For companies involved in product development or innovation, inspiration does not always come from within. Oftentimes, such companies seek idea submissions from outside sources, such as inventors, to serve as a catalyst for the launch of a new product. This is the case for many major companies, such as Proctor & Gamble, Partsmaster, Elmer’s and more. Although such companies also typically have internal departments involved in research and development or innovation, some of the best ideas come from individual inventors. So the question stands – what are the benefits of working with inventors?
Inventors = Consumers
To put it simply, inventors are consumers. Individuals often become inventors after identifying a need for a product that is not yet on the shelves and therefore, developing it themselves. Coincidentally, consumers are the target audience for new product launches. So, the best way for consumer goods companies to find out what is missing from the market is to go straight to the consumer – or the inventor.
Inventors Vary in Stages of Product Development
An inventor can be an individual with an idea, a patented prototype, inventory of product, or anywhere in-between. Because of that, companies have the opportunity to work with each inventor differently and on a case by case basis when launching their product. Depending on the stage at which the inventor left off, companies partnering with inventors have the opportunity to develop the invention to be cohesive with their product line. Additionally, if an inventor already has a large inventory, companies can license the product to their line without having to do any of the leg work involved in creating the product.
Inventors are Passionate
Inventors wouldn’t work as hard as they do if they didn’t believe in their product and have a deep desire for their product to succeed in the marketplace. Because of that, they are open to feedback or advice on how to advance their product further. Companies looking for new products have the opportunity to collaborate with an extremely creative and passionate individual when in talks with an inventor. The excitement exuded from an inventor can inspire unique marketing campaigns for their product and spark innovation internally. Inventors ooze with passion and their enthusiasm is contagious.
Companies and inventors need each other to survive. Companies have an existing customer base and funding, while inventors have new ideas. This ideology contributes to the success of industry and inventor events like INPEX, The Invention & New Product Exposition. As American’s largest invention trade show, INPEX brings inventors from all over the world to one location, where decision-makers from a range of industries attend to see the 1,000+ products available to license, market, manufacture and more. INPEX’s 31st annual show will be held June 7-9, 2016 at the Monroeville Convention Center, just outside of Pittsburgh, PA. To pre-register to attend at no cost, click here or contact Rachel Shapiro at [email protected] or 888-54-INPEX x4124.