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DIRECTIONS for questions: The passage given below is accompanied by a set of three questions. Choose the best answer to each question.The first era of innovation – that of the lone inventor – encompassed much of human history. Innovators occasionally formed or latched on to companies to exploit the full potential of their ideas, but most seminal innovations developed before about 1915 are closely associated with the individuals behind them: Gutenberg’s press. Whitney’s cotton gin. Edison’s lightbulb. The Wright brothers’ plane. Ford’s assembly line (actually as much a business model as a technology).With the perfection of the assembly line, a century ago, the increasing complexity and cost of innovation pushed it out of individuals’ reach, driving more company-led efforts. A combination of longer-term perspectives and less stifling corporate bureaucracies meant that many organizations would happily tolerate experimental efforts. Thus, the heroes of this second era worked in corporate labs, and corporations evolved from innovation exploiters into innovation creators. Many of the notable commercial inventions of the next 60 years came from these labs: DuPont’s miracle molecules (including nylon); Procter & Gamble’s Crest, Pampers, and Tide brands; the U-2 spy plane and SR-71 Blackbird fighter jet from Lockheed Martin’s famed Skunk Works.The seeds of the third era were planted in the late 1950s and the 1960s, as companies started to become too big and bureaucratic to handle at-the-fringes exploration. The restless individualism of baby boomers clashed with increasingly hierarchical organizations. Innovators began to leave companies, band with like-minded “rebels,” and form new companies. Given the scale required to innovate, however, these rebels needed new forms of funding. Hence the emergence of the VC-backed start-up. The third era came into its own in the 1970s, with the establishment of Kleiner Perkins Caufield & Byers and Sequoia Capital. These and similar institutions helped to support the formation of Apple, Microsoft, Cisco Systems, Amazon, Facebook, and Google. Life became even harder for innovators in big companies as the capital markets’ expectations for short-term performance grew.The technologies birthed during this era and the globalization of world markets have dramatically accelerated the pace of change. Over the past 50 years corporate life spans by some measures have decreased by close to 50%. Back in 2000, Microsoft was an unstoppable monopoly, Apple was playing at the fringes of the computer market, Facebook founder Mark Zuckerberg was a student at Phillips Exeter Academy, and Google was a technology in search of a business model.This breathless pace, and the conditions and tools that enable it, bring us to the fourth era – when corporate catalysts can have a transformational impact. Whereas the inventions that characterized the first three eras were typically (but not always) technological breakthroughs, fourth-era innovations are likely to involve business models. One analysis shows that from 1997 to 2007 more than half of the companies that made it onto the Fortune 500 before their 25th birthdays – including Amazon, Starbucks, and AutoNation – were business model innovators.Today it’s easier than ever to innovate, which may suggest that it’s an ideal time to start a business. After all, a wealth of low-cost or no-cost online tools, coupled with hyperconnected markets, put innovation capabilities into the hands of the masses and allow ideas to rapidly spread.Q. All the following can be understood from the passage EXCEPT:a)The second era of innovation was marked by corporations exploiting the innovators to make them work in their own corporate labs.b)The need for new forms of funding led to the blossoming of VC-backed start-ups in the third era of innovation.c)The first era of innovation was predominantly marked by the lone inventor working on his or her ideas.d)Technological breakthroughs are less likely to drive innovation than business models in the fourth era of innovation.Correct answer is option 'A'. Can you explain this answer? for CAT 2024 is part of CAT preparation. The Question and answers have been prepared according to the CAT exam syllabus. Information about DIRECTIONS for questions: The passage given below is accompanied by a set of three questions. Choose the best answer to each question.The first era of innovation – that of the lone inventor – encompassed much of human history. Innovators occasionally formed or latched on to companies to exploit the full potential of their ideas, but most seminal innovations developed before about 1915 are closely associated with the individuals behind them: Gutenberg’s press. Whitney’s cotton gin. Edison’s lightbulb. The Wright brothers’ plane. Ford’s assembly line (actually as much a business model as a technology).With the perfection of the assembly line, a century ago, the increasing complexity and cost of innovation pushed it out of individuals’ reach, driving more company-led efforts. A combination of longer-term perspectives and less stifling corporate bureaucracies meant that many organizations would happily tolerate experimental efforts. Thus, the heroes of this second era worked in corporate labs, and corporations evolved from innovation exploiters