I suspect what you really mean is to ask how we create an algorithm so effective and useful that it gets re-used across the industry and taught in schools? In that case, it tends to happen organically - a need arises due to something new in our world/industry, many people devise their own solutions, but eventually someone devises a novel solution that makes everyone say, "Yeah, that is better.", and it gets shared around.
Usually new things that need to be calculated require new calculation steps. These steps chained together into a process is an algorithm.
After achieving a first working version, optimizations are usually put into place. for example chaining previously written algorithms.
Hope this helps.