Amy Green, a researcher at Innovate Product Design, has written an article in the latest issue of Engineering Designer. The article in The Journal of the Institution of Engineering Designers, looks at the paths and pitfalls of new product development. The article also largely focuses on the licensing strategies for new entrepreneurs and inventors. Below are the 1st two paragraphs from the article:
Considering the success of Dyson as a worldwide brand, it is hard to believe that its eponymous owner initially struggled to have his ideas taken seriously. When James Dyson invented his revolutionary bag-free vacuum cleaner, G-Force, there was little interest from manufacturers in the UK or Europe. It was only by licensing the product for a set period to a firm in Japan, with its reputation for embracing new technologies, that he concept gained momentum. The income generated by this licence agreement allowed Dyson to manufacture a new vacuum cleaner under his own name and the rest, as they say, is history.
Licence agreements are often used by individuals with new product ideas wishing to take them to market. Under the right circumstances, licensing a new product can remove much of the risk and capital outlay associated with product development, whilst still providing a return for the inventor.
Click here to download and read the article on Engineering Designer in its entirety.