into innovation creators. Many of the notable commercial inventions of the next 60 years came from these labs: DuPont’s miracle molecules (including nylon); Procter & Gamble’s Crest, Pampers, and Tide brands; the U-2 spy plane and SR-71 Blackbird fighter jet from Lockheed Martin’s famed Skunk Works.The seeds of the third era were planted in the late 1950s and the 1960s, as companies started to become too big and bureaucratic to handle at-the-fringes exploration. The restless individualism of baby boomers clashed with increasingly hierarchical organizations. Innovators began to leave companies, band with like-minded “rebels,” and form new companies. Given the scale required to innovate, however, these rebels needed new forms of funding. Hence the emergence of the VC-backed start-up. The third era came into its own in the 1970s, with the establishment of Kleiner Perkins Caufield & Byers and Sequoia Capital. These and similar institutions helped to support the formation of Apple, Microsoft, Cisco Systems, Amazon, Facebook, and Google. Life became even harder for innovators in big companies as the capital markets’ expectations for short-term performance grew.The technologies birthed during this era and the globalization of world markets have dramatically accelerated the pace of change. Over the past 50 years corporate life spans by some measures have decreased by close to 50%. Back in 2000, Microsoft was an unstoppable monopoly, Apple was playing at the fringes of the computer market, Facebook founder Mark Zuckerberg was a student at Phillips Exeter Academy, and Google was a technology in search of a business model.This breathless pace, and the conditions and tools that enable it, bring us to the fourth era – when corporate catalysts can have a transformational impact. Whereas the inventions that characterized the first three eras were typically (but not always) technological breakthroughs, fourth-era innovations are likely to involve business models. One analysis shows that from 1997 to 2007 more than half of the companies that made it onto the Fortune 500 before their 25th birthdays – including Amazon, Starbucks, and AutoNation – were business model innovators.Today it’s easier than ever to innovate, which may suggest that it’s an ideal time to start a business. After all, a wealth of low-cost or no-cost online tools, coupled with hyperconnected markets, put innovation capabilities into the hands of the masses and allow ideas to rapidly spread.Q. All the following can be understood from the passage EXCEPT:a)The second era of innovation was marked by corporations exploiting the innovators to make them work in their own corporate labs.b)The need for new forms of funding led to the blossoming of VC-backed start-ups in the third era of innovation.c)The first era of innovation was predominantly marked by the lone inventor working on his or her ideas.d)Technological breakthroughs are less likely to drive innovation than business models in the fourth era of innovation.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for CAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for DIRECTIONS for questions: The passage given below is accompanied by a set of three questions. Choose the best answer to each question.The first era of innovation – that of the lone inventor – encompassed much of human history. Innovators occasionally formed or latched on to companies to exploit the full potential of their ideas, but most seminal innovations developed before about 1915 are closely associated with the individuals behind them: Gutenberg’s press. Whitney’s cotton gin. Edison’s lightbulb. The Wright brothers’ plane. Ford’s assembly line (actually as much a business model as a technology).With the perfection of the assembly line, a century ago, the increasing complexity and cost of innovation pushed it out of individuals’ reach, driving more company-led efforts. A combination of longer-term perspectives and less stifling corporate bureaucracies meant that many organizations would happily tolerate experimental efforts. Thus, the heroes of this second era worked in corporate labs, and corporations evolved from innovation exploiters into innovation creators. Many of the notable commercial inventions of the next 60 years came from these labs: DuPont’s miracle molecules (including nylon); Procter & Gamble’s Crest, Pampers, and Tide brands; the U-2 spy plane and SR-71 Blackbird fighter jet from Lockheed Martin’s famed Skunk Works.The seeds of the third era were planted in the late 1950s and the 1960s, as companies started to become too big and bureaucratic to handle at-the-fringes exploration. The restless individualism of baby boomers clashed with increasingly hierarchical organizations. Innovators began to leave companies, band with like-minded “rebels,” and form new companies. Given the scale required to innovate, however, these rebels needed new forms of funding. Hence the emergence of the VC-backed start-up. The third era came into its own in the 1970s, with the establishment of Kleiner Perkins Caufield & Byers and Sequoia Capital. These and similar institutions helped to support the formation of Apple, Microsoft, Cisco Systems, Amazon, Facebook, and Google. Life became even harder for innovators in big companies as the capital markets’ expectations for short-term performance grew.The technologies birthed during this era and the globalization of world markets have dramatically accelerated the pace of change. Over the past 50 years corporate life spans by some measures have decreased by close to 50%. Back in 2000, Microsoft was an unstoppable monopoly, Apple was playing at the fringes of the computer market, Facebook founder Mark Zuckerberg was a student at Phillips Exeter Academy, and Google was a technology in search of a business model.This breathless pace, and the conditions and tools that enable it, bring us to the fourth era – when corporate catalysts can have a transformational impact. Whereas the inventions that characterized the first three eras were typically (but not always) technological breakthroughs, fourth-era innovations are likely to involve business models. One analysis shows that from 1997 to 2007 more than half of the companies that made it onto the Fortune 500 before their 25th birthdays – including Amazon, Starbucks, and AutoNation – were business model innovators.Today it’s easier than ever to innovate, which may suggest that it’s an ideal time to start a business. After all, a wealth of low-cost or no-cost online tools, coupled with hyperconnected markets, put innovation capabilities into the hands of the masses and allow ideas to rapidly spread.Q. All the following can be understood from the passage EXCEPT:a)The second era of innovation was marked by corporations exploiting the innovators to make them work in their own corporate labs.b)The need for new forms of funding led to the blossoming of VC-backed start-ups in the third era of innovation.c)The first era of innovation was predominantly marked by the lone inventor working on his or her ideas.d)Technological breakthroughs are less likely to drive innovation than business models in the fourth era of innovation.Correct answer is option 'A'. Can you explain this answer?.

Solutions for DIRECTIONS for questions: The passage given below is accompanied by a set of three questions. Choose the best answer to each question.The first era of innovation – that of the lone inventor – encompassed much of human history. Innovators occasionally formed or latched on to companies to exploit the full potential of their ideas, but most seminal innovations developed before about 1915 are closely associated with the individuals behind them: Gutenberg’s press. Whitney’s cotton gin. Edison’s lightbulb. The Wright brothers’ plane. Ford’s assembly line (actually as much a business model as a technology).With the perfection of the assembly line, a century ago, the increasing complexity and cost of innovation pushed it out of individuals’ reach, driving more company-led efforts. A combination of longer-term perspectives and less stifling corporate bureaucracies meant that many organizations would happily tolerate experimental efforts. Thus, the heroes of this second era worked in corporate labs, and corporations evolved from innovation exploiters into innovation creators. Many of the notable commercial inventions of the next 60 years came from these labs: DuPont’s miracle molecules (including nylon); Procter & Gamble’s Crest, Pampers, and Tide brands; the U-2 spy plane and SR-71 Blackbird fighter jet from Lockheed Martin’s famed Skunk Works.The seeds of the third era were planted in the late 1950s and the 1960s, as companies started to become too big and bureaucratic to handle at-the-fringes exploration. The restless individualism of baby boomers clashed with increasingly hierarchical organizations. Innovators began to leave companies, band with like-minded “rebels,” and form new companies. Given the scale required to innovate, however, these rebels needed new forms of funding. Hence the emergence of the VC-backed start-up. The third era came into its own in the 1970s, with the establishment of Kleiner Perkins Caufield & Byers and Sequoia Capital. These and similar institutions helped to support the formation of Apple, Microsoft, Cisco Systems, Amazon, Facebook, and Google. Life became even harder for innovators in big companies as the capital markets’ expectations for short-term performance grew.The technologies birthed during this era and the globalization of world markets have dramatically accelerated the pace of change. Over the past 50 years corporate life spans by some measures have decreased by close to 50%. Back in 2000, Microsoft was an unstoppable monopoly, Apple was playing at the fringes of the computer market, Facebook founder Mark Zuckerberg was a student at Phillips Exeter Academy, and Google was a technology in search of a business model.This breathless pace, and the conditions and tools that enable it, bring us to the fourth era – when corporate catalysts can have a transformational impact. Whereas the inventions that characterized the first three eras were typically (but not always) technological breakthroughs, fourth-era innovations are likely to involve business models. One analysis shows that from 1997 to 2007 more than half of the companies that made it onto the Fortune 500 before their 25th birthdays – including Amazon, Starbucks, and AutoNation – were business model innovators.Today it’s easier than ever to innovate, which may suggest that it’s an ideal time to start a business. After all, a wealth of low-cost or no-cost online tools, coupled with hyperconnected markets, put innovation capabilities into the hands of the masses and allow ideas to rapidly spread.Q. All the following can be understood from the passage EXCEPT:a)The second era of innovation was marked by corporations exploiting the innovators to make them work in their own corporate labs.b)The need for new forms of funding led to the blossoming of VC-backed start-ups in the third era of innovation.c)The first era of innovation was predominantly marked by the lone inventor working on his or her ideas.d)Technological breakthroughs are less likely to drive innovation than business models in the fourth era of innovation.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for CAT. Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free.

