New Engine for Economic Growth

1. New Engine for Economic Growth • Old economic model – economy was fueled by people spending money they did not have to buy things they might not have needed, while threatening the planet in the process. It now appears that this economy is no longer economically or environmentally sustainable. • New economic model – economy fueled on innovation. We must be the country that leads the way in developing new and better products, processes, and services that other countries want and need. • We can no longer create wealth by out manufacturing or out consuming the rest of the world. We must out innovate our economic competitors.

2. What is Innovation? • Novel and creative ways to create value through new products and services, or new business models or new processes. • Original ideas and insights that have value, and then implementing them so that they are accepted and used by significant numbers of people.

3. What is Innovation? • Creative problem solving • Problem Solving without the creative element is not truly innovative. • Creativity that is not applied to real world problems cannot be considered innovative.

4. Two forms of Innovation • Incremental Innovation • significantly improving existing products, processes, or services • Disruptive or Transformative Innovation • Creating new or fundamentally different product or service that disrupts existing markets and displaces formerly dominant technologies.

5. Examples of Innovation • Incremental Innovation examples • Incrementally improve current products or processes. • Building insulation and windows to reduce energy use. • Disruptive or Transformative Innovation • New green sources of energy- such as solar and wind. • All Electric vehicles • iPod, iPhone, and iPad

6. Essential Qualities of a Successful Innovator. • Curiosity, which is a habit of asking good questions and a desire to understand more deeply. • Collaboration, which begins with listening to and learning from others who have perspectives and expertise that are very different from your own. • Associative or integrative thinking. • A bias toward action and experimentation.

7. Creativity (Innovation)

8. Play • Opportunity and time to experiment • Passion • Find and pursue your passion • Purpose • Desire to make some kind of difference in the world

9. Seven Survival SkillsSkills all students now need for careers, continuous learning, and citizenship. • Critical Thinking and Problem Solving • Collaboration across networks and leading by influence. • Agility and adaptability. • Initiative and entrepreneurship. • Accessing and analyzing information. • Effective oral and written communication. • Curiosity and imagination.