by Michael Collins, CEO of Big Idea Group and author of “The Million-Dollar Idea in Everyone”

Open Innovation isn’t just about picking one winner. It’s about finding talent and entertaining creative ideas, regardless of who they come from. Although the format is often designed as a contest so it appears only a select few get rewarded, you can actually leverage Open Innovation opportunities in a variety of ways.

• Show your talent. When GoldCorp, a Toronto-based mining company, sponsored an industry-changing search for gold, two contestants won the big prize and gained a modicum of fame in the process. But nearly a dozen of the runner-ups were subsequently hired by the company for special projects. At BIG, we’ve also hired several people whom we met at Roadshows or through product Hunts to do a myriad of freelance jobs for us including artwork, design, engineering, product review, writing, web development, and so forth.
• Show your product. When we saw the Craft-Lite Cutter Arra David submitted to the Staples Invention Quest, we knew it would be a great product. After Staples passed on the idea, we took it to Merchant Media and licensed to them instead. Now, ironically, David’s paper cutter that backlights the surface and makes deadly accurate cuts, is selling in stores all across the country—including Staples.
• Gain credibility. Winning a contest and licensing a product gives you credibility as an inventor can help you get access to companies that might not otherwise have taken your call. But again, you don’t have to win a grand prize to open doors. Those who get recognized in some way (make the semi-finals, reach the top twenty, etc.) can also use the achievement to impress others. Julie Savage, a regular Open Innovation contestant, has a string of product development honors on her web site and virtual resume. When a submission from Savage arrives in our office, we take notice. Other companies do as well.
• Stretch yourself. Innovation contests give inventors the opportunity to apply their creativity to new problems and to work in new industries. Though you might think an outsider would be at a disadvantage not having any experience in the desired workspace, the opposite is more often true. A fresh perspective creates a cross-pollination of ideas—a technology that is generally known in one industry becomes totally innovative in another. For example, the winning bra idea in a recent Hunt came from a backpacking enthusiast who converted a product she’d used for years into an option for lingerie manufacturers.
• Invent cost-effectively. This isn’t your brainchild invention. This isn’t your one “Aha!” moment. This is an idea you developed specifically for a Hunt. So no hiring an attorney, paying for a professional prototype, or investing in business cards and brochures. Your goal is to fully convey your idea using words, sketches, pictures, and rudimentary prototypes. That’s all some of the most prolific inventors ever do. They think of great ideas and license them without ever turning the concept sketch into a physical product. Even if you do want to take an idea a step further, the ability to show others what you’re thinking in a quick presentation can help you gauge marketability of an idea before investing heavily in it.

The reality is you may never win an innovation contest. But that doesn’t mean you shouldn’t try. I believe we are only on the verge of the vast and varied ways in which Open Innovation will shape the creative economy. Learning how to play and prosper in this new environment will increase your chances of being a successful inventor now and could help prepare you for the opportunities that are sure to come in the next evolution of inventing.

I know most of you have by now heard, seen, or experienced some of the changes that we’re making at IdeaTango. As with all change, sometimes it can be a bit of a learning curve, but it will end better than it started - I guarantee.

We’re moving lots of areas of IdeaTango over to InventBay, so I’m sure you’re asking, WHY?
So that InventBay and IdeaTango are not duplicating the tools and information you receive, we’ve decided to have each site focus on not only different tools and information, but different stages of inventors.

• IdeaTango, as it has always, will focus more on inventors just starting out. We will be having more of a educational, news, and informational focus on the future. That means more interviews, more great articles from experts, and information that can help you take that first or second step.
• InventBay, with its solid positioning, will accommodate inventors that have already decided to work on their product. This includes inventors who have done design, engineering, or even a prototype. The new invention listings will be only for people who have some sort of intellectual property protection on their invention (provisional patent, trademark, utility patent, etc.).

So in a nutshell, IdeaTango will cater to those with an “idea.”
InventBay will cater to those with a “product” or “invention.”

IdeaTango helps the early-stage inventor.
InventBay helps the middle to late-stage inventor or business.

You LEARN HOW to invent on IdeaTango.
You INVENT using InventBay.

