For the past six months, I've been interviewing dozens of companies that are open to working with independent inventors to develop new products. This is what's known as open innovation, which takes many forms. In total, nearly 30 experts across 17 industries weighed...
A Former Product Manager Pulls Back the Curtain On Open Innovation
As a product artist, one side of the licensing business model I have always loved learning about is what goes on behind the scenes. How are new product idea submissions evaluated? What are companies practicing open innovation really looking for? This insight is key....
Where Big Money Is Made Licensing Product Ideas
Industries are not equal in terms of generating royalties for product ideas. "Where is the big money in licensing being made?" is a question I get asked all the time. I get it. You could end up spending quite a bit of time developing a new product for the market and...
How Novelty Gift Company Kikkerland Gets Open Innovation Right
Do you like to create products that make people smile? Consider designing for the novelty gift industry. That's where I kicked off my licensing career. At the time, coming up with silly, whimsical ideas really was my sole motivation. These weren't inventions. They...
How to License Your Artwork Onto Products
As a creative person, I've always found the opportunity to license my ideas rather than sell them myself irresistable. Over the years, I haven't wanted to run a business so much as I've wanted to come up with new product ideas. Becoming successful at licensing has...
Top Kitchenware Provider Lifetime Brands Talks COVID-19 And Open Innovation
The cancelation and postponement of massive trade events like the international housewares show in Chicago and national hardware show in Las Vegas have resulted in many unanswered questions. At these one-of-a-kind annual meeting grounds, companies present their latest...
How COVID-19 Is Impacting Open Innovation At Hasbro
One thing is for sure: It’s an uncertain time for everyone. The global outbreak of the coronavirus is impacting industries and people differently. As people stay inside, cook, and entertain themselves at home, kitchen products, home improvement products, pet products,...
Why Large And Powerful Companies Like Conair Embrace Open Innovation
For the past six months, I’ve been interviewing dozens of companies that practice open innovation. Specifically, in this case, meaning that they’re willing to work with independent inventors to develop new products. Among other topics, I wanted to understand their...
Want Truly Great Ideas? Offer Inventors Royalties, Not Prize Money
Companies are increasingly soliciting and engaging the crowd for new ideas, but they're making a fatal mistake by offering up crumbs in exchange. For example, earlier this month, I came across The Kitchen Experience Challenge by GE Appliances. Contestants are prompted...
Good News, Inventors! Quirky Has ‘Re-Invented’ Itself, Pursuing Licensing Deals for Inventors
Who is capable of coming up with the next clever pet item, fun toy or must-have kitchen tool? You, potentially, if you’re so inclined. As consumers, we have power and insight. We know what we like and what we don’t like. But, for many people, and not without good...