1.
Popular Sources on Topic or Topics of Innovation
Allis, R. (2018, December 11).
The 20 greatest innovators of the last three decades
.
StartupGuide. https://startupguide.com/20-greatest-innovators
Duggal, N. (2023, August 9).
Top 18 new trends in technology for 2023
. Simplilearn.com.
https://www.simplilearn.com/top-technology-trends-and-jobs-article
Kylliäinen, J. (2019, April 26).
The importance of innovation – What does it mean for
businesses and our society?
Viima -. https://www.viima.com/blog/importance-of-innovation
Garcia, K. (2022, September 23).
Why is sustainable innovation important for the future?
WAITRO. https://waitro.org/articles/why-is-sustainable-innovation-important-for-the-future/
Tarud, J. (2023, September 14).
Disruptive technology examples at use every day
. Koombea.
https://www.koombea.com/blog/disruptive-technology-examples/
Pallister, B. (2023, January 31).
What factors most influence the success of an innovation?
Innovolo. https://innovolo-group.com/misc/what-factors-most-influence-the-success-of-an-
innovation/
2.
Innovation Overview
Innovation entails creating something new be it products, processes, or services. It is also about
improving existing products, processes, or services by adding newer features, functionalities, or
capabilities. Innovation seeks to improve the quality and experiences of something positively.
For instance, phone technology started with landlines but now has evolved into mobile phones.
Mobile phones themselves have also undergone significant improvement and development in
terms of performance capabilities and features. For example, through innovation, we have PC-
like phones, foldable tablets, foldable smartphones, waterproof phones, phones with advanced
cameras, batteries, etc. Today the world has some of the most advanced aircraft (including
military aircraft), water vessels, trains, vehicles, medical equipment, computers, internet, social
media platforms, and many products in terms of features and functionalities.
Modern Innovators and Innovations example
Some of the modern innovators include people like Steve Jobs, the former CEO of Apple, Mark
Zuckerberg (CEO of Facebook), Bill Gates (Founder of Microsoft), Elon Musk, CEO of Tesla,
Space X, and others. Others include Thomas Edison, Sergey Brin (Google Co-Founder), Dean
Kamen, Reid Hoffman, Larry Page (Google Co-founder), and many others (Allis, 2018). Some
of the latest innovations in the world today include electric vehicles, smartphones, Virtual Reality
(VR), Augmented Reality (AR), Machine Learning (ML), Artificial Intelligence (AI),
Automation, Driverless Vehicles, Blockchain technology, Drone technology, 5G, Internet of
Things, smarter devices, smart cities, 3D printing, etc. (Duggal, 2023).
Impacts of Innovations on Marketplace.
Whether positive or negative, innovations have had a significant impact on the marketplace. For
example, automation has helped reduce the cost of production in many companies. A lot of
companies such as Apple, Tesla, Amazon, and many others have hundreds of robotic systems in
their factories thus cutting down the cost of labor. Another benefit is access to a wider variety of
products and services. For example, there are hundreds of companies providing smartphones,
thus enabling customers to have increased choices. Other benefits have been the creation of new