Of course, while we’re making some of these changes, you may have to re-learn how to use one or both of our sites. Although we’re doing our best to make the transition as seamless as possible, you may occassionally experience broken links or irrelevant information. Rest assured we are continuing to clean up both sites and make everything as clear as possible.

You can always contact us if you have any questions.

Bryan Daigle
President & Founder of IdeaTango

by Michael Collins, CEO of Big Idea Group and author of “The Million-Dollar Idea in Everyone”

Although we work as a team to select Hunt winners, the client alone decides whether or not to put winning ideas into development. If they opt to do so, they will negotiate the development or licensing contract directly with the inventor. Though we will facilitate discussions, negotiating a contract for either party would be a conflict of interest since we are essentially working for both sides—the company is our client and the inventor is one of our treasured resources. We want the inventor to get as much out of the deal as possible, but at the same time, we want the company to see the value in paying for ideas outside the walls of their own R&D groups. Unreasonable expectations by either party can create roadblocks. Here are some things to keep in mind when negotiating a deal born out of an innovation contest:

• Keep emotions in check. I’ve seen inventors mess up a great deal by having unrealistic expectations and getting too emotional in the process. They think the offer should be in the millions, the contract is too binding or not binding enough, the company is trying to rip them off, and so forth. When you get an offer, let a day or two pass before responding to the proposal and try to see the deal from the other side’s perspective. Doing so will help you remain professional and objective throughout the negotiations.
• Act now. It’s okay to take a little time to consider the deal, but don’t cause unnecessary delays. Act while the company is interested and the decision makers are ready to sign or you risk walking away with nothing. Finding a new partner could take months, years, or forever.
• Consider your ability to license the idea to someone else. Sometimes an inventor has a product already in development that just happens to match the Hunt criteria. Though he or she may have originally intended to license or manufacture the product himself, the innovation contest provides a quick path to success—but it isn’t the only realistic option for that inventor. Conversely, someone who thinks up a product specifically for a Hunt client, such as a new snack for a major food company, might not have a lot of options for licensing the idea once the Hunt is over.
• Establish a relationship. Licensing one product is great. Licensing a product to a company who likes working with you, values your input, and asks you for future ideas is priceless. Without being overbearing, offer to stay involved—provide additional data, give more feedback on things you’ve already tried, review prototypes, and so forth. Acting like a constructive member of the team helps all parties and could result in a long-lasting, more lucrative arrangement than any one deal can bring.
• Balance risk and reward. If you’ve spent years developing an invention, then you want a licensing deal that compensates you for all the time, money, and effort spent. If, on the other hand, you brainstormed an idea for a Hunt in one afternoon and spent a few hours putting together a great presentation the next day, your risk of not getting fairly compensated in a licensing deal is relatively low. Of course, you want to make as much money as possible. But don’t get greedy just because you’re working with a large corporation. Though they may ultimately make a great deal of money from your idea, they will also spend thousands (if not millions) taking your invention from submission form to shelf-ready product.
• Never threaten. In this business, good guys finish first. A company won’t want to enter into a relationship with someone who proves themselves difficult before the project even gets underway. Make friends instead and you could create a wealth of future opportunities for yourself.

Winning a Hunt and licensing a product is an amazing accomplishment. I would hope that the inventors who make it that far view the experience as an opportunity to put another successful product in their portfolio. Though a million-dollar idea is everyone’s hope, several thousand-dollar ideas isn’t a bad way to go either.

If you haven’t seen our press release yet, let me be the first to tell you some exciting news - InventBay.com recently bought your IdeaTango! I’ll let that sink in for a moment…

I know to many of you this may come as a shock, considering that in many ways IdeaTango has been around longer and has more industry recognition than InventBay. However, they have something that we know many of you will like, and which IdeaTango needed to complete its long-term goals. Our new partner has the resources and capabilities to invest in innovative products and inventions. Of course, this couldn’t have been made possible if it weren’t for you, our loyal community members. You are the ones who make this great machine run!

With this new marriage, IdeaTango will become a division of InventBay, and will help them fulfill their goal of not only finding good products to invest in, but also in providing informational and educational services to the product development community.

