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Product Licensing in an Era of Open Innovation
For my senior project I designed ice hockey shoulder pads and all of my teammates wanted a pair. I started hand making them for friends and a business just kind of started. I eventually found a manufacturer and started selling them online. About 2 years ago I set up a booth at a hockey equipment convention and was approached by many large companies that were interested in my pads. I am now in the process of setting up a royalty agreement and a job as a designer with a company.
I think that taking your idea to market is a good way to go even if it is not mass produced. If your idea is good companies and consumers will take notice. I also learned that dealing with companies takes patience. I graduated almost three years ago and just got my royalty proposal last week. Designers do have the skills to make great products especially when they are designing something they are knowledgeable and passionate about. I wish that more design students realized how valuable their skills can be.
Many inventors try and approach companies with ideas with no design around them, and companies are loathe to take them on. The approach which we have found to work involves actually designing products almost to completion, so that rather than licensing an "idea" we are actually licensing almost fully realized products. This makes it easy for a manager or entrepreneur to say yes, as the value of the idea is fully expressed, the apparent project is much smaller, and the apparent risk (from an uncertain development future development process) is less. Designers, since they can execute their own ideas without having to pay a firm, are especially well-positioned to take advantage of this approach and often have better ideas to start with, due to their designer natures.
Hiya, Michael!
Anthony, you may want to check out Stephen Key's "One Simple Idea" book, which explains his 30+ years of invention licensing experience.
Doug, thank you for your support! I was delighted to come across your comments recommending One Simple Idea. I'm going to be writing a column for Core77. If you have any questions you'd like to pose to me I'd love to hear them!