In this posting, the Uriel Corporation Think Tank shares some of its Product Development Innovation best practices and insights. Uriel Corporation embraces and encourages best practices for innovation to reduce the barriers innovators face in implementing them. Innovation requires a mindset that requires change and commitment within an organization.
The innovation mindset requires out-of-the-box thinking and an openness to collaborative and alternate sources of innovation. Innovation breeds innovation. Collaborative efforts between engineering teams, manufacturing, marketing and finance to induce creative thinking, brainstorming and cooperation between departments is now a trend. This allows companies to expand on key product development efforts. As these collaborative efforts are more greatly embraced, such efforts can allow and lead innovators to produce better products that can solve one or more problems or that make life easier. Unique products can result that can help remove the heavy yokes and burdens of every day life.
Open & Free Brainstorming.
Through open and free brainstorming, out-of-the-box thinking allows product developers to:
magnify design variations,
engage in more product tweaking,
use alternative components,
explore different materials, shapes, and features.
Through product modeling and iterative rapid prototype development, innovators can come to see or visualize product designs that have added unique new-twist functionality that might be patentable over the prior art.
Further, when innovators use best practices to look at product design from multiple angles they may find ways to reduce cost. This leads to creating products that have more marketable design elements. The aim of developing new or unique marketable design elements is to develop new-twist patentable products to address specific niches or to target or create even larger markets that were previously unattainable.
Further, new-twist patentable functionalities developed through such brainstorming can also allow innovators to overcome prior art constraints. Such products that are developed might also be awarded new patents. Frequently, when there is a good solid foundation for a unique concept, a portfolio of patents can be developed to target and to protect a broader market share.
Product Development Brainstorming.
Development brainstorming is geared to produce a new twist product. Brainstorming includes immersing and guiding multiple departments of a company to participate in the development process. This, in turn, allows product inventors and engineering teams to tweak products to embrace new innovative design twists. Invention, engineering, and product design takes into account thoughts from marketing, manufacturing, and finance.
The expertise acquired from experts in multiple departments when designing a product should result in more successful products. A unique, novel idea that solves a particular problem, even if it may be a simple idea with one or two good features, can lead to massive profitability. Unique products that are designed to remove engineering, marketing, manufacturing, and financial constraints also allow companies to expand and diversify to create new-twist product lines that will create or target new markets.
To innovate today, companies must embrace methodologies in the product design and development life cycle that allow creative thinking to flourish. Methodologies and research using brainstorming collaborative best practices can create innovative cultures to spur greater innovation. Key stakeholders must be immersed in competitive and conceptual research. This helps determine what is technically feasible from the available components and tools that are available during the development process. Stakeholders must absorb as much of the Prior Art as possible. If a concept is totally new when compared to the Prior Art, the technological constraints to develop such a product must not exceed what is available.
Sometimes new tools are and methods are required to develop, engineer, and manufacture a new concept. If a project is to be commercialized in an acceptable time frame, the engineering tools, and manufacturing methods that are available should be taken into consideration. Sometimes engineering and manufacturing constraints can thwart a project’s commercialization success. Alternative design variations, however, might overcome these limitations and constraints.
Other product development constraints can be overcome by tweaking a business model to allow companies to succeed as innovators to more easily capture a market. Alternative design tools should be studied to overcome engineering constraints. Different marketing approaches might also overcome marketing constraints. Market research may further help tweak product design to address larger markets or a more focused market niche.
Product positioning, advertising, public relations, and alternative methods of financing can also provide insights to lead the creative process to brainstorm to remove such constraints. A product’s success is highly correlated with a unique new-twist idea that has successfully removed every constraint that might stand in the way of a success.
Product design should proceed with all these things in mind. Financial projections can also include a variety of projections that take into account the alternative design variations that the engineering team has brainstormed. Creating a set of equally useful alternative designs can also accelerate the implementation of innovation especially if one alternative idea might have more merit than another.
Department leaders and virtual teams should all have access to the Internal Knowledge Base of the corporate product development effort. Global R&D Networks and third parties can also be a good source of valid input to lead the direction of a product development effort. Combining these efforts and collaboration can lead to the early identification of Disruptive Products in the product development life cycle.
Innovative Product Development.
Innovative Business to business companies can’t afford to become complacent about innovative product development. Product managers must incorporate innovation guidelines to construct and keep a competitive edge. Idea management systems could be a critical element of the innovation process, only if they provide the capabilities that address the difficulties. Dialogue within and between corporate departments can further shape and refine ideas.
Dialogue within and between departments, researching the market, and focus groups may lead product managers to gauge a community’s response to ideas. Spreadsheets analyses can also help to integrate ideas, to manage items as well as assist in their development, and refinement.
Innovating is really a painstaking process where focus on detail is vital. Only 25% of projects succeed and 75% fail. Meticulous planning and a focus on detail can greatly increase an organization’s chances of success. Innovation is all about finding possibilities for the market where game-altering solutions are created that add value and improve lives.
Departmental groups of companies should interact to talk about and collaborate on project concepts throughout the product lifecycle. Company leaders need to give people permission to act past the place they occupy on the organizational chart. A few innovation guidelines include enabling business agility and the promotion and rewards of collaboration. Business agility is not accomplished just by flexible job definitions, but by also encouraging functional and physical movement so employees and executives build up new encounters and perspectives.
Technology, change and adaptive methods are common place in industry. Technology change ideas must address the presence of a hypercompetitive atmosphere. They have to stress the requirement for an adaptive perspective to build up guidelines for innovation. Adaptive innovation guidelines must recognise and support variation.
The variations between firms within their economic performance should be tracked in comparison to the variations inside a firm’s business and technological abilities. The competitive process through which different technological abilities acquire an amount of monetary significance over time should also be analyzed. Team members should also attend Technical Conferences and Industry Events to gauge consumer acceptance of something new.
Uriel Corporation Leadership for Launching Innovative Products.
The Uriel Corporation Think Tank can help clients and companies to build innovation best practices. This can fill a company’s or client’s pipeline with new ideas and future projects. Uriel’s involvement in Client Projects can nurture a company’s diversification interests.
In a product development consulting engagement, Uriel can help companies to engage in continuous learning and improvement. This can lead towards greater innovation to develop higher performing products.
See the following blog links for more Information on Uriel Corporation’s Turnkey Think Tank Services:
The Internet of Things uses Cloud Connected Embedded Systems. The Internet of Things doesn’t function without cloud-based programs to interpret and transmit the information of all the these sensors.
The ecosystem from the Internet of things is complicated, spanning hardware, software, rules, and services. The Internet of Things is certainly growing. The Internet of Things is a mix of sensors, a network, and actuators. It’ll more and more perform actions for all of us as well as in our name.
The Internet of Things really comes along with the connection of sensors and machines. That’s really exactly what the Internet of Things is all about. But that is just one layer of the items the Internet of Things is capable of doing. The Internet of Things is viewed similarly in companies. Meanwhile, the Internet of Things keeps growing at a phenomenal pace. The actual worth of the Internet of Things is data. Analytics will emerge like a critical platform battleground, given their importance for creating value from online of products data.
The Internet of Things (IoT)-is a classy network of objects embedded with electronic systems that assist them to collect and exchange data. IoT-is a disruptive technology that is altering the way we all live. Less than 2 decades ago, if someone were to predict that IoT would transform the car-rental industry, people might have chuckled. Yet we are now in the age of the Zipcar. By pioneering a variety of connected technologies, vehicles like the Zipcar have unlocked greater convenience for clients. The functionality of IoT-enabled cars is changing the car industry-in the ultra-connected Tesla to Google’s self-driving cars. In fact, Uber hopes eventually to chauffeur you to your destination with an autonomous vehicle.
Companies in each and every industry are integrating Internet-connected products to their procedures in an effort to cut costs. While nearly all are online of products for temperature and lighting controls, many are working out more complex how to operate the products. Good examples include snack machines that send signals to some business’ computer systems when they are running low, or manufacturing equipment that may send warnings when it’s malfunctioning.
The Internet of Things is presently being used in a multitude of uses through the home, companies, hospitals, cars and full metropolitan areas. The most typical places everyday consumers see Internet-connected products are in people’s homes. Internet-connected objects , from thermostats and lights to wise outlets and key monitoring products, are utilized in homes to assist proprietors save money and time. Having the ability to control and remotely monitor what products are off and on at any certain time helps homeowners reduce monthly electric, gas and water bills.
Devices Connected to the Internet of Things.
The Internet of Things offers to transform an array of fields. In medicine, for instance, connected products might help doctors monitor patients inside and outdoors of the hospital setting. Computer systems may then assess the data to assist practitioners adjust remedies and improve patient outcomes.
The Internet of Things (IoT) is changing everyday physical objects that surround us into an ecosystem of knowledge. From refrigerators and cars, to parking spaces and houses, IoT is getting increasingly more products in to the digital fold every single day. Our homes, to provide an example, could soon be monitoring everything we all do every day – from securing and unlocking the front door, to instantly ordering the groceries once the fridge is empty .
