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Communicating Objectives In this lesson, you will learn which countries currently out-innovate the U.S., what a business startup is, and about some American companies that started in a college dorm room or garage by people not much older than you. You will learn how intellectual property is protected from theft, and will be able to explain ways businesses can unintentionally violate business ethics.
Presentation of Content And the award for the most innovative countries goes to…
SLIDE 10H
In the last lesson, students learned that although America is a very innovative country, according to Bloomberg Business and Financial News , two countries currently outrank the U.S. as the most innovative. Those countries are South Korea and Sweden . Who knew Swedes were so innovative? (As of this writing, these countries are identified by Bloomberg Business and Financial News as Sweden and South Korea. That data could change from year-to-year, so it’s a good idea to fact check before this lesson and alter the Presentation of Content accordingly.) In the last lesson, students learned that innovation happens when someone improves on or makes a significant contribution or advancement to an existing product, technology, process, or service. New inventions are often applied to existing products resulting in the improvement or advancement of the product. Students also explored the traits of an innovator. Financial literacy includes understanding and appreciating that innovation is a critical link to the wealth and prosperity of a nation. It leads to new and advanced products and services, new companies that increase employment, and economic growth. Let’s explore where innovation starts… In-house Innovators Most innovations and inventions originate in-house by employees of established, operating companies working in teams of engineers, designers, and scientists. Businesses are driven by the need to innovate. If a business doesn’t stay up-to-date with its products and processes, consumers will buy their competitors’ products, and that can spell the end for a business. To stay competitive, companies employ researchers, designers, scientists, engineers, and marketing experts to improve and refine the company’s own products, design and create new products, or improve versions of other products. Startups and Entrepreneurs Innovation also originates outside of established businesses by companies referred to as startups . Sometimes the term startup is thought to refer only to fledgling tech firms, but it actually refers to a beginning business of any kind . Startups often consist of a few innovators informally collaborating on the R&D for a new product or service, researching methods and materials, and designing a product or service prototype . SLIDE 10I PRODUCT PREVIEW
173 THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY
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