The continuing commercialization of new technologies is the key to future world prosperity and business competitiveness. Many examples of such developments now play an essential part in modern life, both in their own right and as "enablers" of other developments. For example, the transistor, which was invented by William Shockley, John Bardeen and Walter Brattain in the late 1940s, has now evolved into the microprocessor, a device that is now fundamental to nearly all aspects of life – from the modern car, the control of plant and medical instrumentation, to telecommunications, the Internet and children's toys. Few inventions, apart from developments such as the wheel and electrical power, are as fundamental as the transistor. (One could argue that other inventions, such as television and the internal combustion engine, are perhaps as important, but both of these have themselves been enhanced by the application of the microprocessor.)