Entrepreneurship Assignment: Innovations That Will Shape The Future
Question
Task:
Entrepreneurs see customer needs that others ignore and identify innovative solutions before others see the value. Therefore, curiosity and marketplace awareness are critical to entrepreneurial success. For this entrepreneurship assignment, you are supposed to write a short report on the topic “Innovations that will shape the future”.
Answer
Background of Entrepreneurship Assignment
Innovations are transforming the world, and emerging technologies are developing faster to meet the growing demand of the people. Cutting edge technology has facilitated the evolution of innovations. The inventions are performed mainly by traditional scientists and scholars, which have help common people in their everyday life. Scientists and researchers are making countless innovations to improve the quality of life and avert the possible dangers human beings may encounter in the coming days. Each field of science and engineering has marked unprecedented growth in innovation. Innovation and technology have changed the ways of communication, entertainment, education, transportation and health.
Research Summary
The Baghdad battery was one of the most controversial and critical ancient inventions discovered by a German archaeologist in 1983. The battery is in the form of a clay jar, and inside the jar, there is an iron rod and a copper cylinder (Papadopoulos et al., 2021). The battery was developed by them by using several chemicals like weak acid that are used to generate power within the battery. The Baghdad battery was generally used for electroplating substances, placing one layer of metal on the surface of another metal. Furthermore, the battery was used for several other purposes by the people of Baghdad.
Several innovations have the ability to revolutionise the way human beings think and act ultimately. The Internet has pervaded every sphere of life. It has the ability to power and control advanced equipment. This equipment can be used to improve the overall quality of life. Equipment such as heart monitoring shirts, digital twins and artificial organs can help in monitoring the health of human beings or enable them to work normally even after losing an organ (BBC Science Focus Magazine, 2021). Robots are also becoming more sophisticated as they can perform multiple ranges of functions and can accurately work at the commands. Robots might replace actual human beings in many fields as they will be more precise and efficient than their human counterparts. Self-driving trucks will also enable the transportation of goods from one place to another without the requirement of human truck drivers. Artificial intelligence will become the key driver in understanding complex matters and creating new, improved products that will lessen the time consumed to perform work (IBM, 2020).
The desire for the fastest internet connectivity drives the modern technology. Both personal and Businesses users are always looking for a faster time of response and the internet industry making effort to provide. With the fast speed of internet, it changes many aspects of people’s life (McFadden, 2019). When available, it can increase efficiency of the workforce and provide reliable tools of communication to companies that helps to promote remote working environment.
Historically people have looked to science for answers to all their questions. Now, data is regarded as new aspects of science and it can deliver the answer to current issues. 70% of the data has been created in past five years and the future depends on such along with the people who can successfully collect, also use and applies their insights. It does not matter what is the industry, any company that is able to analyze the data and feed it in its acquisition can predict the future and set itself up for success. Within the last five years, only 80% of man-made data could cause data explosions (McFadden, 2019).
It was very difficult to find business that operates in online more than a decade ago. Most of the transactions are in manual process. With the advent of computers internet and smartphones, in software there is a remarkable innovation took place and that can process transactions online and with the availability of cloud and data center technology. Also it is now provided that all businesses are online and process more digital transactions. The services industries, banking and e-commerce are the primals of this digital transformation, but with time others will also follow (Thangadurai, 2021).
AI can track human activities and predict future activities based on the behavioural patterns of a human. It is essential for companies that can use the technology to optimise their performance. They can better serve the customers and offer a curated experience to them by analysing the behaviour patterns. The Internet of Things (IoT) is gaining currency as it is assumed that everything will be connected to the internet somehow (Burgess, 2018). Several companies are innovating products that connect the devices in a house to the internet. The internet makes it easy for people to use it, and it also reduces the time taken to complete a work considerably. Digital transformation is happening in every corner of the world, and IoT offers endless possibilities for discoveries. In the coming future, each work will be intertwined with the internet.
Explanation concerning the interest over the topic
I am intrigued by the perpetual evolution of innovation. The Internet has become a necessary part of everyday life. Without the internet, life will come to a standstill. It has helped in making countless innovations that are efficient and reliable. These innovations have made life smooth and easy. However, the flip side of these innovations is too massive to ignore. As robots and self-driving trucks will be made available for broader use, it will make innumerable people unemployed. It will become difficult for them to find employment as advanced technology will consume their profession. Innovation and technology have both merits and demerits. They must be used cautiously to ensure that merits weigh down the demerits.
References
BBC Science Focus Magazine. 2021. Future technology: 22 ideas about to change our world. [online] Available at:
Burgess, M., 2018. What is the Internet of Things? WIRED explains. [online] WIRED UK. Available at:
IBM. 2020. What is Artificial Intelligence (AI)?. [online] Available at:
McFadden, C., 2019. The Top Ten Hottest Technological Innovations. [online] interestingengineering.com. Available at:
Papadopoulos, L., Young, C., Paleja, A. and Papadopoulos, L., 2021. 7 Ancient Inventions That Were Way Ahead of Their Time. Entrepreneurship assignment [online] Interestingengineering.com. Available at:
Thangadurai, G., 2021. How modern-age technologies have transformed the digital space. [online] TechGig. Available at:
