It has been said that rhe critical elements of competition are inovation,quality and speed to the market?

Question

it has been said that rhe critical elements of competition are inovation,quality and speed to the market.In the light of technical advance, is this view still sufficient?

Answer 1

You need new, creative, and practical ideas like the bike plow or the walking snow plow.
I could have designed these things, but then I would need a way to produce and sell them.
(accounting, distribution, finance, marketing, and management)

It looks like someone probably already patented the idea before me.
http://www-bdnew.fnal.gov/pbar/organizationalchart/peterson/snowplow_files/Bike_Plow.html
http://images.google.com/images?hl=en&q=walking+snow+plow

This makes the Engineering major less attractive.
It seems like all the all the good inventions have already been made.
http://dictionary.reference.com/browse/practical