Innovation Management and the better Mousetrap. A critical evaluation of Ralph Emmerson's work with reference to the complexity of today's business environment

Essay from the year 2014 in the subject Economics - Innovation economics, grade: 81%, University Of Wales Institute, Cardiff, course: Innovation Management, language: English, abstract: "If a man can write a better book, preach a better sermon, or make a better mousetrap than his neighbour, though he build his house in the woods, the world will make a beaten path to his door."

This famous statement coined by Ralph Waldo Emerson (1855) circumscribes metaphorically that superior products will attract the costumers with no need of marketing or other involvement in order to sell. Irrespective of the inventor's track of record or degree of popularity, people will hustle over to the inventor in order to buy the product.

This report will critically evaluate the validity of Emerson's statement especially taking into account the highly dynamic and complexity of today's business environment. Moreover the process of innovation incorporating a close analysis in terms of types of inventions, implementation processes and the significance of entrepreneurship and technology transfer will be considered when evaluating Emerson's statement.