The Internet of Things is not only a “just one thing”, it’s a lot of things. But it is also not just one big network or perhaps a nicely defined group of technologies, products, sensors, groups or programs. This is an umbrella for a lot of underlying realities with deficiencies in standardization. The internet of Things today is more centrally focused on Business Applications as opposed to consumer-enable devices and systems. The Internet of Things (IoT) can offer business value which goes beyond operational financial savings. Providers within the IoT ecosystem possess a largely untouched chance to build up compelling IoT solutions that explore the opportunity to collect and evaluate disparate data. These developments apply across many businesses and industries, offering possibilities for sustained value creation as well as disruption for individuals who are able to imagine options past the incremental. The Internet of Things (IoT) begins with things that matter most to your business. IoT is all about making your data work together in new ways. In IoT systems IoT dashboards help you make use of your data. This allows users to uncover actionable intelligence and modernize the way business is conducted.
The Internet of Things is the idea of everyday objects – from industrial machines to wearable products – using built-in sensors to collect data and do anything with that data across a network. It can be more than just a structure that utilizes sensors to instantly adjust heating and lighting. The Internet of Things can be used to alert maintenance personnel when production equipment is about to fail. To put it simply, the Internet of Things is the way forward for technology that will make our way of life more effective. The Internet of Things aims to effortlessly integrate every aspect of one’s existence into helpful, workable data.
Some aspects, activity trackers, for example, are helpful on the very personal level however the technology can provide societal benefits too. The town of Boston lately requested a smartphone application known as Street Bump to assist its road maintenance teams learn where the worst potholes are. Bostonians download the application for their smartphones and open it when they drive. The accelerometers in citizens’ phones identify potholes once the vehicle covers an especially bad bump where the application uploads the information to a city database. The data helps the town take advantage effective utilization of its citizens’ tax dollars.
The Internet of Things (IoT) impacts the way we communicate with the planet around us. New developments like Dassault Systèmes’ 3DEXPERIENCE® platform enables simulation of IoT products inside a virtual atmosphere to uncover every scenario before we make use of the items in tangible existence.
The Internet of Things Ecosystem.
The “Internet of Things is not an industry or technology within the traditional sense – it’s an ecosystem of numerous different activities and technologies uniting to create a circular chain of knowledge and insight. The IoT is all about sensing and calculating real word phenomena, delivering that information towards the cloud for analysis, and supplying high-value information to people and products. Along its path, the information is distilled, guaranteed, construed and changed into effective information and understanding, which permits us (and our technologies) to create better choices, to be efficient within our work, and to live safer, healthier lives.
“The Internet of Things (IoT) refers back to the capacity of every day products to hook up with other products and individuals with the already existing Internet infrastructure. Products connect and communicate in lots of ways. Good examples of the are smartphones that communicate with other smartphones, vehicle-to-vehicle communication, connected camcorders, and connected medical products. They could talk to consumers, collect and transmit data to companies, and compile considerable amounts of information for organizations.
The Internet of Things (IoT) is the network of physical objects utilized online that identify themselves and communicate and or control other products employing embedded technology. It uses logic and software to create interactions with internal states, with external products and devices, dependant on exterior conditions. The IoT is definitely an atmosphere where an item that may represent itself becomes greater by hooking up to surrounding objects and the extensive data flowing around it.
The thought of the Internet of Things dates back quite a while. Within the nineties, RFID technologies, for example, were a creation of sensors with a couple of wireless improvements that hooked up products and “things” and made them trackable. Most real implementations of RFID happened in logistics, manufacturing plants, warehouses, distribution chains, and retailers to track products. Loosely mentioned, the Internet of Things (IoT) describes a network of objects which are embedded with software, sensors, and electronics. These special electronics allow products, automobiles, structures, etc. to gather and exchange data, and achieve tasks which were formerly impossible.
Building on the top from the Internet of Things, the net of products is definitely an architecture for that application layer. To be able to program and control the flow of knowledge online of products, a predicted architectural direction has been known as BPM Everywhere. That is a blending of traditional process management with process mining and special abilities to automate information and control exchange. The easiest meaning of the Internet of Things (IoT) may be: real-world objects attached to the Internet, delivering and receiving data.
The Internet of Things’ Potential.
The Internet of Things’ full potential is visible when multiple products are interacting and interacting with one another at one time. For instance, ‘Cisco’ paints an image of the sleeping worker who receives an e-mail overnight allowing them to know their first appointment during the day has been pressed back forty-five minutes. That email will inform the employee’s noisy alarms, that will then readjust when the alarm will ring. Once the alarm does go off, the system may then talk to the coffee pot to begin brewing just one cup and it may further let their vehicle know that it has to start defrosting the ice-covered windows.
The ranges of possibility for the Internet of Things ranges from domestic applications to an entire variety of multi-billion-dollar industries, from security and healthcare to lifestyle and gaming. Microsoft is developing kitchen counters that may recognize foodstuffs and display appropriate recipes. You will find wise beds that monitor your sleep patterns by calculating your breathing as well as your heartbeat. You will find a variety of wise locks available these days that open whenever you walk to the door and that may be designed to allow your buddies or visitors inside. There’s also the potential for “assisted living devices for Seniors to be integrated as devices through the Internet of Things. A Manchester research group is promoting wise carpeting that may tell if somebody has fallen which may even identify potential mobility problems using their actions.
We are now in early stages where industry is developing devices for the Internet of Things. Companies are hurrying to set up sensors and transmitters in most types of consumer and industrial goods. These network-connected “things” will have the ability to beam behaviors to corporate databases. We will not be monitored simply by our smartphones. We will be monitored by our cars, our homes, our clothes, our home appliances and also the machines and tools we use within our jobs.
The Internet of Things offers a chance to grow the Silicon Valley Surveillance Complex. By putting limitations about how companies exploit private data, we are able to make “privacy” instead of “surveillance” the Internet’s default setting. At this time, the smartphone is perhaps the most widely used device as a remote control to the Internet of Things. Whether you are changing the color or turning on your smartlights, queuing up a Spotify playlist in your stereo, or setting the high temperature in your wise thermostat, all is completed with an application running within the iPhone in your wallet.
Broad Areas of Devices Comprise and connect to the Internet of Things.
We are realizing the extent that surveillance will play in the Internet of Thingsl. Thermostats and smoke sensors offered by Nest, one of Google’s parent companies, Alphabet, collects info on your residences’ temperature, humidity and lighting along with the actions of individuals in rooms. Amazon’s Echo, a voice-triggered home automation device, records conversations and stores them in Amazon’s cloud. Tesla builds cars that contain sensors transmit and track an automobile’s location and it is owner’s driving habits. Vicks sells a rectal thermometer having a Bluetooth transmitter and an associated smartphone application. Under Armour has introduced and intends to put biometric sensors within the under garments along with other clothes it makes. There does not appear to be any area that companies will not visit to collect details about us.
The Planet-Wide Web, is not only the Internet of Things. A lot of the Internet of Things’ brains come in the cloud, on servers connected via cellular, Wi-Fi, or short-range data systems. It’s mobile, obviously, because a number of these things will move about around, like our smartphones. And it is persistent. You may have the ability to switch off small bits of it every now and then, however, primarily the Internet of Things will always be switched on.
Executives across industries know they have to understand what portions of the Internet of Things will affect their industry. Value originates from within every company’s industry. Some Internet of Things device developers are discovering it nearly impossible to find a foothold to create a strategy. Clients are extremely interested, but complete solutions continue to be within their infancy.
Another area that is likely to benefit greatly from IoT technologies is agriculture. The Internet of Things continues to be praised because it serves as the potential answer to the farming industry to elevate food production. John Deere has concentrated its efforts around the Connected Farm. Lane Arthur, Director for Information Solutions at John Deere is exploring how growers, providers and agriculture solutions providers can leverage their data which help make procedures more lucrative and productive.
With the introduction of smart homes, smart cars, and smart metropolitan areas, the term “smart” is rapidly becoming shorthand for Internet of Things connectivity. The Internet of Things will enable functionality between apparently disparate products and employ the resulting data to personalize user encounters and make up a truly intelligent technological ecosystem that reshapes consumer and enterprise marketplaces.
It may sound just like a scene from the sci-fi film script, however this vision for the future is achievable today, because of the idea of the Internet of Things: A global phenomenon where every device, from the small sensors in your doorways and home windows to the biggest home appliances, comes with an Internet address that renders it not just distinctively identifiable, but accessible everywhere you have access to the internet.
Sensors & The Internet of Things.
A sensor isn’t a machine. It doesn’t do anything in the sense that the machine does. In a nutshell, it gathers data. The Internet of Things’ thrust is concerned with the connection of sensors and machines. The value that the Internet of Things produces is to reach the intersection of gathering data and leveraging it. All the details collected by all of the sensors on the planet isn’t worth much if there isn’t an infrastructure in place to evaluate it instantly.
Metropolitan areas are constantly implementing sensors – in streetlights, in water and waste systems, and also to measure quality of air and manage mobility. These IoT initiatives can establish vast amounts of information to assist city government authorities manage infrastructure and improve procedures.