Here you can find the meaning of DIRECTIONS for questions: The passage given below is accompanied by a set of three questions. Choose the best answer to each question.The first era of innovation – that of the lone inventor – encompassed much of human history. Innovators occasionally formed or latched on to companies to exploit the full potential of their ideas, but most seminal innovations developed before about 1915 are closely associated with the individuals behind them: Gutenberg’s press. Whitney’s cotton gin. Edison’s lightbulb. The Wright brothers’ plane. Ford’s assembly line (actually as much a business model as a technology).With the perfection of the assembly line, a century ago, the increasing complexity and cost of innovation pushed it out of individuals’ reach, driving more company-led efforts. A combination of longer-term perspectives and less stifling corporate bureaucracies meant that many organizations would happily tolerate experimental efforts. Thus, the heroes of this second era worked in corporate labs, and corporations evolved from innovation exploiters into innovation creators. Many of the notable commercial inventions of the next 60 years came from these labs: DuPont’s miracle molecules (including nylon); Procter & Gamble’s Crest, Pampers, and Tide brands; the U-2 spy plane and SR-71 Blackbird fighter jet from Lockheed Martin’s famed Skunk Works.The seeds of the third era were planted in the late 1950s and the 1960s, as companies started to become too big and bureaucratic to handle at-the-fringes exploration. The restless individualism of baby boomers clashed with increasingly hierarchical organizations. Innovators began to leave companies, band with like-minded “rebels,” and form new companies. Given the scale required to innovate, however, these rebels needed new forms of funding. Hence the emergence of the VC-backed start-up. The third era came into its own in the 1970s, with the establishment of Kleiner Perkins Caufield & Byers and Sequoia Capital. These and similar institutions helped to support the formation of Apple, Microsoft, Cisco Systems, Amazon, Facebook, and Google. Life became even harder for innovators in big companies as the capital markets’ expectations for short-term performance grew.The technologies birthed during this era and the globalization of world markets have dramatically accelerated the pace of change. Over the past 50 years corporate life spans by some measures have decreased by close to 50%. Back in 2000, Microsoft was an unstoppable monopoly, Apple was playing at the fringes of the computer market, Facebook founder Mark Zuckerberg was a student at Phillips Exeter Academy, and Google was a technology in search of a business model.This breathless pace, and the conditions and tools that enable it, bring us to the fourth era – when corporate catalysts can have a transformational impact. Whereas the inventions that characterized the first three eras were typically (but not always) technological breakthroughs, fourth-era innovations are likely to involve business models. One analysis shows that from 1997 to 2007 more than half of the companies that made it onto the Fortune 500 before their 25th birthdays – including Amazon, Starbucks, and AutoNation – were business model innovators.Today it’s easier than ever to innovate, which may suggest that it’s an ideal time to start a business. After all, a wealth of low-cost or no-cost online tools, coupled with hyperconnected markets, put innovation capabilities into the hands of the masses and allow ideas to rapidly spread.Q. All the following can be understood from the passage EXCEPT:a)The second era of innovation was marked by corporations exploiting the innovators to make them work in their own corporate labs.b)The need for new forms of funding led to the blossoming of VC-backed start-ups in the third era of innovation.c)The first era of innovation was predominantly marked by the lone inventor working on his or her ideas.d)Technological breakthroughs are less likely to drive innovation than business models in the fourth era of innovation.Correct answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of DIRECTIONS for questions: The passage given below is accompanied by a set of three questions. Choose the best answer to each question.The first era of innovation – that of the lone inventor – encompassed much of human history. Innovators occasionally formed or latched on to companies to exploit the full potential of their ideas, but most seminal innovations developed before about 1915 are closely associated with the individuals behind them: Gutenberg’s press. Whitney’s cotton gin. Edison’s