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Warren Tuttle [email protected].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 tuttle wwtuttle@yahoo com
Warren Tuttle[email protected]

  • Lifetime Brands Open Innovation

  • President United Inventors Association

  • Monashee Marketing


Background
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

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
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
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 today1
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 today2
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
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
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
Product Development Checklist Pedrini, Towle, Mikasa, Pfaltzgraf

  • 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
How to Prepare a Productive Licensing Presentation Pedrini, Towle, Mikasa, Pfaltzgraf

  • 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
Who to Approach when Licensing Pedrini, Towle, Mikasa, Pfaltzgraf

  • 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 help inventors maximize revenues
How Larger Companies Can Help Pedrini, Towle, Mikasa, PfaltzgrafInventors 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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