The Inventors and Entrepreneurs of the Industrial Revolution

Abstract

The Industrial Revolution was the work of inventors and entrepreneurs. Inventors produced the ideas and machines for the productive process, but entrepreneurs sponsored inventors, put inventions to effective use, and exploited the full potential of inventions. Because entrepreneurs were necessary to convert inventions from mere novelties to widely-used, viable instruments that significantly improved the productive process, this essay argues that entrepreneurs were more important for facilitating the Industrial Revolution than inventors. However, some exceptional inventors distinguished themselves by becoming entrepreneurs and transforming the productive process on their own.