For example, imagine someone attempting to enter your home. An intelligent lock, for example can trigger flashing lights along with a camera near a doorway. The camera can take images of the burglar send a video feed to a TV you are watching elsewhere in the home. This is a vision of the connected home.
Autonomous Robotics, drones and autonomous driving are some of the most interesting Internet of Things devices. They differ for the reason that most sensor details are collected in an area and processed aboard, with less (though not zero) connectivity to the cloud, creating different demands on local versus. remote data storage and processing than other Internet of Things devices. Real-time abilities and technologies, computer vision and machine learning, for example, will become important differentiators for achievement.
Homing products for creatures aren’t anything new, however the technologies now getting used are smaller sized, more effective, and also have new capabilities, including a connected network. Current purposes of wireless sensors now include cows and bees. Not artificial bugs but actual honeybees with attached sensors. Both of these animals have the potential to be listed as items that can belong to the Internet of Things.
Actuators & The Internet of Things.
Another excellent area of the Internet of Things is going to be actuators. They’ll affect our environment for many applications. Our smart thermostats aren’t just collecting details about temperature they actually now set the high temperature or turn on air conditioning accordingly. Phones know our location, and they send that information to Google Maps and Waze to find out where traffic jam happens when they are associated with driverless cars. They’ll instantly reroute traffic around congested areas. Amazon already uses drones to autonomously operate and deliver packages. The Internet of Things will more and more perform actions for all of us as well as in our name.
Most IoT objects, though, will need only a small fraction of the computing power and sensor packages incorporated in smartphones. A tool designed to alert firefighters to sudden alterations in moisture, temperature and air pressure doesn’t require a microphone or fingerprint readers. Pollution recognition, water quality, noise levels, waste management, parking availability, structural conditions of buildings…none of those needs greater than a single-point sensor to deliver critical data to a main platform.
While there will always be ‘things’ attached to the Internet – think computing products. ATMs, RFID tags or E-ZPass have clearly advanced the Internet of Things. Advancements in many areas in the last decade have laid the research for that steepening IoT growth curve. The dramatic increase in computing power and storage capacity offered by ever-affordable prices, combined with the use of miniaturized sensors and chips, robust wireless systems, IPv6, along with a software-defined world, has greatly advanced the Internet of Things from prior eras.
The Technical Landscape Of The Internet Of Things:
Various components and systems now exist that permit companies and innovators to experiment and make Internet of Things products such as the Arduino MKR1000 which may be attached to the ThingSpeak IoT Platform. Tutorials exist which use the MKR1000 to gather data regarding your Wi-Fi signal and send it towards the ThingSpeak IoT platform for storage, analysis, and visualization.
The LoRa wireless networking standard allows Internet of Things (IoT) and Machine-to-Machine (M2M) wireless communication for a distance exceeding 10 miles, a battery life of more than ten years, and it allows the opportunity to connect countless wireless sensor nodes to LoRa technology gateways. Microchip offers fully licensed LoRa modems for lengthy-ranges and low-power wireless connectivity.
The Internet of Things requires huge scalability within the network space to handle rush of products. IETF 6LoWPAN can be employed to connect products to systems. With vast amounts of products being added to the web space, IPv6 will have a significant role in handling the network layer scalability. IETF’s Restricted Application Protocol, MQTT, and ZeroMQ provides lightweight data transport.
With Gain-Bandwidth Items (GBWP) varying from 9 kHz as much as 410 MHz, Microchip offers precision and general purpose operational amplifiers that feature low quiescent current for a given Gain-Bandwidth. Such products meet AEC-Q100 standards where Electromagnetic Interference (EMI) has been enhanced. These devices can be used on an increasing number of devices and families. This amplifier is ideally suitable for low-power, eco sensitive and demanding requirements within industrial, automotive, medical, consumer and Internet of Things marketplaces.
Other technical areas related to the Internet of Things.
The Internet of Things (IoT) has been affected with deficiencies in interoperability across platforms. Consequently designers have had to face data silos, expense and limited market potential. This is often likened towards the situation prior to the Internet where there have been competing non-interoperable networking technologies. The Web makes it simple to build up a variety of network products and systems composed of various technologies. W3C looking to do the same thing for the Internet of Things.
W3C needs to deal with the present fragmentation and knowledge silos online of connected devices by exposing IoT platforms on the Web for the Internet of Things. Interoperability depends upon wealthy metadata and shared semantics, with services running on an array of platforms from microcontrollers to cloud-based server farms. The goal would be to enable open marketplaces of services on a scale that would involve the Web, where such enablement would decrease costs and increase the growth of business possibilities.
All Internet of Things products need chipsets. To illustrate PTC ( PTC ), which won IoT Innovation Vendor of the season award in the 2016 Electronic Devices Show in Vegas has bought companies such as ColdLight ($105 million), ThingWorx ($112 million) and Axeda ($170 million).
Microsoft, is a large player that’s dedicated to standards and interoperability in IoT. In the Internet of Things, Microsoft’s OPC UA standard is a standard for making a broad group of manufacturing processes and equipment interoperable, spanning decades of investment for many companies.
Of all of the technology trends that are peaking at this time, possibly the most active technology focus in the world now relates to the Internet of Things. The Internet of Things should provide us with probably the most disruption in the next 5 years. Vendors aren’t letting the lack of a universal communication standard stop the growth and development of the Internet of Things (IoT). Rather, they’re integrating whenever possible by themselves. Many companies are collaborating on projects to simplify IoT integration.
The Internet of Things, Security & Privacy.
Humans could easily assign an Ip to each “item” in the world. A rise in the amount of Intelligent nodes, along with the quantity of upstream data the nodes generate, is anticipated to boost new concerns about data privacy, data sovereignty and security.
Security online of products is possibly the most important challenge where peace of mind in IoT should be a simple priority. Poorly designed IoT products and services may serve as potential entry ways for cyber attack and expose user data to thievery by departing data streams that are inadequately protected. To ensure that IoT becomes effective, customers will have to trust developers that products and related data services have been designed to address vulnerabilities, especially because this technology will be built-into our lives in many ways.
EPIC’s comments about the Internet of Things listed several security and privacy risks that have been related to the Internet of Things. EPIC made several recommendations, saying that companies should consider include Privacy Improving Techniques, to respect a consumer’s choice to not be monitored, profiled, or supervised,and to minimize data collection. Where there should be transparency both in design and operation of Internet-connected products.
Market Trends Concerning The Internet of Things:
Even though the concept wasn’t named until 1999, functionality concepts related to the Internet of Things have been around in development circles for many years. One of the very first Internet appliances, for instance, would be Coca Cola dispensing machine found at the Carnegie Melon College in the eighties. The developers could connect with the device on the internet, look into the status of the machine to see whether there will be a cold drink waiting for them, whenever they decide to help make a trip to the machine to purchase a can of pop.
With each and every human likely to own 20 or even more connected products by the year 2020, the Internet of Things (IoT) is really a phenomenon that brands can’t manage to ignore. Digital, marketing, and product strategists are battling to find out when, how, and how much to use connected items along with other sensor-produced data to enhace the customer experience.
The network nowadays and tomorrow will interconnect vast amounts of products. Networks today focus on the Internet of Things to include countless technologies, including wireless communication, embedded software and electromechanical systems, wireless sensors, home and building automation, and also the development of smart small wireless products. These are all aspects of the Internet of Things Network that we understand today.
Even though many unanswered questions remain, the truth is that the Internet of Things is in high gear NOW. The Internet of Things marketplace is segmented across five broad regions, namely, The United States, Europe, APAC, MEA, and South America.
Analyses reveal that the Internet of Things is growing globally because of the recovery from the global economy. The United States is believed to dominate the Internet of Things market in 2016 because of technological advancements and early adoption of the Internet of Things in the area. The greatest growth in the APAC marketplace is likely to occur during 2016-2021. The main driving forces related to this growth are growing technological adoption and big possibilities across industry verticals within the APAC nations, especially India, China, and Japan.
Other factors driving markets related to the Internet of Things.
Increases in network speed and size drive the Internet of Things, where any device by having an on/off switch can connect online. The precise predictions concerning the exponential development of the Internet of Things within the largest context differ but it is assumed that by 2020 we’ll reside in a world with more than 26 billion connected products (Gartner, a research firm). This projects a 30-fold rise in Internet-connected Intelligent Products worldwide by 2020, a rise from under a billion only 5 years ago. Some analysts predict even more and say that there might be 37 billion intelligent devices attached to the Internet by 2020. Cisco, was quoted to say that there might be 50 billion to even over 200 billion devices that will be connected to the internet by 2020. Whatever the exact figures are, one factor is obvious: there’s a great deal that can nonetheless be connected. It is safe to visualize we’ll most likely achieve the low figures of connected products (20-35 billion) by 2020.
The Internet of Things is an enormous network of sensors and Intelligent or Smart Products. Such products are coupled with advanced analytics and cloud services to filter and understand all of the data which creates disruptive products and services across industries. Anticipations grow more spectacular every single day: Forecasters predict that 20 billion Internet of Things products inside a couple of years will generate 5 trillion gigabytes of information each year. This will create greater than $300 billion in possibilities for tech vendors, telcos and device makers by 2020.
