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An innovator has vision. Innovators think about the future. They have a knack for predicting societal changes and envisioning what comes next. They think ahead to ways that needs will change , such as a social trend or a demographic shift that will create a demand for a new or different product or service. Engage students in a discussion: Do you ever imagine the future and how society’s needs will change? Do you follow anticipated demographic changes? Can you anticipate how a product or service should evolve to meet consumers’ new demands? Innovators are cautious. Weird and crazy scientists are a Hollywood stereotype. Innovators do not go wildly about their business, casting fate to the wind. In a process called R&D (Research and Development) , they patiently and thoroughly plan, review, organize, design, re-review, test, and retest their product. R&D can be a very expensive process, so it is approached with purpose and planning. Innovators are careful not to waste money or time. Engage students in a discussion: Think about the early explorations, expeditions and ventures that lead to the great expansion of commerce in the 15th - 19th centuries. How cautious were explorers as they planned, prepared, and conducted their explorations? How was planning and organizing a voyage or expedition an early form of R&D? Innovators are collaborators. Innovators rarely work alone in a lab or office. They are team players. Innovators collaborate with others because they appreciate and need different viewpoints, knowledge, talents, education, and life experience . Innovation teams are united with a common purpose and clearly defined goals. Studies show that successful innovations are almost always the product of collaboration. Engage students in a discussion: Have you ever been a team member of a successful group project? How did your group make the best use of the members’ talents? What made it a successful venture? Innovators know their market. Innovators have a sense of how their product will play to the public – such as who needs it, who will buy it, how much they are willing to pay for it, and how it will best be marketed. The ability to envision product use and marketing is an important innovator trait. Innovators must also understand the competition, and how consumer needs may change over time. Engage students in a discussion: Why is it important to understand the consumer market your product will release to? What is involved in crafting just the right message to a potential consumer? PRODUCT PREVIEW
159 THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY
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