To make sure each of our company’s advantages are maximized, you will see some changes to both the IdeaTango site and InventBay site over the next few months. As always, we greatly appreciate your patience as we go through this change, keeping in mind that the change will only better serve you.

Feel free to email us or ask us about the acquisition in the discussion forum. We are always doing our best to meet our goal - making inventors more successful when bringing their products to market.

Sincerely,
The IdeaTango Team

Unfortunately there are many scam companies out there who prey on the hopes and dreams of inventors. However, they can not be determined solely on their practice of charging fees. It is their reputation and success that must be judged. The invention business is highly risky and you will have to pay the price. If a company,who has success in bringing similar products to market charges fees to help you, I think that is respectable. They are in the business of giving you the opportunity for success, however, they can not make a guarantee. It is for that opportunity that you are writing a check.

So my advice is to thoroughly investigate the company you select. It will not guarantee your success, but it will give you the peace of mind that you hired a qualified company to give your product the best shot at making it to market. Alternatively, save the money and do the work yourself.

Also, I noticed that Michael Collins has a “Sell Sheet” up. It is a good demonstration, but it should be qualified as a sell sheet for people who are attempting to license their inventions. If they are mfg. their product, it would not be the same format for a sell sheet on an item/line.

Lisa

by Michael Collins, CEO of Big Idea Group and author of “The Million-Dollar Idea in Everyone.”

Though there is no formula for creating the perfect sell sheet, attached is a sample for your review. This one includes the following:

• Inventor contact information.
• A visual of the product. To create the “Watering Hole,” the inventor simply took existing toys cut and glued them together to make what appears to be a functioning outdoor sink. The garden hose is actually taped to the bottom of the play structure.
• Key elements: what it is, how it works, and what the major benefits are.

by Michael Collins, CEO of Big Idea Group and author of “The Million-Dollar Idea in Everyone.”

When the Hunt criteria and prizes are agreed upon by the client, we announce the Hunt to the inventor community. Then we wait while thousands of inventors from across the country (and some from across the globe) start dreaming up ideas and solutions. In the early days of running these innovation contests, I sometimes feared we would not receive many submissions or that the ideas would not be worth showing to the client. I have since learned to trust the inventors in the Big Idea Group network who never fail to impress me with their creativity and effort. Those who do particularly well, however, tend to do the following:

1. Follow the rules. One of the primary benefits of Open Innovation is that you have a client telling you exactly what they want—and are ready to buy. To make the most of that opportunity, follow the guidelines as closely as possible. Now I recognize that sometimes a good idea fits most, but not all of the requirements given. That is okay. We still want to see those ideas. But submitting something totally off course, like fishing gear to a garden tools Hunt, for example, is not going to work. (If you have a great idea that does not fit a Hunt, schedule time at one of our Big Idea Group Roadshows instead.)
2. Do your homework. Just as you would with an invention of your own, look in stores and look online to see if your idea is already out there. One tip for online research is to put the product benefits into your keyword search criteria. For example, if you search for Racquet Smackit, the name of your new tennis teaching tool, you probably will not find a match. But if you look for keywords describing your idea such as racquet, slice, training, you will find a few products with similar descriptions already on the market.
3. Look for prior art. You do not need to hire someone to do an exhaustive patent or trademark search, but a layman’s online search for prior art is recommended. If you find something similar but are not sure whether or not your concept infringes on the intellectual property, make a note of it in your submission and we’ll take a look at it ourselves.
4. Create a visual. Again, you do not have to spend a lot of money to get your idea professionally rendered, but a visual image created with Photoshop, clip art, or a picture of your popsicle stick prototype will go a long way towards helping us understand what your idea is. When we are sitting in front of stack of submissions to review, those with pictures or sketches are much easier to digest.
5. Give it to me in 10 seconds or less. Although in our sample submissions, we ask for marketing ideas, competitive products, and a variety of other specifications that may take several pages for you to explain, those details simply help us dig deeper once we have an understanding of what your basic product concept is. A quick sell sheet on top of the submission with a picture and a list of benefits is a tremendous asset in helping us quickly assess the viability of your idea.