The mobile phone will probably be in the center of the Internet of Things transition. AT&T’s wireless systems track data booms that induce new interest in the business’s storage, processing, and interface abilities in consumer and industrial applications. AT&T has counted greater than 26 million IoT products connected on its United States systems, and they are in the middle of developing and testing 5G technologies which will create the next generation of IoT improvements.
Market Forecasts related to the Internet of Things.
A May 2015 forecast around the worldwide development of the Internet of Things market stated that the market was poised to grow 19% in 2015. IDC predicts the Internet of Things market in manufacturing will achieve $98.8 billion in 2018. An area of focus will be optimization “connecting islands of automation”.
Meanwhile, the Internet of Things keeps growing at a phenomenal pace. Through the finish of 2016, some 25 billion products are going to be attached to the Internet. This amount is likely to double through the year 2020, based on comments from Cisco’s Online Business Solutions Group. The size of markets that develop devices for the Internet of Things is anticipated to be unparalleled, with a few estimations topping 100 billion products operating within the next decade. Such advances have the potential to affect us in every facet of our lives. The benefits are impressive and promise to change the way we live, work, and play.
MarketsandMarkets predicts that the Internet of Things market will grow from USD 157.05 Billion in 2016 to USD 661.74 Billion by 2021, at a Compound Annual Rate Of Growth (CAGR) of 33.3% from 2016 to 2021. The growing quantity of connected products combined with the proliferation of smartphones have led considerably towards the rise of IoT. The rising adoption of cloud platforms, the growth and development of cheaper and smarter sensors, and the evolution of high-speed networking technologies is driving the development of the IoT market.
IDC makes an even bolder conjecture, projecting the world marketplace for overall IoT methods to grow from $1.9 trillion in 2013 to $7.1 trillion in 2020. To place into context, the worldwide IT industry, including telecom, arrived at roughly $3.7 trillion in 2014. IDC has lately refined this estimate to exclude “intelligent systems”-high-level systems which include IoT components. The 2020 revenue estimate for that remaining core IoT marketplace is $1.7 trillion. The main difference between both of these projections further verifies the breadth of ‘things’ that’ll consist of the Internet of Things products. The IT industry unquestionably sits in the centre of developing, supporting and looking after IoT, but revenue and cost is anticipated to circulate across every sector throughout the economy.
Cisco (ticker: CSCO ) estimates within the next decade $14.4 trillion in potential bottom-line value is going to be produced and will be “available” to include web hosting-sector companies. Simultaneously, a McKinsey Global Institute report states IoT technology could generate as much as $11.1 trillion annually in economic value by 2025.
Advances spur the Growth of the Internet of Things.
The Internet of Things is certainly growing. Among self-selected experts questioned by Pew Research, 83 percent stated that by 2025, IoT may have “widespread and advantageous effects around the everyday lives of all peoples.” It simply will not be because of people’s capability to control their microwaves using their smartphones.
There are over 3 billion more RFID tags on the planet than smartphones,” states Kevin Ashton, the British technology pioneer and co-founding father of what was once the car-ID Center at Durch. Kevin sees these kinds of sensors, driving the development of devices for the Internet of Things.
Ameer Karim, general manager of IoT items and services at Symantec/Norton, thinks that connected home technology will take off in a great way within the next 5 years. This past year, Samsung’s Chief executive officer mentioned that 90% of his company’s hardware is going to be Internet-enabled by 2017, and each device it sells will include Internet of Things functionality by 2020.
The Internet of Things affects all verticals in the global economy. There are specific segments which are moving more quickly into this space. Manufacturing, healthcare , logistics and electronic devices are big gamers. Several experts believe manufacturing to be amongst the greatest.
Technology giant Apple projects that metropolitan areas will expend about $41 trillion in infrastructure upgrades for the net of products within the next two decades.
Strategically, a lot of companies are employing different growth methods, such as mergers & acquisitions, partnerships & collaborations, and product development initiatives to improve their share of the market. For instance, IBM Corporation continues to be adopting various development methods to expand its global reach along with its product portfolio of products for the Internet of Things market.
Since December 2015, IBM has been developing an ecosystem of partners to extend the strength of cognitive computing to interoperate with the vast amounts of connected products, sensors, and systems that define the Internet of Things. In 2015, IBM also acquired various companies that had to do with Weather.
Obstacles abound, however, the landscape shows, there’s an enormous quantity of activity happening worldwide from both startup companies and enormous firms that are trying to create items for the Internet of Things. Progress may appear slow somewhat, but it’s also happening remarkably rapidly when one pauses to consider the magnitude that a completely connected world requires. What appeared like complete sci-fi ten years ago is becoming reality. We’re getting encircled by connected objects, drones and autonomous cars. The Internet of Things (IoT) will enable an unparalleled quantity of objects and products to interact and share information. These interactions will spawn new new products and applications and it will create exciting new business opportunities for companies, energy, transportation and public industry segments.
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Uriel’s Lighting & Sensing Systems Subsidiary, LUMENS³®, provides the future of the internet of things by providing a non-deterministic and open network in which auto-organized or intelligent systems and sensors are interoperable and able to act independently depending on the context, circumstances or environments. Uriel’s Autonomous behavior of Intelligent Lighting & Sensing Systems using sensor input for a variety of applications allows the actuation of external devices connected wirelessly and or through wired means to perform desired tasks, like turning systems on or off or by controlling them in some way, while also providing sensor reports to smartphones, tablets, and computers for informational purposes and data collection for specific interests. The applications that Uriel Systems can address are enormous, since different arrays of sensors can be used for literally almost any sensing application.
Uriel Lighting & Sensing Systems collect sensor data and through logical presets and programmable smart controls they detect context information as well as changes in the environment to introduce capabilities that have never existed before. Uriel can custom configure and include specific types of sensors for specific monitoring and control of external devices for specific applications of interest. Uriel can use any number of a large variety of sensor technologies and add them to communicate in a wireless fashion to a Uriel System to support such context-aware automation and intelligent controls and logic to permit sensor units to be deployed in real environments, to report sensor findings to smartphones and computers, and to control external devices that might be useful for business, industry, and consumer applications.
Uriel has developed an exciting combination of Smart Lighting & Sensing Systems designed to exploit the interests of business, industry, and consumers to connect sensors and to control external devices. as valuable systems and components adding to the Internet of Things for a diverse array of applications through the combination of sensors, a network, and actuators. Uriel has established The “wow” factor, as it relates to functionality for the Internet of Things where it has combined LIghting & Sensing to provide unique systems designed for a broad array of applications. These capabilities allow for monitoring conditions and for controlling devices as might be desired.
The tip of the iceberg as to what can be done to address the Internet of Things through Uriel’s Lighting & Sensing Systems can be found on Uriel Corporation’s LUMENS³® subsidiary website by investigating the following links:
Valuation as it is related to Intellectual Property. Intellectual property is a term used for a group of intangible assets that are owned and legally protected by a business from outside implementation or use without consent. Intellectual Property provides companies with distinct competitive advantages. Intellectual Property (IP) is an asset that provides the same protective rights as physical property that can boost the valuation of companies. Obtaining protective rights is crucial since it prevents replication by potential competitors. Intellectual property is considered to be a company’s most precious asset. It is often the lifeblood with which a company can develop and launch a product. Developing innovative proprietary products is a key requirement to allow a business to grow. In today’s knowledge-based global industrial economies, effective management of intellectual property assets is most important.
Products backed with Intellectual property are the most potent key drivers for advancing the global economy and career creation. Advanced nations, like the U.S., that usually attain intellectual property rights get more overseas direct investment and are more hightly rewarded with economic growth and jobs in high-end industries. Millions of Americans across the nation are employed in IP-intensive business sectors. These industries drive the majority share of U.S. exports.
Patents, software code, startups, and further intellectual property assets of companies all have their own peculiarities. The value of a patent is often times seen as a weapon of litigation where claim infringement is the thrust of civil action. The potential for patented products to collect licensing royalties and the benefits of patents working against infringers in court adds great value to companies. Many startup investments have been structured as preferred stock transactions between common stock holding founders and investors in cases where startups have had their products backed by intellectual property.
Assets and Their Exploitation.
How an asset will be exploited in the future is an asset’s valuation premise. An asset can be valued under continued use, or alternatively it can be valued for a specific use such as in an acquisition. The most common premise is to position an asset for its best use, which values an asset at the highest value that can be foreseen, regardless of how an asset might be currently used.
Revenue flow into and out of companies can also determine the valuation technique that should be used to value an asset. Valuation techniques also take a look at the practices and behaviors of buyers and sellers in the market. Valuations further take a look at past history and future earning to see if the asset has a history of revenue generation, or to calculate what future earnings an asset can offer. The markets can further be analyzed to see what prices are agreed upon in similar transactions. Revenue or comparable earnings multiples, are not appropriate valuation techniques for startup companies when there is no revenue or earnings to compare. Without a sales revenue history, venture capitalists, angel investors, and other startup investors rely on other valuation techniques to determine startup value.
Valuation, Economics and Legalities.
