1. Innovation Types of Innovation

2. Type of InnovationExplanationExample Product S M T P

3. How to identify Business Opportunities A business person or potential business owner must be a seeker of opportunities. For a business opportunity to have value it must have the potential for wide market appeal and it must also have a viable return on time and resources.

4. To help identify this…ask the following questions Will this business idea be commercially viable? What demand will there be for the product or service? What is known from market research? Will this opportunity be successful in meeting a unique need?

5. Innovation is important to the Australian economy… Why? Investigate the importance of Innovation and entrepreneurship in the Australian Economy www.innovation.gov.au www.innovation.wa.gov.au http://www.aussiejobs.innovation.gov.au/ind ustry-and-innovation-statement/Pages/4-The- Importance-of-Innovation.aspx http://www.aussiejobs.innovation.gov.au/ind ustry-and-innovation-statement/Pages/4-The- Importance-of-Innovation.aspx

6. TASK Your job is to education our youth on innovation and entrepreneurship Prepare a poster/PPP displaying information about the importance of innovation Include: definition - how to be innovative – examples of innovation – Steps to take - reasons for government support