lightbulb. The Wright brothers’ plane. Ford’s assembly line (actually as much a business model as a technology).With the perfection of the assembly line, a century ago, the increasing complexity and cost of innovation pushed it out of individuals’ reach, driving more company-led efforts. A combination of longer-term perspectives and less stifling corporate bureaucracies meant that many organizations would happily tolerate experimental efforts. Thus, the heroes of this second era worked in corporate labs, and corporations evolved from innovation exploiters into innovation creators. Many of the notable commercial inventions of the next 60 years came from these labs: DuPont’s miracle molecules (including nylon); Procter & Gamble’s Crest, Pampers, and Tide brands; the U-2 spy plane and SR-71 Blackbird fighter jet from Lockheed Martin’s famed Skunk Works.The seeds of the third era were planted in the late 1950s and the 1960s, as companies started to become too big and bureaucratic to handle at-the-fringes exploration. The restless individualism of baby boomers clashed with increasingly hierarchical organizations. Innovators began to leave companies, band with like-minded “rebels,” and form new companies. Given the scale required to innovate, however, these rebels needed new forms of funding. Hence the emergence of the VC-backed start-up. The third era came into its own in the 1970s, with the establishment of Kleiner Perkins Caufield & Byers and Sequoia Capital. These and similar institutions helped to support the formation of Apple, Microsoft, Cisco Systems, Amazon, Facebook, and Google. Life became even harder for innovators in big companies as the capital markets’ expectations for short-term performance grew.The technologies birthed during this era and the globalization of world markets have dramatically accelerated the pace of change. Over the past 50 years corporate life spans by some measures have decreased by close to 50%. Back in 2000, Microsoft was an unstoppable monopoly, Apple was playing at the fringes of the computer market, Facebook founder Mark Zuckerberg was a student at Phillips Exeter Academy, and Google was a technology in search of a business model.This breathless pace, and the conditions and tools that enable it, bring us to the fourth era – when corporate catalysts can have a transformational impact. Whereas the inventions that characterized the first three eras were typically (but not always) technological breakthroughs, fourth-era innovations are likely to involve business models. One analysis shows that from 1997 to 2007 more than half of the companies that made it onto the Fortune 500 before their 25th birthdays – including Amazon, Starbucks, and AutoNation – were business model innovators.Today it’s easier than ever to innovate, which may suggest that it’s an ideal time to start a business. After all, a wealth of low-cost or no-cost online tools, coupled with hyperconnected markets, put innovation capabilities into the hands of the masses and allow ideas to rapidly spread.Q. All the following can be understood from the passage EXCEPT:a)The second era of innovation was marked by corporations exploiting the innovators to make them work in their own corporate labs.b)The need for new forms of funding led to the blossoming of VC-backed start-ups in the third era of innovation.c)The first era of innovation was predominantly marked by the lone inventor working on his or her ideas.d)Technological breakthroughs are less likely to drive innovation than business models in the fourth era of innovation.Correct answer is option 'A'. Can you explain this answer?, a detailed solution for DIRECTIONS for questions: The passage given below is accompanied by a set of three questions. Choose the best answer to each question.The first era of innovation – that of the lone inventor – encompassed much of human history. Innovators occasionally formed or latched on to companies to exploit the full potential of their ideas, but most seminal innovations developed before about 1915 are closely associated with the individuals behind them: Gutenberg’s press. Whitney’s cotton gin. Edison’s lightbulb. The Wright brothers’ plane. Ford’s assembly line (actually as much a business model as a technology).With the perfection of the assembly line, a century ago, the increasing complexity and cost of innovation pushed it out of individuals’ reach, driving more company-led efforts. A combination of longer-term perspectives and less stifling corporate bureaucracies meant that many organizations would happily tolerate experimental efforts. Thus, the heroes of this second era worked in corporate labs, and corporations evolved from innovation exploiters into innovation creators. Many of the notable commercial inventions of the next 60 years came from these labs: DuPont’s miracle molecules (including nylon); Procter & Gamble’s Crest, Pampers, and Tide brands; the U-2 spy plane and SR-71 Blackbird fighter jet from Lockheed Martin’s famed Skunk Works.The seeds of the third era were planted in the late 1950s and the 1960s, as companies started to become too big and bureaucratic to handle at-the-fringes exploration. The restless individualism of baby boomers clashed with increasingly hierarchical organizations. Innovators began to leave companies, band with like-minded “rebels,” and form new companies. Given the