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The Big Picture Businesses must innovate. If they don’t stay up-to-date with products and processes, their competitors will soon takeover their share of the market. A startup company is a fledgling business, often tech-related. Startups often consist of just a few innovators collaborating on an idea to develop a new product or process. Many innovators also take on the role of entrepreneur, organizing, managing the R&D team, and assuming the financial risks of a startup. Through business incubators and accelerators an entrepreneur with a startup can tap into industry expertise for advice, mentorship, networking and sometimes funding. Innovation can happen anywhere – even in a garage or dorm room. Patents, trademarks, and copyrights protect intellectual property from theft. The World Intellectual Property Organization is a UN-related forum for IP policy, information, and cooperation. SLIDE 10L For a product, it’s a long journey from an innovator’s brain to a consumer’s hands. How does an idea develop into a marketable product? What are the stages of innovation? Write your predictions here and in the next lesson, find out if you are correct! Assign • Blog, debate, discuss: What habits or unproductive traits do you have which, if not overcome, may impede your personal success? What habit or trait do you have which will contribute to your success? PRODUCT PREVIEW SLIDE 10M Let’s Practice! Select from the following practice activities: Let's Practice: Who Am I? (Complete and correct in class.) Let's Practice: Business Ethics Blunders Exploring 21st Century Skills and Issues: Side Trip to the USPTO Ponder and Predict
• To prepare for the next lesson: read Chapter 11 in the student workbook. • Watch business or financial news at least 15 minutes per day: Bloomberg West (www.bloomberg.com/video/bloomberg-west)
The Street Business News (www.thestreet.com) Reuters (www.reuters.com/video/technology) • Each week compare and contrast tweets from students' selected financial journalists. Compare journalists' opinions about events and stories.
Lesson 10 | A Garage is for More Than Parking a Car 178
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