Although we get hundreds of submissions for each Hunt, we do read through each and every one of them. Following these guidelines will help you create a more memorable presentation and help us to quickly assess the overall potential of your idea.

by Michael Collins, CEO of Big Idea Group and author of “The Million-Dollar Idea in Everyone”

Once we decide to stage a BIG Hunt, we work with the client to put together some guidelines for the contest and to decide on a prize structure. We have learned over the years that we are more apt to receive submissions that meet the client’s needs and have a good chance of being implemented if we provide a clear set of requirements. Below are a few of the key elements we focus on:

• Function. In the Staples’ Manila File Folder Hunt, the client wanted to increase sales of this well-known office product by adding features, but the winning submission could not change the function of the manila folder (hold and organize papers), add costs to the manufacturing process, or add features that would necessitate a change in supplier. In the Bell Bicycle Accessories Hunt, the client wanted accessories that installed easily and could be added to bicycles aftermarket (not part of the bicycle manufacturing process itself). In the Deflecto Compu-Desk Organizer Hunt, the client preferred modular designs over those that required any form of installation.
• Form. Shelf-life and stability are big issues for our food and beverage clients. They typically want products that can stay on shelves for a reasonable period of time without perishing or losing flavor or quality. Acceptable fruit forms, for example, may be those that are jellied, dried, freeze-dried or frozen. Sometimes form is equally important to non-food clients. The European lingerie company wanted new bra fastener and adjustment suggestions that would be durable and machine-washable.
• Cost. Although it may be hard for inventors to really have a sense of how much a product will cost, elements like electronics, sensitive materials, tiny parts that break easily, and designs that require extreme precision can sometimes make a good idea too expensive to produce. Other times, the application of the product drives the cost criteria. In the DEMCO “Date Due” Hunt, for example, the client needed inexpensive products to help patrons remember to return their library books on time. Since the product would be given away to patrons, the cost to produce needed to be as low as possible.
• Extensions. Products that have the potential for expansion are more desirable than those that are limited to one form or function. Most of our clients want a platform—a product they can build upon. The Backyard Safari Bug Vacuum we licensed to Summit, for example, turned into a plethora of Backyard Safari products including an adventure set, flying bug catcher, talking magnifying glass, bug habitat, and more.

While it may be tempting to submit products that do not meet the specifications asked for, chances of winning a Hunt without following the guidelines are slim. When the client is asking for something in particular, we try to give it to them. This is especially important because one thing innovation contests and the traditional invention licensing process have in common is that signing the deal is just the beginning of the many steps required to get a product onto the shelves and a royalty check into your mailbox.

Since a number of people and processes get involved after we hand over the winning entry, we work with the client to set up a prize structure that compensates winners upfront in case the project later gets derailed and royalties never materialize. Where possible, we also ask clients to provide additional cash and merchandise awards to significant contributors—people who are especially creative, submit several potentially good ideas, and who put in notable efforts. We like to recognize and reward as many people as possible in each contest.

In he walks, like a caricature. You can hear him before you can even see him. What is that sound you ask yourself? A kazoo. When you turn around to look at him, there is a 6 foot something, skinny, African-American man wearing a watermelon hat, a watermelon shirt, black slacks, and watermelon shoes.

That, my friends, is Wally “Famous” Amos in a nutshell. This exuberant positive energy exudes the room, lighting up everyone who sets eyes on him.

I had the pleasure of meeting “Famous” Amos, founder of “Famous” Amos Cookies, and hearing him speak at the INPEX show the other week. Here are the important points from his improvised talk.

Wally on History
Wally started with a history lesson, telling us that Ruth Wakefield invented chocolate chip cookies in the 19th century. She owned an in called Toll House, and her cookies became known as Toll House Cookies (like the brand that exists today).

Wally on His Life
Before starting retail stores that sold chocolate chip cookies, Wally worked in the entertainment business. As an agent for various entertainers – he booked the Supremes and other well known acts – he needed a way to stand out. Using a recipe given to him by his mother, Wally started baking chocolate chip cookies and using them as his calling card. Now he was memorable.

One thing led to another, and Wally became better known for his cookies over time. Quincy Jones suggested he open a store. After finding, losing, and re-finding investors (including Marvin Gaye) to back the first store to sell cookies, “Famous” Amos Cookies was born.

