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JSTOR was conceived by William Bowen as a solution to the problems faced by libraries, especially research and university libraries, due to the increasing number of academic journals in existence. Most libraries found it prohibitively expensive, both in terms of cost and in terms of space, to maintain a comprehensive collection of journals. By digitizing many journal titles, JSTOR allowed libraries to outsource the storage of these journals with the confidence that they would remain available for the long term. Online access and full-text searchability improved access dramatically. Originally funded by The Andrew W. Mellon Foundation , JSTOR is now an independent self-sustaining not-for-profit organization based in New York City.
For more information, see Roger C. Schonfeld, JSTOR: A History (Princeton University Press, 2003).