NEWSInnovative Licensing and Promotion: Small-Town Inventor's Coffee Table Now on Major Retail Platforms in North America
May 28 2024, Published 1:25 a.m. ET
The Space Saver Coffee Table, invented by a small-town creator in his 30s with a young family and big ideas, is now available across North America. This innovative coffee table expands into a workspace, addressing the growing demand for efficient home workspaces. Thanks to Innovative Licensing & Promotion, Inc.’s assistance, it can be purchased on major retail platforms like Amazon, Bed Bath & Beyond, and Walmart. In addition, the inventor now receives a per-unit royalty on every unit sold.
The inventor’s partner, Innovative, has helped North American inventors turn their patent ideas into profitable ventures for over three decades. It has been known for supporting inventors and guiding them through the entire process, from early-stage idea development and patent applications to later-stage manufacturing, distribution, and marketing.
Innovative’s primary offerings include patent evaluation, patent searches, and intellectual property services (e.g., provisional patents, patent applications, and patent drawings). However, it stands out most for its licensing representation, which involves negotiating royalties or the outright sale of ideas on behalf of inventors.
There are two ways for innovators to push an idea toward full market realization. The first method is the ‘do it yourself’ approach, where the inventor sets up his or her own company and brings the product to market themselves. This involves acquiring their own manufacturing, distribution, shipping, promotion, and sales. One needs to have a full-time commitment to handle the logistics of this, which often means needing to quit a day job.
The second method, licensing, is often referred to simply as ‘selling the idea.’ It is not only less complicated but also more affordable. According to Vince, this makes it the preferred choice for most inventors. The forward-thinking inventor of the Space Saver Coffee Table opted to go down this route. They sought Innovative’s services, given that it handles high-stakes negotiations and secures lucrative deals for its clients with its decades of experience presenting inventions to Fortune 500 companies.
Innovative’s enduring success can be attributed to its systematic licensing process known as the Three Ps of Licensing™—Patent, Presentation, and Promotion. Patenting involves securing legal protection for the invention. This begins with applying for patent protection to gain patent-pending status and may also include obtaining trademark protection.
The second step leads to maximizing the invention’s potential through visual presentations. Here, detailed drawings, prototypes, and video demonstrations are created to highlight the features and benefits of the invention. This is an important part of the process because a strong presentation is needed to attract potential licensees and convince them of the invention’s market potential.
Promotion, the final step, focuses on seeking out and engaging with potential licensees. Innovative prepares a database of at least 20 prospective companies, including large and medium-sized manufacturers and distributors. It then contacts these potential licensees to promote the invention and negotiate royalty or licensing contracts.
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This licensing process has enabled Innovative to help countless inventors like the Space Saver Coffee Table’s creator turn their patent ideas into lucrative ventures. “Partnering with us means being able to leverage our existing relationships, infrastructure, and expertise. We can help inventors get their product into major retailers like Walmart, Amazon, Home Depot, and more,” states Founder Vince Kehoe.
It’s worth noting that Innovative is also known for its meticulous approach and systematic process. It reviews approximately 200 inventions each month but focuses only on those with the most promise. This rigorous selection process helps the company ensure it dedicates its resources to ideas with the highest potential for success. Once an invention is selected, it applies its process to get the product in front of companies with the distribution channels and retailer access needed to bring it to the market.
For inventors hesitating to take that bold step toward developing their creations, Kehoe emphasizes that while new product development comes with uncertainties, making informed decisions early on can increase the chances of success. “If I present an unprepared idea to a huge company, and ask them for millions of dollars, I probably won’t get their attention,” he explains.“But with a patent, a polished presentation, and a prototype, presenting professionally to companies makes a huge difference. Everything we do is designed to enhance the likelihood of securing that deal.”
Ultimately, the Space Saver Coffee Table is a great example for all individual inventors thinking about pursuing their unique invention. While every invention is different, the process to market is the same, and there are clear methodologies to follow that will increase the chances of success.
