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Engage students in a discussion: Commerce is all about expansion of business and continuing to innovate. As Chris's company grows, profit is recycled back into the company to pay off debt, hire more talent, or expand the product line. In addition to the evening wear shoes and dog collar, what other ways can Chris improve on his product, create new products, or expand his business? Answer: (student discretion – ie. apps that interact with the weight loss feature, different designs and color lines, expanding into overseas markets, partnering with other companies, etc.) The Big Picture It’s an exciting, but long and challenging journey from an idea to an actual, marketable product or service that has reached the consumers’ hands (or feet). To be 21st century financially literate, it’s important to have some knowledge and understanding of this process. Innovators and entrepreneurs collaborate with others to design and develop their product or system. They must form a business entity and comply with many applicable laws and regulations. Government agencies have many responsibilities for facilitating commerce. They issue business licenses and permits, award patents or other IP protections, provide consumer safety approvals, monitor products for counterfeits, and ensure fast, safe, efficient, accessible and convenient transportation systems. Successful commerce requires a balance and cooperation between business and government. Entrepreneurs obtain venture capital to fund the development and marketing of their product. The innovator and entrepreneur keep the project on track and moving forward. Profit is reinvested in the company. Each step is critical to success. SLIDE 11K PRODUCT PREVIEW Let’s Practice! Select from the following practice activities: Let's Practice: Retracing the Path to Production Let's Practice: Innovation Team Project - Part 1 Introduce the Innovation Team Project. Students are starting an exercise to experience commerce and innovation by walking in the shoes of an innovator and entrepreneur. They will form a collaborative team, take a product through R&D, and obtain a patent and trademark. They will raise venture capital for their startup, determine how their product will be manufactured, and create a marketing plan. Since the objective is to experience the many steps in bringing a product to market (not to actually create a product) the product need not be reality based. It can be a physical product, program, app, or service. For ideas, students are advised to spend an hour or so researching innovative products on such sites as Bloomberg West (bloomberg.com/video/bloomberg- west) or International Consumer Electronics (cesweb.org/news/videos.aspx), Consumer Electronics Association (www.ce.org). After each phase, students will present their team’s progress. The Innovation Team Project worksheets can be found in the workbook. Allow students 10-15 minutes to meet and discuss their product ideas, research Bloomberg, CES or CEA, or
direct students to meet on their own time to organize their innovation team. Exploring 21st Century Skills and Issues: How to Catch a Spy
197 THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY
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