Valuation is a method of combining the concept of economics with the concept of what is considered legal property. IP valuation is both an art and a science. A valuation analyst uses well-tested and defined financial models and formulas to get a snapshot of quantifiable aspects of the intellectual property. A valuation analyst combines these elements to perform a valuation.
An asset’s functionality is in its ability to generate a return. A discount rate can be applied to that return as well. Commercial valuations are based upon the cardinal rule that: the value of an asset cannot be stated abstractly. The value of an asset is based on factors such as particularly where an asset is located, what time constraints are related to an asset and the circumstances related to the asset. In performing a valuation one should analyze who would benefit from the asset, and what purpose the asset serves.
Valuation and pricing and the valuation methods in licensing and technology transfer is generally viewed as opportunity licensing. This is distinctly different from licensing from a litigation viewpoint. In litigation, a patent’s value has a very narrow focus which is based upon an enforceable time period when claims have been infringed. Conversely, opportunity licensing of early-stage innovation is normally executed before a licensee’s first commercial use. Deal elements include an analysis of patent claims. Deal elements also anticipate the potential use and future earnings of the range of products lines that can be made, used or sold including, variations of products that can be derived, to include their applications, and target markets.
If we consider the value of intellectual property that has been embedded in a new production process, we might find that the value of the IP comprising the new technology is equal to the increase in profits that could be gained. This becomes apparent when comparing the difference in manufacturing costs and or quality using the new technology compared with the old method of manufacturing. The value of the new process depends on both, the profits generated by the final product and on the new production methods that are now available to the manufacturer.
Intellectual Property on the Internet.
By exposing intellectual property on the internet and world wide web, companies run the risk of losing pre-emptive value. This is commonplace in the software industries. When software products become commodities, this is due to the fact that they are easy to imitate, not because they are duplicated and illegally sold. However, customers tend to purchase the original product: over knock-offs. As knock-offs attempt to gain market share, original product makers attempt to maintain market share by lowering prices.
Traditional valuation methods can be selected once we understand the nature of an asset in a particular situation. Supply and demand has an impact on the sale price of intangible goods as well as other items. A seller can maximize the value of a sale by pursuing multiple competing bids. If there is a high demand, an effective promotion can drive a higher asking price. Marketing and promoting corporate assets such as corporate stock and patents can be a legal minefield. This requires a high level of navigation expertise to avoid triggering shareholder, patent or other lawsuits, criminal charges, or federal agency sanctions. The value can be enhanced by the seller, but for some intangible assets, the marketing and
There are a good number of valuation techniques which can be utilized to value IP. There is no one particular method that is appropriate for all situations. Acceptable methods for performing valuations fall into 3 broad areas. They are market-based, cost-based , or based on insights of past and future economic benefits or earnings. One driver that adds value to intellectual property is the emergence of investors that provide funding to companies based on their intellectual property and other intangible assets.
Realistic valuation estimates based upon contrasting a patent with others that have sold in the marketplace, must include the gathering of average prices paid for other patents. This is harder than it looks. Patent litigation, secrecy agreements, and competition, largely keep Information on the pricing of patent acquisitions confidential. IP Transactions usually have a patent purchase agreement that contains confidentiality provisions restricting the disclosure of any details and the price of the transaction. It should be noted that finding information on the prices paid in patent transactions is normally an exception rather than the norm. However, SEC reporting companies and companies in bankruptcy proceedings, have to disclose these transactions to shareholders. Frequently information on these types of transactions is available.
Intellectual Property Capitalists.
Online financial markets for IP allow intellectual property capitalists to combine IP expertise with the world’s finest financial market makers. Using these tools one can extract value from intellectual property. Intellectual property capitalists pursue the full range of strategies to monetize IP. Monetization strategies include licensing, assignment, securitization and collateralization. IP management, know-how, and business methods are widely appreciated for their role in driving economic growth. However, the United States still fails to embrace the real value of intangible assets to provide innovators with the funding they need to capitalize on their ideas.
Patent monetization is not just for struggling companies. Industry leaders like Google, Apple, Oracle, Microsoft and other smaller companies, are all aggressively pursuing to earn returns on their IP assets. Such companies are pursuing icensing deals while still adding and locking up strategic advantage to add to their own products. Microsoft, for example, is already earning greater revenues from licensing its patents to Android phones than from sales of its own Windows Mobile platform.
Revenue from patent licensing has gone through the roof since 1990, increasing from $15 billion to $110 billion today. Companies today realize that IP is a most valuable and flexible asset. Today, the licensing market has just begun. Experts say licensing revenues could top a half-trillion dollars or more annually in ten years.
Physical assets, such as buildings, factories, equipment and plants, constituted 62% of a company’s value in 1982. Today these assets represent less than 30 percent of a company’s market value according to experts at the Brookings Institutie. Today, the bulk of a company’s value now resides in a company’s intellectual assets.
Valuation & Investment Banking.
Investment banks and business brokers engaged to market companies frequently prepare some valuation metrics determining comparable firms that have lately offered, and using a number of techniques. The bankers may create a detailed report examining the financial performance from the business, estimating the worth according to comparables of earnings multiples, revenue multiples, discounted income estimations from the forecasted earnings streams. They choose the most flattering techniques, have a weighted average of all of them and convey an in depth valuation are accountable to justify the greatest valuation possible. With respect to the quantity of bidders thinking about the purchase, the bankers then negotiate cost alongside additional factors within the acquisition deal structure.
Figuring out the financial price of your patents, regrettably, isn’t any easy task. For just one factor, valuation techniques for intangible assets are at the best rudimentary, and the topic of greater than a little debate. For an additional, marketplaces for that buying and selling of patent assets continue to be within their infancy and therefore of little assist in supplying reliable valuation benchmarks.
There are lots of helpful frameworks for examining the company profile of the intangible resource. A key point to think about is the fact that most IP is used along with other IP (e.g., technology is frequently bundled with trademarks and/or trade secrets), along with a consideration from the inter-associations of all IP within the value chain and market existence cycle is frequently important.
Should you create a brand new startup, open up a financial institution account, deposited $5 million in to a bank and immediately run a valuation of the organization (before incurring any financial obligations, obligations or doing anything whatsoever), it might be reasonable to evaluate the value for the organization at $5 million. That would be because that this is actually the price of changing or replicating the organization. This could also represent the liquidation value, because the $5 million staying with you is instantly available, a very liquid resource.
Valuations & Licensing.
A patent could be licensed, it may generate royalty streams during a period of some time and these streams of revenue are ideal for valuation using the discounted income (DCF) method. However, patent retailers usually don’t sell the revenue streams using the patents. Patents are often offered susceptible to licenses, and also the licensees frequently spend the money for royalties in a single lump-sum-usually carrying out a threat of lawsuit or perhaps a court judgment.
Core patents are technologies which are or is going to be utilized in current or future items. You will find couple of market-based recommendations for valuation of those patents because the patents aren’t usually the topic of certification efforts. They’re evaluated, rather, depending on how much they lead towards the commercial worth of an item or business. Dow jones Chemical uses the Tech Factor Method, an instrument introduced by Arthur D. Little consultants. The technique quantifies the financial contribution of every patent like a number of the business’s total internet present value. Alternatively, a Rand Corporation study sets the need for a patent as equal to an R&D cash subsidy rate as high as 25% .
It may be reasonable to make use of the expense incurred in developing a company, or the all inclusive costs of funds invested in the industry as the grounds for valuation of the startup or an early-stage company. However, when an organization matures into a recognised business, it might be harder and harder to estimate the expenses connected with producing goodwill. Assessing the expense connected with building all of the intangibles connected by having established clients are highly speculative. It is possible to estimate the expense connected with building the framework of the business, however the magical factors that get into turning the framework into a lucrative venture are extremely intangible to estimate with acceptable amount of precision. The substitute, replication and price-savings methods to valuation are not so appropriate for established companies.
If similar technology assets were lately offered under similar conditions, only then can data points like a grounds for a comparables-driven valuation be used. However, these assets are frequently unique and transaction metrics aren’t always revealed, so locating relevant comparables could be a challenge when appraising products.
Valuations in Mergers & Acquisitions.
Valuations are instrumental in merger or acquisition transactions. The cost compensated to get a company sets a precise valuation for your particular company at that time over time, particularly when the purchase is financed in cash. Once an acquisition is financed and shares from the acquirer is exchanged for stock within the acquired company, other parts of the valuation process are essential to determine the fair market cost from the stock exchanged. The valuation figures created may be a bit more subjective than the usual pure cash transaction.
Having a projection for the future profits to become produced by an organization, companies would then be able to use discounted income analysis to look for the Company’s valuation. Indeed, this process is adopted through the courts (especially Delaware courts) to find out a “fair market value” of the business. This especially occurs in instances where shareholders ask a legal court to stay a dispute and supply an evaluation on the company’s value.
As opposed to online companies, recognised clients are currently producing sales revenues and they have cash flows to determine and drive valuation computations. With company shares traded on public stock markets, a large amount of information is readily available for examining the possibility worth of a recognised business. Fortunes can be created or lost overnight on Wall Street and traders have sophisticated methodologies for predicting the value and trends of companies that also result in determining the value of shares.
