You’re the Entrepreneur Lesson 11 Slide 11A

What Does That Mean? TermDefinition design engineera person educated as an electrical, mechanical, chemical, civil, structural, or architectural engineer, who develops engineering designs and specifications for a new product or process. financial capital money used by entrepreneurs and businesses to buy what they need to make their products or to provide their services. venture capitalVC; money used to fund startups. state of the artthe latest and most sophisticated or advanced stage of a technology or science. Slide 11B

What Does That Mean? TermDefinition business entity a group of people organized for some profitable purpose. trade secret financial, business, scientific, technical, economic, or engineering information that companies keep secret to give them an advantage over their competitors. industrial espionage also called corporate espionage; a form of spying conducted for commercial gain. Slide 11C

What Does That Mean? Slide 11D TermDefinition elicitation techniques conversation techniques aimed at discreetly gathering confidential information. social media marketing SMM; the process of attracting traffic to a website through the use of social media sites. U.S. Customs and Border Protection CBP; Department of Homeland Security agency responsible for inspecting shipping containers for counterfeit products.

What Does That Mean? Slide 11E TermDefinition brand identity combination of visual, auditory, and other sensory components that create recognition of a product or service. brick and mortar sitephysical location of a business.

Lesson 11 Objectives  Give three examples of businesses and government agencies interacting to promote commerce and innovation.  Navigate the path of a product from idea to consumer.  Summarize the impact of industrial espionage on innovation.  Identify techniques used by industrial spies to steal trade secrets.  5. Collaborate with a team on a mock R&D exercise. Slide 11F

Slide 11G  What are your choices for the most amazing, mindboggling inventions?

Slide 11H Navigating the Path to Production Idea R & D Patent (IP Protections) Licenses & Permits

Path to Production (cont.) Slide 11I Financial Capital Premarket approvals (if necessary) Manufacturing and Supplies Product Transportation

Path to Production (cont.) Slide 11J Product Marketing Sales Success = profitable Reinvest Profit

The Big Picture Slide 11K It’s an exciting, but long and challenging journey from an idea to an actual, marketable product or service that’s reached the consumers’ hands (or feet). Innovators and entrepreneurs collaborate with others to design and develop their product or system. They form a business entity and comply with 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. Commerce requires a balance and cooperation between business and government interests. 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. Each step is critical to success.

Ponder and Predict  In the old days, when a business failed, the owner could languish for years in debtor’s prison or be forced into indentured servitude until its debts were repaid. No longer! How do business owners avoid personal responsibility for the debts of their company, and what effect has that had on commerce? Slide 11L