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It’s All About Innovation Almost none of the products we use, medicines we take, or appliances we rely on to make our lives easier, safer, or more enjoyable are in their original invention form. Over time, they have been revised and reworked by people other than the inventor, to be better in some or many ways, and to meet the changing needs of society. Think how the airplane has changed since Orville and Wilbur Wright’s original version. What if aviation engineering had stopped there? Financial literacy includes understanding and appreciating the value of innovation. When a society stops being innovative, the economy suffers, jobs are lost, businesses close, progress stagnates, and people suffer. It's all about innovation. Innovation is the key to economic growth, prosperity, and frankly, to the advancement of civilization. Traits of an Innovator What kind of person is an innovator ? What made Latimer, Whitney, and Coolidge come up with ideas to improve the light bulb, or Jobs figure out that portable music devices could be so much better? What are the traits of an innovator? Here’s what the experts say: An innovator is alert to opportunity. Better, cheaper, faster! Some people are just always thinking about how to make something better. They obsess over how to take a product or process, alter it a bit (or a lot) to make it more efficient, adapt it to a different use, combine it with another product or process to expand its usefulness, or (in the case of a product) change its design so it’s cheaper to manufacture. Experts tell us that innovators are alert to opportunities to improve things. Engage students in a discussion: Do you have a friend or family member who likes to ponder new or different uses for products, or who constantly comments on how a product or system can be made better or more efficient? Are you like this? An innovator is educated. Successful innovators are not drop outs or couch potatoes who suddenly came up with an amazing idea. They are well-educated , and usually work within their field of innovation . For example, biologists typically don’t innovate within the visual arts field, or aeronautical engineers don’t develop surgical products or improve mining processes. The combination of education and immersion within their field of expertise enables them to recognize opportunity. Engage students in a discussion: How important is education to innovation? How likely is it that an uneducated person will come up with a cutting edge medical product or procedure if they have no background or education in medicine? What are your higher education plans? SLIDE 9I SLIDE 9J PRODUCT PREVIEW
157 THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY
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