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Warren Tuttle wwtuttle@yahoo

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 Tuttle wwtuttle@yahoo

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  1. Warren Tuttlewwtuttle@yahoo.com • Lifetime Brands Open Innovation • President United Inventors Association • Monashee Marketing

  2. 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

  3. 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)

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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

  10. 32 Brands including Farberware, Kitchen Aid, Cuisinart, Pedrini, Towle, Mikasa, Pfaltzgraf Lifetime Brands 20,000 products 8Divisions

  11. 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

  12. 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

  13. 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

  14. 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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