Innovative Thinking
Vanishing Point from Bonsajo on Vimeo.
Interview with Stephen Key
Open innovation is flourishing. Inventors Warehouse may be able to help you.
I recently had the pleasure of interviewing Kenny Durham , founder of Innovator’s Warehouse. Innovator’s Warehouse has pledged itself to equipping people with the tools they need to commercialize their intellectual property. In short, he’s helping inventors bring their products to the marketplace. Durham first developed the idea to create his company after observing the huge disconnect between the number of patents issued and amount of intellectual property that was ever commercialized.
“The success rate of patent holders is incredibly low – between 1% and 3% of patents ever make more money than it cost the inventor to file for the patent. I began digging for answers and formed the opinion that many common mistakes were being made and that the average patent holder didn’t have access to helpful resources. Many just didn’t have any idea where to turn,” explained Durham.
When he discovered that invention promotion firms have even less success than independent inventors, he knew he’d found a market.
“There’s been such a climate of distrust in the industry, for good reason. Many invention promotion firms admit their success rate is less than 1%! I understand why inventors are fearful to work with anyone.”
But Durham is confident that his company isn’t like the others. Innovator’s Warehouse proudly boasts a 100% satisfaction guarantee. If a client isn’t pleased with Innovator’s Warehouses services, they’ll receive all of their money back. I commend Durham for that pledge.
“There aren’t many guarantees you can rely on in the intellectual property industry,” he explained. “But this is one we choose to.”
I agree with Durham that the intellectual property industry is a hot one right now.
“I like to liken it to the California Gold Rush,” Durham said. “There’s a lot of money to be made, and a lot of people are eager to strike out, but so few actually succeed. I want to be the guy handing out shovels and picks at bottom of the river – or in our modern day case, crafting sales sheets and providing access to databases.”
The greatest asset the Innovator’s Warehouse can offer inventors is its experience, Durham admitted.
“Our intention is not to evaluate ideas. I may give my opinion and advise a client to seek counsel from other people, but I’ve tried to separate my business from objective criticism. To be honest, I’ve reviewed intellectual property I thought was totally ridiculous, only to discover that Proctor and Gamble was hotly pursuing the idea. And other ideas I’ve judged to be perfect for an industry have failed to take off. The true measure of a good or bad idea is how many products it sells at the end of the day.”
Innovator’s Warehouse offers inventors a variety of different packages at different prices. The total Warehouse package pledges to see a product through from start to finish.
“We have a game plan and we know what to expect. In my experience, companies are more welcoming to open innovation today than even four or five years ago. I recently assembled a database of potential licenses for a client; it took us less than 100 phone calls to find 60 companies willing to accept a submission of the product. Less than 5 told us “No” flat out. That’s encouraging.”
Open innovation is flourishing. Check out the Innovator’s Warehouse to see if any of their services might be right for you.
Looking for VC?
High-growth companies in Midwest invited to apply for funding
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InvestMidwest’s 2010 Venture Capital Forum will allow up to 45 Midwest companies, including those in the Tulsa region, to present business plans to an audience of the country’s top venture capitalists, corporate and private investors, and investment bankers at the 11th annual event in March in St. Louis. Eligible participants are those who have launched entrepreneurial growth companies in a range of industries, including life sciences, technology/general business and cleantech/alternative energy.
Criteria to apply include: companies must be located within the center corridor of the U.S.; seeking funding from $1 million to $20 million; and have revenue projections of $20 million within five years.
The final application deadline is Jan. 8. Click here for more information or to review the application
Web presence
Think you can live without the web? Think again. If you are trying to promote anything or grow your business and aren’t actively using the web you are missing out on tons of opportunities. Click on the link below to view the top Innovative companies of 2010. Not only are the top growers mostly web based companies but almost all the newcomers are web based business as well. Use social networking, create blogs for you business, GET OUT THERE! Let the world know what you are trying to promote.
Have ideas for Air Purification?
Intellectual Ventures is currently looking for new technology for novel air purification systems.
Innovations may include:
1. Ways you protect yourself against potential airborne illnesses and diseases when you are in the public, whether you are on the subway or in a restaurant.
2. New concepts for air purification.
3. Novel integrated air purification systems.
4. Sensors for real-time air quality monitoring.
Submit an idea: http://www.edisonnation.com/live_product_searches/IV221
New Letter
RE: Call us to hear how the “Innovators Warehouse keep 100% of your royalty program” could have saved one patent owner over $500,000. IP commercialization doesn’t happen by magic.
It takes industry insider knowledge, expertise and tireless work to get you there. Innovators Warehouse specializes in helping you commercialize your IP through a full menu of services that get your patent working for you. While we specialize in IP, it doesn’t end there. We are also experts in all types of marketing and promotion, whether it’s for your new business idea – logo and website, or your latest innovation — let the IW crew work for you.
Don’t give up your royalties on the notion that someone is going to work harder or give you a discount if you do. By now, you’ve probably realized that most companies specialize in one-size-fits-all marketing campaigns, phony-baloney product evaluations, and imaginary “Wizard of Oz behind the curtain” board meetings. IW specializes in custom built marketing solutions that fit your commercialization goals and let you keep all the royalties. The Warehouse is prepared to construct a custom plan to insure that you won’t pay for services you don’t need. We can provide you a free, no obligation marketing plan!
No matter what you’re looking for, we can help. Marketing materials, websites, identity packages, contacts, manufacturing, distribution…we can do it — and not to brag, we do it well. We have attracted and retained a “dream team” of smart, experienced and just plain cool people with over 50 years of combined experience in the IP industry. IW service is world class, and YOU KEEP YOUR ROYALTIES. Give us a call, or stop into our super cool and trendy digs to say hello. The Warehouse is open and waiting for you.
IW Crew Working for You, Amy Schleicher
p.s. 700 MILLION GOOGLE SEARCHES A DAY! Can you be found? IW winter special $495 microsite. Including: web address, social networking, and search engine keyword set up.
ISSE International Salon and Spa Expo
What: ISSE International Salon and Spa Expo
When: 1/31-2/1
Where: Long Beach Convention Center Long Beach, California
New York International Gift Fair
What: New York International Gift Fair
When: 1/30-2/4
Where: Jacob K. Javits Convention Center, Pier 94, New York City
Link: http://www.nyigf.com/
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