Sir Richard Arkwright was an English inventor and entrepreneur, born in 1732. He is best known for developing the water frame, a spinning machine that revolutionized the textile industry during the Industrial Revolution. His innovations helped increase the production of cotton yarn, making it more efficient and affordable. Arkwright also established the first modern factory system, where workers operated machines in a centralized location. This approach not only improved productivity but also laid the groundwork for future industrial practices. He was knighted in 1786 for his contributions to industry and is often referred to as the "father of the factory system."