Question

In: Economics

How did they (inventor, entrepreneur, engineer) all contribute to the success of an innovation?

How did they (inventor, entrepreneur, engineer) all contribute to the success of an innovation?

Solutions

Expert Solution

An inventor is one who uses his ideas to create new services and products which could provide value to our society with its utility. It is the mind power of an inventor which leads to the innovation of a valued product in our society which makes our life more easy. Inventors can be attributed as the bedrocks of innovation as they are the first to start with some novel ideas which are turned into successful innovation of products. If we see the past, then there were many innovators whose noble ideas and innovations have made our lives more easy and comfortable. If we take the example of Thomas Alva Edison whose initiative led to the invention of electric bulb saved the world from darkness, always reminds us about his dedicatation and perseverence towards his invention. The innovation of Wright brothers make us able to travel across the world in small span of time which would have been an impossible task without their ideas and innovation. So there are many great innovators who have been constantly trying to innovate products which could make peoples' lives easy and less miserable.

An entrepreneur on the other hand starts up some businesses on his own which is more innovative than his counterparts by turning an existing product more productive according to the needs of the community with changing time and technology. Entrepreneurs are the innovators who believe in putting their ideas into actions in the commercial way creating jobs for others and wealth for the economy. If we see the online business, then it is evident that due to the initiatives taken by many entrepreneurs, it has become possible for us to order anything of our daily needs online from our home without going to the market which was completely unthinkable before 30 years back.

The role of Engineers in the area of technical innovation can't be ignored for the devlopment of our society. Traces of engineers hardworks can be seen behind every bridge, buildings, roads, manufacture etc. The degree of development of a nation can be understood from the progress of its communication system, level of science & technology etc.

If we take the example of mobile phones, then we find the amalgamation of ideas of inventors, engineers and entrepreneurs which is an inseperable part of our lives. It was the inventors who innovated mobile phones for the flexibility of communication system. Engineers developed softwares for the functioning of the mobiles and entrepreneurs commercialsied the use of mobile phones by making business and daily lives easy with the creation of various apps for different purposes.


Related Solutions

please discuss functional structure an how it contribute to success or lack of success of meaketing...
please discuss functional structure an how it contribute to success or lack of success of meaketing and business development activities in an organization
1. a) Describe what innovation means for an entrepreneur. (5 marks) b) Discuss how innovation, entrepreneurship...
1. a) Describe what innovation means for an entrepreneur. b) Discuss how innovation, entrepreneurship and economic development correlate.
How did the Marshall Plan contribute to the rebuilding of Western Europe’s economy and how did...
How did the Marshall Plan contribute to the rebuilding of Western Europe’s economy and how did this rebuilding help bring the spread of Communism in Europe to a halt? How was NATO supposed to stop the spread of communism?
In 1942, Nikola Tesla, a Serbian-American inventor, electrical engineer, mechanical engineer, physicist, said: "If you want...
In 1942, Nikola Tesla, a Serbian-American inventor, electrical engineer, mechanical engineer, physicist, said: "If you want to find the secrets of the universe, think in terms of energy, frequency and vibration." Your reflection should be based on your knowledge of waves that you have gained in this module in relation to this quote; the reflection should be scientific in nature and not purely philosophical. Your initial post should be between 150 and 200 words in length.  
How did Mercantilism contribute to the sucess of the British Empire?
How did Mercantilism contribute to the sucess of the British Empire?
How does internationalism contribute to economic success and/or stability of Japan? Could to answer this with...
How does internationalism contribute to economic success and/or stability of Japan? Could to answer this with links to Japan opening doors to the west after isolationism?
How did both The Articles of Confederation and Constitution of the United States contribute to the...
How did both The Articles of Confederation and Constitution of the United States contribute to the structure of the American government after the Revolution? Be very detailed when explaining.
How did the economic crisis of 1857 contribute to class conflict? To the outbreak of the...
How did the economic crisis of 1857 contribute to class conflict? To the outbreak of the Civil War?
How, specifically, can nonprofit agencies utilize innovation and entrepreneurship strategies to ensure agency success? How can...
How, specifically, can nonprofit agencies utilize innovation and entrepreneurship strategies to ensure agency success? How can strategic marketing produce and facilitate agency growth? How do these strategies differ in the nonprofit sector versus the public sector? Why are the stakes greater?
How did both documents contribute to the structure of the American government after the Revolution?
How did both documents contribute to the structure of the American government after the Revolution?
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT