How Big Brands Embrace Open Innovation

March 18th, 2024

How Big Brands Embrace Open Innovation

Big brand names still recognise the value that lies within individual inventors. These industry giants rely on the fresh perspective and ingenuity that comes from outside their company. Whether you’re a DIY enthusiast with an idea that could interest Black & Decker, a household goods innovator for The Grommet, a food and beverage creative eyeing PepsiCo, or a technology inventor aiming at Philips, there is a place for your invention.

Philips, for instance, is looking for intellectual property or technology that can address its challenges. It is keen to engage with individual inventors who are looking to sell their intellectual property. This open-door policy marks a significant opportunity for those with innovative ideas to profit from their innovation.

However, before you proceed with your idea, Black & Decker highlights that they are eager to explore external suggestions, provided that two key conditions are met. First, your idea must be novel; it must bring something new to the table. Second, it must be legally protected, either with a patent or at least with a provisional patent application. This ensures that your innovation is safeguarded and ready for serious consideration.

Having the right tools, such as patents and presentation material, is crucial; Innovate is ready to assist you in preparing your project and optimising your chances of success. We offer you the opportunity to book a review with an Innovation Coach. This could be your first step towards turning your idea into a reality.

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