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Over the last 20 years, China fed our zombie-like appetite for iPhones, Prada and Snuggies. At the same time, its biggest customer, the US, found itself in debt, under-educated, and covered with recreational tattoos. So now what? Will America wallow in mediocrity like Greece or some C-list celebrity? Or, will our legendary ingenuity save us from Tweeting...and eating our way to irrelevance? Econovation is a bold, witty response to those questions that doesn't rely on miracles or government for answers. It challenges business leaders to think differently about the next decade of the US economy and respond with big, sustainable innovations. Written by Steve Faktor, former Vice President of Growth & Innovation and head of the Chairman's Innovation Fund at American Express, Econovation is a trends book on steroids. It's bursting with practical, thought-provoking ideas no executive, entrepreneur or Fed Chairman can afford to miss.

Most importantly, Econovation envisions a very different future. It's one ruled by "producerism", not consumerism. It's a future in which real innovators must do more than slide a greasy finger over the screen of an iPad. Econovation uncovers opportunities in unexpected places. You'll learn how to:

• Capitalize on a market that will go from making nothing to making everything...for China.
• Use psychological pricing and some crafty tricks from Google to reduce reliance on tapped-out consumers
• Sell to consumers whose new identities will be based on what they create, not what they buy, click or super-size
• Seduce a desperate government to finance your business, then feed you pancakes in the morning
• Motivate tomorrow's employee with social currency instead of the green, depreciating kind
• Upgrade your business and your kids with a little help from Mormons and kindergartners with hacksaws

Econovation is a fresh perspective on a future we've taken for granted. It empowers readers to think big, dream big, and conquer economic conditions that will paralyze others. With a hefty dose of data, humor, and actionable ideas, Econovation offers insight and amusement in one, convenient place - a rare treat for a business book.

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"What do China, RFID food,¿¿libertines, and micropreneurs have in common? It's all in Econovation, a fast, fun innovation ride packed with practical advice for those who will make a difference in the next decade. Made so many notes, my pen ran out." —Brandon Rowberry, Vice President, Innovation Development, UnitedHealth Group

"Econovation is that rare gem, an analysis and prescription for our economic problems done with both insight and humor! A must-read for both policymakers and executives." —Sheldon Laube, former Chief Innovation Officer, PricewaterhouseCoopers

"Econovation is a brilliant read and right on the money. Steve's strategic vision is absolutely cutting-edge . . . I'm going to assign it for my executive entrepreneurship class." —Prof. Alex "Sandy" Pentland, founder and Director, Media Lab Entrepreneurship Program, MIT

"In the past, many looked to the government to help spur innovation. But as Steve Faktor so eloquently points out, the winners in the long run will be those who innovate in spite of the government. This fun and easy read provides brilliant insights on how to keep your organization from becoming irrelevant." —Stephen Shapiro, author of Best Practices Are Stupid

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Acknowledgments ix  
Introduction What Is Econovation? 1
 
Why Me? Why Now? 3
 
The Next 100 Years 5
 
Coming Up in Econovation 7
 
Chapter 1 Indulgence in an Age of Constraint 9
 
The Way We Were 10
 
Right Now 16
 
Chapter 2 Tawdry Tales of a Service Economy 25
 
Botox and Other Services 25
 
Haves versus Have-Nots 33
 
Fossils and Fledglings 38
 
The Power of Intangibles 41
 
Chapter 3 The Next Decade 45
 
A Rebalancing: What’s Likely, Possible, and Remote 46
 
A Shift in Power, Capital, and Priorities 68
 
Chapter 4 Sell Actualization 73
 
The Seven Economic Identities 73
 
Get Your Free Labor Here! 74
 
What Minimum Wage? Tiny Jobs for Tiny Pay 80
 
Social Identity as Economic Leverage 82
 
Secure Future 85
 
Chapter 5 Build a Capital Magnet 89
 
Sell to China, India, and Brazil 90
 
Change the Model 99
 
Become a Foreign Capital Magnet 103
 
What U.S. Companies Can Make in the Next Decade 108
 
Chapter 6 Make Makers 119
 
Education Complications 120
 
Fix the Core 125
 
Automate: Rise of the Machines 130
 
Repair School Financing 134
 
Empower Makers 136
 
Chapter 7 Liberate Micropreneurs 145
 
Splice Entrepreneurship into Education 147
 
Gain Access to Capital 151
 
Close the Confi dence and Knowledge Gaps 155
 
Disneyfi cation for Micropreneurs 157
 
Chapter 8 Build an “Incentive Nation” 161
 
Touched by the Hand of Go . . . vernment 162
 
Price, Love, and Understanding 164
 
Pricing and Incentive Models with a Future 176
 
The End of Money 185
 
Chapter 9 Unfinished Business 189
 
The Missing Link 189
 
Nobody’s Bitch 191
 
Appendix Applying Econovation 195
 
Approach 195
 
Hindsight to Foresight 195
 
All Together Now 198
 
About the Author 201
 
Index 203

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