By having a trademark outright, a business is saving costs connected with having to pay license charges for any mark. Trademarks are frequently licensed, or “rented”, for connection to items or services.
A typical mistake produced in valuing IP while using the earnings approach is by using the entire worth of the earnings in the business unit utilising the IP as opposed to the incremental earnings due to the IP itself. Falling into this error means the valuer has unsuccessfully taken into account the complimentary assets which have led to generate the earnings. These other assets include tangible assets, staff know-how, marketing assets and the like. Essentially, the valuer has valued the whole business unit, instead of any particular bit of IP within that unit.
A simple approach to figuring out the need for a patent that makes up about the particular contribution from the IP towards the profitability from the method is the discounted income method. This process can be used for valuation of all of earnings creating assets.
Other Valuation Approaches.
Earnings approaches calculate value in line with the future revenue streams, cost approaches mostly calculate at the expense of substitute, and market approaches calculate the worth by evaluations concentrating on the same assets lately traded available on the market.
While using the market approach, the need for the IP is dependent upon the arm’s length cost in comparable transactions. This is dependant on the idea that the licensee or customer won’t be prepared to pay greater than the price others have paid for similar IP.
Another, more sensible, conventional approach to valuing IP is by using comparables. A “comparable” technology is one that’s utilized in exactly the same industry. It performs an identical service or function, and it is just as important towards the final product being offered because the IP is what we are attempting to value. An approximation for the value of IP is the royalty compensated for that comparable technology. This includes modifications of the IP for just about any substantive variation backward and forward.
The discounted income technique is helpful in figuring out the need for IP once it’s been invented. A remaining question of great interest is, would an R&D-based firm determine the need for a brand new technology while it is still developing? The cost savings or demand-fulfilling qualities from the technology haven’t yet been fully determined. Additionally, it might be a long time before any method is introduced to promote the product. Market conditions could change significantly. Understanding the likely worth of a new technology is needed if a firm is to decide whether or not it is useful to carry on an expansion project to develop a new technology..
The earnings approach measures the money flow connected with possession from the IP. The need for the IP may be the internet present worth of the expected future earnings streams the IP will probably generate. The parameters that determine the worth of IP include how big the earnings stream is, the time period of the earnings stream, and also the risk connected with realisation from the earnings.
Further Valuation Techniques.
Ordinary discounted income analysis may be the clearest window on IP valuation available. It’s a method for locating the chance price of not utilizing an invention by calculating the net income effects of defaulting to another best alternative. DCF describes increases from certifying a technology-it doesn’t take into account the gains between the licensor and the licensee. Should there be gains from trade, then bargaining power-not industry guidelines- determines those gains. Bargaining power is the opportunity to hurt those you are negotiating with when walking away from the negotiating table.
The discounted income method evaluates the long run stream of revenue from the relevant incremental costs by using the IP. It compares the long run stream of revenue to the current discounted worth of income by following the best alternative. This yields the utmost royalty that the manufacturer could be willing to cover making use of the patented technology. There are lots of natural issues with the price approach. The most important is it does not reflect the income potential from the IP. The need for IP comes from its earning potential, and never your buck.
The price approach assumes the fair worth of the resource would be the just like your buck, where there’s an immediate relationship between cost and prospective profits. However, cost doesn’t always associate to value. Clearly there’s a possibility of a higher valuation to be placed on less effective assets where high amounts of expenditure happen to be directed and the other way around.
The revenue multiple valuation method might be susceptible to critique for the reason that it compares the top line revenue and does not determine that the organization is lucrative. A lucrative company with low revenues is possibly worth greater than a loss-making company with large revenues.
While using the build-cost valuation method, assets are regarded as worth a maximum of what it really would cost the customer to rebuild the merchandise by employing an in-house development and design team. For example, if a buyer might obtain a higher-technology product design that will take 5 engineers along with a project manager 24 weeks to reverse engineer, the customer may estimate the in-house build cost was, possibly, $2 million dollars.
Three Traditional Valuation Techniques.
The 3 traditional valuation techniques, transaction, earnings, substitute cost, work for pretty much all valuation analyses. However, in the last decade we view the development of the new group of valuation techniques according to future contingent occasions. This group of techniques includes real options, binomial models, and Monte Carlo simulations. Decision tree models are used in where conditional situations are needed for IP to create value where calculations are modeled clearly. Fundamentally, all these techniques can be combined into a two step process: first, we compute the prospect of the good event occurring that can make the IP valuable (or ‘in the money’), and 2nd, we compute the payback when the favorable event happens (usually using among the traditional three techniques described above).
The earnings method of valuation assesses value today according to earnings streams predicted to be produced later on. Also taken into account is the likelihood that earnings streams will materialize based on the forecast. Where a resource or business operation creates a stream of revenues, its value can be established by calculating the entire net gain the resource will generate in the future. Time-value-of cash will be considered to discount the long run revenue streams to determine what individual future incomes may be worth today.
Although sometimes used, cost-basis prices is really a poor foundation of valuation, since it does not think about a technology’s value according to future commercial programs. The marketplace will pay for value to become received, not the price to produce.
Ultimately, intellectual property may be worth what someone might pay for it. As a result, any valuation is just a settlement tool. Comprehending the underlying presumptions and ideas behind the different valuation methodologies will help greatly in discussions for that purchase or for the certification of IP.
Replication of Technology & Valuations.
Where a startup has simple technology, for example software, the price of replicating the technology will frequently be utilized as the foundation of the valuation for the acquirer.
Where potential licensees haven’t been recognized, and where the certification potential is unknown, the possible revenue streams from certification cannot be employed to make up the foundation of the valuation. Nonetheless, we are able to compare the patent to similar patents which have have been offered in the marketplace to be able to estimate an industry cost. As every patent needs to be unique to become granted, there aren’t any two identical patents, so locating a perfectly comparable patent isn’t possible. However, it’s frequently easy to find patents in similar fields concentrating on the same priority dates, which have lately been offered in the marketplace and estimate value utilizing a comparables approach.
When the intellectual property offers significant economic advantage within an active market, using the price method will probably understate its value. If, however, development continues to be inefficient or extended, using the price method might overstate its value. Essentially, the need for the IP may be the cost to exchange or recreate that IP. This process compares the historic cost incurred to build up and create the intellectual property.
Early Stage Company Valuations.
Within the seed and initial phases of startup development, sales and earnings projections might be so speculative that they’re not given serious attention. Reflecting on their highly speculative nature, and also the risks involved, the special discounts generally put on online companies by investment capital traders is 25-75% each year. The obtaining corporation frequently likes to utilize a cost-based calculation to determine value during these situations. Since this does not include future potential earnings calculations this does not provide the most accurate approach, the cost-based calculation used by such companies only considers the price of replicating the technology. Such companies employ this as a grounds for valuation.
The best approach to doing a valuation might be to engage in an analysis where a number of different valuation techniques, calculations, and methods are utilized where the best most pertinent calculations of interest are analyzed and averaged to provide a better valuation estimate or value range.
As part of Uriel Corporation’s Turnkey Think Tank Consulting Services, Uriel works to assist clients to navigate the complex waters of analyzing a client’s IP and patent portfolios to develop valuations related to their intellectual property. Valuation consulting efforts can be geared to help clients determine what their intellectual property and company is worth. Such efforts are a key element to position clients better for the development of strategic alliances, and to enhance negotiations related to mergers and acquisitions, or to sell company stock, or to sell a company.
Please visit the following links to find out more about Uriel Corporation’s Turnkey Consulting Services:
Intellectual Property Drives National & Global Commercial Success.
Intellectual Property (IP) is front-page news in the press, with many high-profile stories grabbing headlines. Many experts believe that we are at the start of a new era for IP transactions. Intellectual property is a term relating to intangible assets owned by a company that prevents third party use or exploitation without legal permission. Since IP has the ability to provide a company with competitive advantages, IP can be defined as an asset where it provides companies similar protective rights as a physical asset. Such protective rights prevent replication by competing firms. Intellectual property is a powerful economic driver and it further is a rich area for career development.
Advanced Nations & IP.
Advanced Nations, like the U.S., have significant infrastructures and corporations that pursue the development of IP rights. Such countries get more foreign investment directly from outside countries and are also rewarded with greater economic advantages, growth and jobs in higher-value industries. Industries that benefit from IP include high-technology industries, electronics, software, fashion, automotive sectors, medical, pharma, life sciences, biotech, energy, entertainment, and green technologies.
Millions of Americans across the country are employed in IP-intensive industries having higher wages, compared to other people. IP-rich industries drive the greater majority of U.S. exports.
IP and intangible asset issues are prevalent throughout the business world. IP issues touch nearly all areas of a company’s operations. Corporate areas that are affected include engineering, R&D, product development, legal and accounting, finance, marketing and sales, distribution, and general management.
The wide effect that IP has on its stakeholders adds to the complexity of managing intellectual property. Each area of IP involvement has requires personnel with their own areas of expertise. Intellectual property is a very broad field. The IP field is probably one of the most important legal fields in the USA. IP has always been a key component in the expansion of the U.S. economy.
Intellectual Capital in Multi-National Organizations.
