The Trait to Innovate

Lesson 9

Slide 9A

What Does That Mean?

Term Definition

innovation an improvement on or a significant contribution to an existing product, process or service which creates value.

invention the creation of a product or introduction of a process for the first time.

Slide 9B

What Does That Mean?

Term Definition

associational thinking

drawing connections between questions, problems, or ideas from unrelated fields.

collaboration joint effort of multiple individuals or work groups to accomplish a task or project.

Slide 9C

What Does That Mean?

Slide 9D

Term Definition research and development

R&D; scientific and technological research and experiments made for the purpose of developing a new product, process, or service.

ReminderSlide 9E

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Lesson 6 Objectives

Relate innovation to economic growth and prosperity.

Analyze the traits of an innovator.

Explore whether they have the traits of an innovator.

Create a plan to develop associational thinking skills.

Slide 9F

Slide 9G

VS.

Slide 9H

Innovation is design or

other changes applied to

existing products to improve

or advance them

Invention is creation of

product or process for the

first time

It’s All About

Innovation

Slide 9I

Traits of an Innovator Alert to

opportunity

Educated

Persistent

Accepting of uncertainty

Passionate

Associational thinker

Has vision

Cautious

Collaborator

Knows market

Slide 9J

The Big PictureSlide 9K

It’s all about innovation. When a society stops being innovative, commerce suffers, the economy stagnates, jobs are lost, businesses close, and people suffer. Innovators improve on or make significant contributions to an existing product or service which creates value in the product or service. They are well-educated, insightful, and persistent team players who have a passion for, and a strong belief in their mission. A good education and the ability to think associatively are traits of an innovator. Being 21st century financially literate means understanding and appreciating the value of innovation and innovative thinking to growth and prosperity.

Ponder and Predict

Americans are very innovative. In fact, most of the innovations that drove 20th century commerce originated in the U.S. with companies like IBM, Westinghouse, and General Electric leading the way. As the tech industry grows and commerce expands globally, the U.S. remains a top innovator. However, according to Bloomberg, a popular business and financial analysis site, two countries now outrank the U.S. in innovation. Which ones?

Slide 9L