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LET'S PRACTICE

Name: _____________________________________________________________________________

Innovation Station – Part I

Every product has its humble beginnings as a mere idea. For this exercise, you will walk in the shoes of a young inventor/ innovator and entrepreneur. You will be a member of a collaborative team. In Part 1, your team will take an idea through R&D and the patent and trademark process. In Part 2, you will form a business, obtain licenses, registrations and approvals, and learn how to run a board meeting. In Part 3, your team will pitch your product to a venture capitalist fund and create a winning marketing plan.

Your job: Brainstorm with your team to come up with an idea for a product. It may be the creation of a product or introduction of a process for the first time (invention) or an improvement on, or significant contribution to an existing product process or service (innovation). (Hint: The product doesn’t need to be reality-based. The focus of this assignment is to learn the steps involved in product development, not to actually create a patentable product.) A couple of places to look for inspiration are Bloomberg West (www.bloomberg.com/video+bloomberg-west) and International Consumers Electonics (www.cesweb.org/news/videos.aspx). PRODUCT PREVIEW STEP 1: Where do you innovate and who’s on your team? Where are you? Circle one: Garage Dorm room Office Other Who are you? List the names of your Innovation Team Members: __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ Describe your team’s innovation idea here: __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________ __________________________________________________________________________________

201 THE 21st CENTURY STUDENT’S GUIDE TO FINANCIAL LITERACY

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