H.R.1492: To provide for the establishment at the National Science Foundation of a program to promote and assist the teaching of inventiveness and innovation.

Innovations for our Nation's Vital Educational Needs for Technology Act - Directs the National Science Foundation (NSF) to: (1) establish a competitive grant program, with the goal of developing, and making available for use at the elementary, secondary, and undergraduate levels within two years after enactment of this Act, curriculum tools that will help foster inventiveness; and (2) develop and implement measures for the dissemination of such curriculum tools.

Directs the NSF to: (1) implement a public awareness and outreach campaign relating to invention and inventiveness; and (2) establish engineering and social science research programs on the process of invention and the teaching of inventiveness.