The first modern trampoline was invented by George Nissen and Larry Griswold in 1936. At that time trampolines were used to train tumblers and pilots, and to develop acrobatic skills for other sports such as diving, gymnastics and freestyle skiing.

Nissen had seen trapeze artists use their safety nets as an elastic bed to rebound and perform additional tricks. He thought that this would be a useful training tool for his own tumbling. In 1934, Nissen and his coach, Larry Griswold, built the prototype trampoline from angle iron with canvas and rubber springs. Nissen used it to help with his training and to entertain children at a summer camp.

After graduating from Business Studies in 1937, Nissen with two friends toured the U.S.A. and Mexico demonstrating at fairs and carnivals to promote his invention. After hearing the word 'trampolín', springboard in Spanish, he decided to use it for his invention: anglicizing the word to what we use, 'trampoline'. Nissen built a few trampolines and promoted the sale of them during touring performances, which gradually increased sales. In 1941, he and Griswold started the Griswold-Nissen Trampoline & Tumbling Company in Cedar Rapids, Iowa. During the 2000 Olympics in Sydney, Trampoline was included as an event. Nissen was present during competition.

More Info: en.wikipedia.org