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  2.12. Assignment: Invention + Market Insight = Innovation

Innovation is the job of all entrepreneurs. All innovations are comprised of an invention and a market insight.

Assignment Directions:

1. Identify two innovations that have made an impact in your life.

2. Each of these innovations has a story. Research how they came to exist. Understand the invention and the market insight that was used to bring about the innovation.

3. Write down what you learn about each innovation.

Below is a simple example of what you might write for each of the two innovations.

"The barcode, used by stores and shoppers all over the world, was implemented in 1970. It was invented by Bernard Silver using ultraviolet rays, a scanner, and ink to make tracking store inventory and prices easier and less tedious.

Ultraviolet rays, a scanner, and ink (invention) + Store owners find inventory tracking and pricing tedious and difficult (market insight) = Barcode (innovation)"

Barcode icon