-Sealed Ham') in 1926, and eleven years later developed the first canned meat product that did not require refrigeration. It was a 'distinctive chopped pork shoulder and ham mixture' developed by Jay C. Hormel, son of Hormel founder George A. Hormel, and marketed as 'Hormel Spiced Ham.
Hormel Spiced Ham got off to a slightly rocky start. Other meatpackers began to introduce their own canned luncheon meats, and Hormel lost its controlling share of the market. Soon, however, they came up with a cunning plan to rectify this situation - they would give Hormel's luncheon meat a truly catchy name. Toward this end, they offered $100 for a suitable appellation. The winning name was, of course, 'SPAM', and a legend was born.