Intellectual capital is regarded as the most significant asset of the world’s largest, most powerful corporations. It is the foundation for establishing market dominance. It ensures that leading companies can continue to profit.
IP is often the key element in mergers and acquisitions. Furthermore companies are increasingly using technology transfer and licensing as routes to transfer these assets for added revenue.
Intellectual property, more often than not, is a company’s most precious asset. It is the lifeblood required to develop a product and launch new industries. With the rise of global competition, the management of intellectual property assets and the development of unique products associated with IP has never been more important.
Upper Management Thinking & IP.
Until recently, the phrase “intellectual property, or IP”, wasn’t even in the vocabularies of many CEOs. It wasn’t really looked at when developing business strategies. Most CEOs used to leave IP matters to corporate attorneys while CEOs and upper management concentrated on competitive warfare. However, today, IP is considered the main weapon in competitive warfare and more and more CEOs acknowledge that it is required to gain a competitive advantage.
Globally, China, India and other countries have focused their energies to manufacture cheap products. Conversely, Western countries have specialized in developing high-value innovations with creative attributes and functionalities.
In the past, intellectual property was once an area overlooked by many companies. Today IP is the fundamental building block of corporate product lines that allow companies to compete in world markets leading to the success of national and global economies.
Newspapers today are filled with articles concerning intellectual property disputes. Protecting intellectual property is an extremely important are for businesses today.
Economists regard IP rights as an engine for encouraging innovation. They also recognize that they can also be used to inhibit competition. Innovation initiatives and the intellectual property (IP) thrust of companies and engineers are crucial drivers that move humanity to progress. Innovation that results in new-twist products with functional advantages helps remove the many yokes and burdens of life faced by all peoples. Innovation works to save lives, it improves the human condition, it facilitates more connectivity globally, and it provides life changing improvements for every day life around the globe.
Examples of Industries that have High Value IP Assets.
Drug companies, computers and their operating systems, social networking websites, and the entertainment industry are all examples of industries that have IP geared to improve the quality of life. IP rights and their enforcement is vital to the continued flow of future new inventions. Free markets depend on innovations protected by IP.
In the final analysis, protecting innovations by securing intellectual property rights is much better than the alternative of just giving away million dollar or billion dollar ideas to the world. The Founding Fathers included rights in the U.S. constitution to give inventors the ability to enjoy a limited monopoly on ideas they developed. Congress has the authority under the U.S. Constitution to enact laws to issue patents. The U.S. Patent & Trademark Office (USPTO) is the cornerstone of U.S. commercial success in global markets.
The new breed of IP-savvy business leaders acknowledge that in business today, corporate battles are now being waged in favor of securing rights to innovations and ideas, not to control markets by securing raw materials.
America’s most successful innovative companies, including Microsoft, Apple, IBM, Lucent, Dell, Gillette, and Dow Chemical, all recognize that the knowledge economy has given rise to a new ecology of competition. The new competitive environment recognized by these companies values intellectual assets over physical assets as the wellspring of competitive advantage and shareholder wealth.
IP & Value.
It is well established that intellectual property (“IP”) assets, to include patents, trademarks, trade secrets, and copyrights, generate what industry observers might refer to as “extraordinary profits” for their owners. IP causes high levels of returns in comparison to other asset classes. More than ever, IP assets today are contributing more value to corporations than other assets. In 1975, S&P 500 companies had only 17% of their market value represented by intangible assets. By 2010, intangible assets represented 80% of the S&P’s 500 market value .
An example of great success with regard to patents is Walker Digital. Walker Digital, is an innovation laboratory modeled after Thomas Edison’s Invention Laboratory. Walker Digital negotiated rights to its 19 e-commerce patents for 7.5 million Priceline shares. Those shares later increased in value to exceed an incredible $1 billion dollars.
Intellectual Property Infringement Defined.
Utility patents are considered infringed upon when someone makes, uses, or sells a patented product or process without legal permission.
Infringement of a design patent involves fabrication of a design that, is substantially similar to an existing design, where the resemblance induces observers to purchase one design supposing it to be another.
Trademark infringement consists of the unauthorized use or imitation of a mark that is actually the property of another company or individual. Trademark infringement often occurs in the business world in order to confuse, deceive, and or mislead others. This deception is geared in the effort to have people purchase products from a company other than the real trademark owner, where products are counterfeits or knock-offs.
When someone reproduces, adapts, distributes, performs in public, or displays in public a copyrighted work that belongs to another that is Copyright Infringement.
There are different types of patent insurance policies that companies and individuals can purchase. IP infringement or intellectual property liability coverage, guards against patent infringement claims and defends the insured’s ownership rights in the intellectual property. Patent insurance can also indemnify customers and distributors for allegations that might arise that the insured IP is in violation of another’s IP rights. It indemnifies against damages from liabilities that might result from a verdict or settlement. This is the most typical type of coverage with regard to IP liability insurance.
Examples of intangible assets that are not IP include supply agreements, alliances, strategic partnerships, joint ventures, distribution agreements, marketing and sales agreements, independent contractor agreements, and relationship capital.
Any secret idea, concept or fact that is not disclosed by a business includes trade secrets. A trade secret has no definitive time constraint. A trade secret could remain secret or it could remain closely guarded throughout the life time of a product line. An example of a well known trade secret is the Coca-Cola recipe.
The Power of IP in Funding, Licensing & Monetization.
The practice of funding companies on the basis of their intellectual property (IP) and other intangible assets has been emerging for some time. Even through IP, is widely recognized for its role in catapulting the growth of the U.S. economy, the country still fails to acknowledge the real value of intangible assets. In many ways the United States and banks fail to provide innovative companies with the funding they need to commercialize their innovative product concepts.
Patent monetization isn’t just for struggling companies. Industry leaders like Apple, Google, Microsoft, and Oracle are all aggressively seeking to capitalize on their IP through licensing deals while also retaining rights to create advantage for their own products. Microsoft has already earned a lot more money on licensing its patents to Android smart phones than from sales of its own Windows operating system for mobile devices.
Revenue from patent licensing has skyrocketed in recent years, increasing from $15 billion in 1990 to now exceed $110 billion today. Companies are now slowly realizing that IP can be among the most valuable and flexible assets. Experts say that the licensing market is still in its infancy. They say revenues related to IP licensing could exceed a half-trillion dollars annually.
Companies Move to Aggressively Embrace IP.
The asset base of U.S. manufacturing firms has shifted dramatically. In 1982, physical assets such equipment, factories and plants comprised 62 % of a company’s market value. Today this number is less than 30 % of their market value, according to experts at the Brookings Institution. Thus, the bulk of even a manufacturer’s value now depends on their intellectual assets. However, most companies today do a poor job of developing and manage these assets.
When developing innovative products, patent quality is another key area to be concerned with. Patents are the lifeblood of young innovative companies. Small companies rely heavily on patents. They face devastating consequences under the threat of a damaging lawsuit or if their patents are invalidated by a court.
When Crowd Funding, Consider having IP in Place.
It is important to develop some sort of IP defense prior to launching a crowd-funded project. If you don’t have some good IP in place that differentiates you from the prior art when doing a crowd-funded project, there is a good probability that you are going to get a judgment against you and that you might be given a cease-and-desist letter.
The Uriel Corporation Think Tank gives innovators and companies an Edge in their Product Commercialization Efforts.
Intellectual property engineers, advisors, consultants and attorneys play a large role in shaping the future as they work with inventors and innovators.
The Uriel Corporation Think Tank assists inventors and innovative companies to help them define, refine, and perfect ideas and intellectual property to develop such ideas into a more potent commercial form that can better address national and global markets. Uriel assists inventors, startups. and more established companies to help them throughout all stages of the commercialization process. The Uriel Corporation Think Tank Consults Clients and assists by engaging in full turnkey product commercialization consulting, including but not limited to:
patent and trademark development,
tweaking existing patents to create expanded patent portfolios,
preparation of NDAs and other agreements,
win-win partnerships and alliances,
the negotiation and development of joint ventures, strategic alliances, and commercialization agreements with third parties,
the negotiation and development of joint ventures, strategic alliances, and agreements for manufacturing,
the negotiation and development of joint ventures, strategic alliances, and agreements for distribution,
the negotiation and development of joint ventures, strategic alliances, and agreements for marketing and sales,
subsidiary and corporate launch consulting to launch new products or ventures,
technology search and acquisition,
the negotiation and development of licensing agreements with third parties.
See the following blog links for more Information on Uriel Corporation’s Turnkey Think Tank Services:
Uriel offers Management Consulting, Diversification Consulting, Technology Search & License Acquisition, Product Development & Enhancement, Innovation & Improvement Consulting leading to disruptive products and services. The Uriel Corporation® Think Tank utilizes extensive brainstorming sessions to develop or tweak products. Uriel finds and sources products for Clients. Products sourced have a high degree of functionality based on original new-twist product ideas. Uriel’s focus in product development seeks out product variations that can be applied to a project. Uriel engages in product tweaking of innovative patentable concepts. This can produce an array of new unique products that can be derived starting from one concept or idea.
The Commercialization Process.