scale required to innovate, however, these rebels needed new forms of funding. Hence the emergence of the VC-backed start-up. The third era came into its own in the 1970s, with the establishment of Kleiner Perkins Caufield & Byers and Sequoia Capital. These and similar institutions helped to support the formation of Apple, Microsoft, Cisco Systems, Amazon, Facebook, and Google. Life became even harder for innovators in big companies as the capital markets’ expectations for short-term performance grew.The technologies birthed during this era and the globalization of world markets have dramatically accelerated the pace of change. Over the past 50 years corporate life spans by some measures have decreased by close to 50%. Back in 2000, Microsoft was an unstoppable monopoly, Apple was playing at the fringes of the computer market, Facebook founder Mark Zuckerberg was a student at Phillips Exeter Academy, and Google was a technology in search of a business model.This breathless pace, and the conditions and tools that enable it, bring us to the fourth era – when corporate catalysts can have a transformational impact. Whereas the inventions that characterized the first three eras were typically (but not always) technological breakthroughs, fourth-era innovations are likely to involve business models. One analysis shows that from 1997 to 2007 more than half of the companies that made it onto the Fortune 500 before their 25th birthdays – including Amazon, Starbucks, and AutoNation – were business model innovators.Today it’s easier than ever to innovate, which may suggest that it’s an ideal time to start a business. After all, a wealth of low-cost or no-cost online tools, coupled with hyperconnected markets, put innovation capabilities into the hands of the masses and allow ideas to rapidly spread.Q. All the following can be understood from the passage EXCEPT:a)The second era of innovation was marked by corporations exploiting the innovators to make them work in their own corporate labs.b)The need for new forms of funding led to the blossoming of VC-backed start-ups in the third era of innovation.c)The first era of innovation was predominantly marked by the lone inventor working on his or her ideas.d)Technological breakthroughs are less likely to drive innovation than business models in the fourth era of innovation.Correct answer is option 'A'. Can you explain this answer? has been provided alongside types of DIRECTIONS for questions: The passage given below is accompanied by a set of three questions. Choose the best answer to each question.The first era of innovation – that of the lone inventor – encompassed much of human history. Innovators occasionally formed or latched on to companies to exploit the full potential of their ideas, but most seminal innovations developed before about 1915 are closely associated with the individuals behind them: Gutenberg’s press. Whitney’s cotton gin. Edison’s lightbulb. The Wright brothers’ plane. Ford’s assembly line (actually as much a business model as a technology).With the perfection of the assembly line, a century ago, the increasing complexity and cost of innovation pushed it out of individuals’ reach, driving more company-led efforts. A combination of longer-term perspectives and less stifling corporate bureaucracies meant that many organizations would happily tolerate experimental efforts. Thus, the heroes of this second era worked in corporate labs, and corporations evolved from innovation exploiters into innovation creators. Many of the notable commercial inventions of the next 60 years came from these labs: DuPont’s miracle molecules (including nylon); Procter & Gamble’s Crest, Pampers, and Tide brands; the U-2 spy plane and SR-71 Blackbird fighter jet from Lockheed Martin’s famed Skunk Works.The seeds of the third era were planted in the late 1950s and the 1960s, as companies started to become too big and bureaucratic to handle at-the-fringes exploration. The restless individualism of baby boomers clashed with increasingly hierarchical organizations. Innovators began to leave companies, band with like-minded “rebels,” and form new companies. Given the scale required to innovate, however, these rebels needed new forms of funding. Hence the emergence of the VC-backed start-up. The third era came into its own in the 1970s, with the establishment of Kleiner Perkins Caufield & Byers and Sequoia Capital. These and similar institutions helped to support the formation of Apple, Microsoft, Cisco Systems, Amazon, Facebook, and Google. Life became even harder for innovators in big companies as the capital markets’ expectations for short-term performance grew.The technologies birthed during this era and the globalization of world markets have dramatically accelerated the pace of change. Over the past 50 years corporate life spans by some measures have decreased by close to 50%. Back in 2000, Microsoft was an unstoppable monopoly, Apple was playing at the fringes of the computer market, Facebook founder Mark Zuckerberg was a student at Phillips Exeter Academy, and Google was a technology in search of a business model.This breathless pace, and the conditions and tools that enable it, bring us to the fourth era – when corporate catalysts can have a transformational impact. Whereas the inventions that characterized the first three eras were typically (but