Some words in context

So, I'm translating something from English into my native language and I'm having some problems understanding in which context are some words used. I'll write the whole sentences and bold the words I'm having trouble with.

The way we work today is the offspring of generations of tradition, technological advances, economic pressures, and a good deal of chance.

Do they refere to chance as an oportunity, luck, or accident is what I cannot figure out.

also:

Georges Demeny, in 1891, claimed to produce a synchronous sound system, but like so many assertions in this time of riotous invention, this proved unfounded.

is it the time when the inventions were riotous, or the time was riotous or...? note that invention is in singular.

and

But there was one more hurdle to clear in order to bring sound movies out of the "gee whiz" ghetto and into commercial success.

I have a faint idea what this means but would like a precise explanation.

Any help much appreciated

Thanks