From what I gathered, his business was successful. However, somewhere along the way he didn’t manage the business properly and was removed by the company. Now a major conglomerate owns his name “Famous” Amos and has even sued Wally over trademark infringement.

After losing his business, Wally was in a rut. However, he pulled himself out of the rut by merely changing his attitude from one of negativity, to one of positivity. He has been the kazoo-blowing, watermelon wearing Wally ever since.

He has used his fame to improve literacy rates among children. Recently he has decided to again open retail stores selling cookies and toys. Find out more at www.chipandcookiestore.com.

Wally’s Words of Wisdom

• Life is funny. Life takes unintended directions. But that’s okay, just keep a good attitude and you’ll pull through.
• Work together – “I am more than I am, but less than we are”
• The small person wants credit, the big person wants nothing
• Everyone has access to the same resources he did, just look around, ask the right questions.
• Don’t worry about what others think – use that energy instead to move your product forward
• Don’t be defined by stuff, what you do, friends, or status – what really matters is that you know yourself.
• Everyone is unique. Everyone is a collector’s item.
• Giving is receiving

When a cell phone went off in the room. In true Wally fashion, he hummed his kazoo to the ringtone melody.

We briefly spoke to Wally and he agreed to do an interview with us. Stay tuned for more Wally!

by Michael Collins, CEO of Big Idea Group and author of “The Million-Dollar Idea in Everyone.”

Though some companies sponsor innovation contests as part of a publicity campaign (“Send in jelly bean flavor ideas!”), at Big Idea Group (BIG), Idea Hunts are typically the result of identifying a problem that needs solving.

When I started BIG, I had a simple goal: bridge the gap between some of the world’s largest manufacturers and the people on the streets who often have some of the world’s best ideas. To do this, I set up a series of Roadshows and traveled the country meeting with literally thousands of innovative thinkers and creative problem-solvers. I reviewed their product ideas, offered criticisms and suggestions for improvement, and gathered the best of the lot into my “A-list” portfolio of products.

Then I systematically called on manufacturers to present these products for possible licensing. Though the iterative process worked well—review products, present products, back and forth, etc.—I did not always have what the customer wanted. For example, I might have three new water toys in my presentation while the client secretly hoped I would pull out something to boost sales in their sand toy division. Or I might show a slicer-dicer kitchen gadget to a manufacturer who wanted an effective soft cheese shredder instead. When a disconnect like this happened, I took the opportunity to learn more about what the company needed and then kept those requirements in mind as I headed back out to meet with inventors.

One client, however, wanted to be more proactive. His company had just developed a new lighting technology and he wondered aloud if I might get inventors to dream up cool ways to use it. Our conversation led to the first of many BIG Idea Hunts in which we publish a list of product requirements and invite people to pitch their solutions. We now run several Hunts a year, most of which get started in one of the following ways:

• A client has a specific problem to solve. For example, in the Bra Fastener & Adjuster Hunt, a European intimate apparel company wanted to make it easier for women to fasten and adjust their bras—a problem area for some women.
• A client has an area of business they want to improve or expand upon. In the Welch’s Hunt for Afterschool Snacks, for example, Welch’s sought to extend their line of fruit-based food and beverage products into the snack category for kids six to twelve years old. In the Faultless Helping Hand Innovation Hunt, on the other hand, the client wanted to add innovative new hand tools to their already successful Garden Weasel brand.
• A client wants input from thousands of creative minds. In the Kraft Branding Hunt for Men’s Beverage Sticks, the client simply wanted new names and packaging ideas for individual powder drink mix sticks. They were not interested in ideas to reinvent or retool the actual product.
• BIG identifies an opportunity. Sometimes we get an idea or see a trend in the market and want to capitalize on it ourselves. We might launch a Hunt to expand on what we have already developed or simply to test the theory of what we believe is a big opportunity.

Having run several BIG Hunts since that first lighting exercise, we have learned a great deal and refined our process considerably. In the next several articles, we will talk more about the evolution of our Hunts and give insight into how you can make the most of the opportunities presented by BIG and other Open Innovation sponsors.