not always) technological breakthroughs, fourth-era innovations are likely to involve business models. One analysis shows that from 1997 to 2007 more than half of the companies that made it onto the Fortune 500 before their 25th birthdays – including Amazon, Starbucks, and AutoNation – were business model innovators.Today it’s easier than ever to innovate, which may suggest that it’s an ideal time to start a business. After all, a wealth of low-cost or no-cost online tools, coupled with hyperconnected markets, put innovation capabilities into the hands of the masses and allow ideas to rapidly spread.Q. All the following can be understood from the passage EXCEPT:a)The second era of innovation was marked by corporations exploiting the innovators to make them work in their own corporate labs.b)The need for new forms of funding led to the blossoming of VC-backed start-ups in the third era of innovation.c)The first era of innovation was predominantly marked by the lone inventor working on his or her ideas.d)Technological breakthroughs are less likely to drive innovation than business models in the fourth era of innovation.Correct answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice DIRECTIONS for questions: The passage given below is accompanied by a set of three questions. Choose the best answer to each question.The first era of innovation – that of the lone inventor – encompassed much of human history. Innovators occasionally formed or latched on to companies to exploit the full potential of their ideas, but most seminal innovations developed before about 1915 are closely associated with the individuals behind them: Gutenberg’s press. Whitney’s cotton gin. Edison’s lightbulb. The Wright brothers’ plane. Ford’s assembly line (actually as much a business model as a technology).With the perfection of the assembly line, a century ago, the increasing complexity and cost of innovation pushed it out of individuals’ reach, driving more company-led efforts. A combination of longer-term perspectives and less stifling corporate bureaucracies meant that many organizations would happily tolerate experimental efforts. Thus, the heroes of this second era worked in corporate labs, and corporations evolved from innovation exploiters into innovation creators. Many of the notable commercial inventions of the next 60 years came from these labs: DuPont’s miracle molecules (including nylon); Procter & Gamble’s Crest, Pampers, and Tide brands; the U-2 spy plane and SR-71 Blackbird fighter jet from Lockheed Martin’s famed Skunk Works.The seeds of the third era were planted in the late 1950s and the 1960s, as companies started to become too big and bureaucratic to handle at-the-fringes exploration. The restless individualism of baby boomers clashed with increasingly hierarchical organizations. Innovators began to leave companies, band with like-minded “rebels,” and form new companies. Given the scale required to innovate, however, these rebels needed new forms of funding. Hence the emergence of the VC-backed start-up. The third era came into its own in the 1970s, with the establishment of Kleiner Perkins Caufield & Byers and Sequoia Capital. These and similar institutions helped to support the formation of Apple, Microsoft, Cisco Systems, Amazon, Facebook, and Google. Life became even harder for innovators in big companies as the capital markets’ expectations for short-term performance grew.The technologies birthed during this era and the globalization of world markets have dramatically accelerated the pace of change. Over the past 50 years corporate life spans by some measures have decreased by close to 50%. Back in 2000, Microsoft was an unstoppable monopoly, Apple was playing at the fringes of the computer market, Facebook founder Mark Zuckerberg was a student at Phillips Exeter Academy, and Google was a technology in search of a business model.This breathless pace, and the conditions and tools that enable it, bring us to the fourth era – when corporate catalysts can have a transformational impact. Whereas the inventions that characterized the first three eras were typically (but not always) technological breakthroughs, fourth-era innovations are likely to involve business models. One analysis shows that from 1997 to 2007 more than half of the companies that made it onto the Fortune 500 before their 25th birthdays – including Amazon, Starbucks, and AutoNation – were business model innovators.Today it’s easier than ever to innovate, which may suggest that it’s an ideal time to start a business. After all, a wealth of low-cost or no-cost online tools, coupled with hyperconnected markets, put innovation capabilities into the hands of the masses and allow ideas to rapidly spread.Q. All the following can be understood from the passage EXCEPT:a)The second era of innovation was marked by corporations exploiting the innovators to make them work in their own corporate labs.b)The need for new forms of funding led to the blossoming of VC-backed start-ups in the third era of innovation.c)The first era of innovation was predominantly marked by the lone inventor working on his or her ideas.d)Technological breakthroughs are less likely to drive innovation than business models in the fourth era of innovation.Correct answer is option 'A'. Can you explain this answer? tests, examples and also practice CAT tests.