Building the Open Innovation Program at Lifetime Brands

Building the Open Innovation Program at Lifetime Brands Presented by Warren Tuttle

CHALLENGES Internal External • Creating cohesive Open Innovation philosophy • Coordinating with internal development team & divisions • Building legal platform • Creating an inventor friendly image & trust • Leveraging high profile inventor community involvement • Leveraging lifetime brands marketplace leadership and awareness Building the Open Innovation Platform at LB

Open Innovation Trends Today Corporate Side Inventor and Product Designer Side • Curtailing new product programs & launches • Internal activities limited to line extensions • Outside submissions drying up for many • Individuals still invent • Working, but in fear of losing job and income • Anecdotal - weekend and holiday submissions Building the Open Innovation Platform at LB

Current Marketplace Opportunities Self Funding for Many Limited More Independent Development Than Ever Angels Have Moved Downstream to Find Lower Risk Capital Ventures Building the Open Innovation Platform at LB

Product Development Checklist Idea… what problem are you solving? Vet with friends, family and local pros Build a working prototype… proof of function Research Intellectual Property protection Vet the greater marketplace Research manufacturing parameters and costs Building the Open Innovation Platform at LB

What is Licensing? Taking a product to market through others Leveraging valuable IP Making a royalty on each unit sold Negotiating exclusive or non-exclusive terms Establishing annual quantity minimums Building the Open Innovation Platform at LB

Preparing a Productive Licensing Presentation Taking a professional approach, NDAs Understanding industry licensing guidelines Vetting product at retail CADs and product development Creating a Sell Sheet or video Building the Open Innovation Platform at LB

How Larger Companies Help Inventors Product development services Expanding patent opps Branding Established distribution & platform extensions Building the Open Innovation Platform at LB

20, 000 Products 32 Brands 8 Divisions Building the Open Innovation Platform at LB

Internal lead development and maintenance External product trolling from many sources The Four Types of Open Innovation Proactive searches to fit company needs Identifying smaller companies to acquire Building the Open Innovation Platform at LB

Keys to Open Innovation Success Integration of OI goals and personnel with internal development team… cooperating not competing Vetting a large number of leads in order for one hit… can’t get frustrated by rejection Ability to sell potential winning programs to corporate management and innovators

Open Innovation Opportunity It’s Always a Good Time for Open Innovation Collaboration More Innovation More Quality Submissions More leads using less internal resources 9 -18 month lag time to launch

Many Daily Distractions Launch incubation Legal Process Ongoing Internal Challenges Interpretation of Rough Prototypes Crazy Inventors Building the Open Innovation Platform at LB

National Innovation Trends Crowdfunding: Kickstarter and Indiegogo The Grommet, QVC Sprouts and Amazon Maker Movement and Fairs Patent Reform and Google DR and Inventor Television Programs Building the Open Innovation Platform at LB

Strong Relationships with All of the Major Inventor Help Companies, Design and Development Firms Housewares Industry Leading OI Program, 3, 000+ Product Submissions Annually Lifetime Brands Open Innovation Terrific Product Development and Legal Teams Full Management Support Building the Open Innovation Platform at LB

My Coordinated Outreach Outside Contractor… Many Advantages President of the United Inventors Association National Patent Pro Bono Board Member Washington Advocate for Inventor Rights Industry Publications Author Speak Regularly University of Wisconsin Business School MIT The Smithsonian Industry Trade Shows USPTO Inventor Clubs Building the Open Innovation Platform at LB

Summary We Have the Right Philosophy We Have the Full Support of Management We ARE the Housewares Marketplace Leader Great Reputation in the Innovation Community Building the Open Innovation Platform at LB

Continued Success Plan Look Forward, Embrace Trends and Change Identify Technologies Worth Externally Pursuing Coordinate Product Launches in Marketplace Leverage My Unique External Skill Set