Warren tuttle wwtuttle@yahoo com
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Warren Tuttle wwtuttle@yahoo.com. Lifetime Brands Open Innovation President United Inventors Association Monashee Marketing. Background. New York City Retail Store Buyer Specialty Retail Store Owner Independent Inventor Advocate

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Warren Tuttlewwtuttle@yahoo.com

  • Lifetime Brands Open Innovation

  • President United Inventors Association

  • Monashee Marketing


Background

  • New York City Retail Store Buyer

  • Specialty Retail Store Owner

  • Independent Inventor Advocate

  • External Product Development for Lifetime Brands(....35 licensing programs past three years)

  • Launched Several Products Directly at Retail


Open Innovation

Reaching outside the company for new product submissions (P&G…The Game-Changer by AJ Lafley)

Open Sourcing…Multiple Companies Collaborating on Technology Development

Licensing Intellectual Property (IP)


What is Licensing?

  • Taking a product to market through others

  • Leveraging valuable IP

  • Making a royalty on each unit sold

  • Establishing a fair royalty amount ($ or %)

  • Negotiating exclusive or non-exclusive terms

  • Setting annual quantity minimums

  • Determining length of the licensing agreement


Open Innovation Trends Today

  • Corporate Side:

    - Curtailing New Product Programs and Launches

    due to Tough Economic Conditions

    - Activities Often Limited to Simple Line

    Extensions and Minor Improvement Features

    - Innovation Placed on Hold to Save $

    - Outside Submissions Drying Up


Open Innovation Trends Today

  • Independent Inventors and Product Designers

    - Individuals are Continuing to Invent

    - During Tough Times, an Increase in Patents

    - Being Out of Work Spurs Innovation

    - Working…but in Fear of Losing Job and Income

    - Anecdotal….Weekend and Holiday Submissions


Open Innovation Trends Today

  • Current Marketplace Opportunities:

    - More Independent Development Than Ever,

    Though Most Projects Remain Unfunded

    - Self Funding Limited

    - Friends and Family Funding Drying Up

    - Angels Have Moved Downstream to Find Lower

    Risk Capital Ventures

    - Seed Capital is Missing Link to

    Commercialization


Open Innovation Opportunity

  • It’s A Good Time for Open Innovation Collaboration…For Both Companies and Inventors

  • More Innovation…More Quality Submissions

  • More Leads Using Less Internal Resources

  • Companies Taking Place of Financial Investors

  • Time to Start Shopping to Fill the Pipeline

  • 12-18 Month Lag Time to Launch…so Start Now


Housewares Industry Overview

  • Almost $70 Billion in Annual Sales

  • Over $600 in sales for every household in US

  • Over 60,000 people attend the IHA Show

  • Almost 2,000 companies exhibit at the Show


32 Brands including Farberware, Kitchen Aid, Cuisinart, Pedrini, Towle, Mikasa, Pfaltzgraf

Lifetime Brands

20,000 products

8Divisions


Product Development Checklist

  • Idea…what problem are you solving

  • Vet with friends and family

  • Build a working prototype…proof of function

  • Confront problems and find solutions

  • Research IP protection

  • Research the marketplace

  • Research manufacturing parameters


How to Prepare a Productive Licensing Presentation

  • Taking a professional approach

  • Understanding industry licensing guidelines

  • Vetting product at retail

  • Develop working prototype proving function

  • CADs and photos

  • Researching and filing for a patent

  • Creating a Sell Sheet

  • NDAs


Who to Approach when Licensing

  • Research your industry

  • Retail store and catalog shopping

  • Internet Searches

  • Trade Shows

  • Industry Trade Magazines

  • Industry Contacts…Find Decision Maker

  • Determine company with broadest distribution and reach

  • Seek “Inventor Friendly” companies


How Larger Companies Can HelpInventors Maximize Revenues

  • Product development services

  • Expanding patent opportunities

  • Branding

  • Established distribution

  • Expanded product assortment

  • Acknowledging Inventor

  • Platform for future licensing opportunities


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