The commercialization process is not just a matter of identifying product requirements and engineering specifications. The very best product innovators communicate the product vision and its tale. Successful product launches focus on targeting customers and their problem(s). Product positioning should include website marketing, public relations, and advertising. Positioning should address unique compelling values and benefits provided by the product being launched.
Uriel develops unique product profiles offered to the public. These profiles should position the client product versus competing products in a way that shows buyers long term benefits compared to the competing products already in the marketplace. Many downstream problematic issues in engineering, manufacturing, marketing and product positioning can be avoided with the right up-front diligence. Uriel engages in the design process with a view to design a product with product positioning, public relations, and marketing in mind from the get go.
Startups might find controlling and monitoring the flow of ideas into a successful product launch to be intimidating. From concept, development, testing, to final deployment, Uriel’s staff implements agile development methods. Customer feedback is solicited throughout the entire development cycle. This method enforces collaboration among all corporate functions to include marketing, development, manufacturing, distribution, and finance. This ensures a launch is technically feasible, free from constraints, is sustainable, scalable, and within budget.
Uriel acts as an extension of a client’s management team where it assists clients to further develop and or restructure operations and methods to better meet commercialization objectives. Uriel advises a client’s management team through ad-hoc consulting and it engages as advisory consultants on a fractional fee-based, equity participation basis.
Uriel provides turnkey management and design services where Uriel develops an internal project team specially structured for a client’s project. The project team is then allocated to the client venture for the duration of the project. Uriel can also allocate a permanent project team to serve as an extension of a client’s management team. Turnkey ad-hoc management consulting services allows Uriel to engage and participate as board members in client operations in a cost-effective way. Being Ad-hoc Board Members, Uriel’s expertise can also bring value to a client for fund raising activities. Uriel can further lead clients and take a hands-on role to help client’s manage company operations towards a successful exit strategy or towards a proper succession plan.
Uriel develops manufacturing alliances. Uriel also engages, sources, and develops alliances with manufacturing representatives, distributors, sales and marketing channels. Uriel can set up e-commerce and commercial websites as well. Uriel’s Turnkey Consulting Services can further provide, develop, and manage marketing and sales staff.
Uriel can find key personnel to help clients create management teams that would benefit a product launch effort. Putting together a high-caliber management team is essential for venture success and for fund raising efforts. Uriel also endeavors to work with clients to develop and launch dynamic sales and marketing campaigns. Good campaigns are essential for unique products that can be positioned globally. Uriel also develops and implements CRM systems and social networking websites and campaign efforts to assist clients in their sales efforts.
Uriel’s alliances can also be used to help clients oversee and coordinate project activities. Uriel’s networking operations can put together further alliances for client ventures to help clients meet project milestones. Uriel puts together one or more third parties to cover different requirements needed in the product life cycle. A complex product might require different areas of expertise throughout the commercialization process.
Uriel helps companies increase their visibility with potential alliance partners and customers online. These services include enhancing websites and online activities to improve Search Engine Optimization (SEO) performance. Uriel further develops social websites and it can set up marketing and networking operations to bring more traffic to client websites. Of course, more traffic to websites serves to produce greater revenue.
Technical Consulting & Alliance Expertise.
Uriel’s technical consulting and alliance expertise includes but is not limited to:
technical feasibility analysis,
electronic product development,
analog and digital electronic design and layout,
printed circuit boards,
component and assembly sourcing and procurement,
research and development,
original product design,
consulting related to: patent search, patent analysis, patent development, patent prosecution, patent litigation,
rapid prototyping & 3D printing,
machining, milling, turning, welding,
electromechanical part development,
research & development,
product data management,
product modifications, engineering changes,
cost reduction engineering,
design for manufacturability,
testing & analysis and alliance development.
plastic product production,
testing, assembly, and warranty services,
meeting UL®, CE and other standards and regulations,
compliance with industry standards and certifications,
warehousing and drop-shipping services,
operating manual development,
service manual development.
Consulting Engagements that Enhance Innovation and Product Development Efforts.
Engaging with cients as an equity partner allows Uriel to fully engage its internal and alliance resources into a clients venture. Uriel excels in brainstorming to develop rich and unique products with intellectual property that are full of novel functionalities.
Uriel can develop technology or it can find and source products for clients. Through Uriel’s technology transfer operations, clients can acquire a license to pursue innovative products from Uriel’s Internal Development Efforts. Conversely, Uriel can find and source a license for innovative products from third parties. Uriel helps clients attain one or a portfolio of disruptive innovative products that they can further commercialize, manufacture and sell. In this manner, Uriel helps clients diversify into further related and non-related product lines of interest.
Uriel’s brainstorming methodology, using its alliances as a sounding board, can further enhance and expand a client’s patent portfolio. Brainstorming can bring forth a diverse array of unique concepts that can be incorporated into a client’s product.
Uriel’s methodologies allow a client to perfect designs and patents extending beyond a client’s original product concept. Uriel’s internal engineering operations are structured to enhance the original product design innovation process. This process brings about unique enhancements that can be incorporated into the product development life cycle.
Uriel engages in leading and managing brainstorming sessions to enhance client projects and diversification interests. Uriel’s focus is to enrich and empower its clients to add life and vision to a client’s diversification interests. Uriel helps clients with new-twist ideas to protect and refine their products. This is especially important when such concepts might still be in their infancy.
New products with new-twist functionality frequently are unrefined and leave many doors open for competition where companies can design around a client’s patents. New product concepts might not yet be refined to protect different variations of a concept that a competitor might take advantage of.
Uriel works to close this loop hole by coming up with a set of logical and technically feasible product variations. The aim is to develop variations that have a high degree of commercial viability. Uriel recommends that the best variations be further patented and protected. Trademarks are also important to protect product launches that a client might seek to monopolize.
As a primary design principle Uriel looks to develop and protect variations of products that a client might have never considered. Protecting variations can create new markets for clients. Uriel’s Design Variation Brainstorming Sessions are an essential part of the product development innovation process. Such sessions preserve and protect the life blood of new concept product opportunities that have disruptive new-twist functionalities.
Disruptive Product Innovation Focus.
Great product development starts with a unique product idea that has proprietary functional characteristics. Product development ends with a product that has been engineered and refined from one or more carefully crafted patents. Developing a portfolio of patents that protect the novel design and functional elements of a new-twist product concept is of great advantage. An expanded patent portfolio can serve as a stepping stone for a client to enter into the international marketplace with a greater global competitive advantage.
Visionary Development Focus.
Uriel’s provides a strong product innovation management and visionary development focus. Uriel equips clients with the proper skills and mindset to navigate and nurture their new product through the development process.
Uriel’s highly focused approach, especially in developing high quality intellectual property and design variations, helps reduce investment risk. It creates a sounder platform for fund raising, mergers and acquisitions, divestitures, licensing, and other transactions. The laser focus of Uriel’s brainstorming sessions are directed towards a client’s innovation initiatives. Uriel enhances a client’s commercialization interests by providing the necessary thoroughness and leadership to encourage creative solutions. Uriel’s focus and experience gives client’s an edge over the many challenges that might come up in launching a new-twist product.
Brainstorming & Due Diligence.
Uriel experts and alliance partners collaborate to assess and fully develop a client’s product development plan. Uriel’s internal focus is to define all applicable scientific and regulatory requirements and craft a customized product development and testing strategy.
The aim of Uriel’s due diligence and focus is to minimize the cost and time required to develop prototypes. Uriel also looks to get regulatory approvals and to meet industry standards to perfect a product launch. Whether a client’s proposed device is an improvement on an existing product or a revolutionary breakthrough, Uriel’s team brings decades of product development experience to the table.
Patent Analysis; Patent Consulting; Funding.
Uriel’s Commercialization Consulting Operations include analyzing existing patents to get a feel of the prior art. Uriel then develops and executes a product development strategy designed to embrace the development of a new and unique product niche that a client can exploit.
In full turnkey services, this analysis can lead to an array of design tweaks that can expand patent portfolios. Uriel assists and encourages clients to develop a variety of alternate patentable embodiments. Doing this serves to increase the likelihood that one or more of these embodiments might lead to a disruptive innovation that a client might have never considered.
Uriel analyzes the competitive and situational landscape, it identifies market gaps, it optimizes products and marketing. Uriel helps companies position themselves by also helping clients come up with trademarks that stand out and grab the attention of buyers in their market segments.
Uriel analyzes a client’s business model and it assists with the development and or tweaking of business plans. Uriel assists clients in commercialization and monetization objectives. Uriel provides business assessments and valuations that can be used to better strategically position a client’s company. As part of Uriel’s turnkey consulting services, Uriel can also assist companies in their fund raising activities to assist them in acquiring debt or equity financing or to raise money through merchant cash advances and interim project financing.
Think Tank Services.
Uriel’s design expertise and scope ranges from low-tech to high-tech products. A generic overview of Uriel & Alliance Capabilities include:
business plan development,
market research consulting,
corporate and subsidiary start up consulting,
ad hoc board meeting consulting,
growth & diversification consulting,
product development, engineering, research & development consulting,
intellectual property consulting & development,
intellectual property prior art analysis,
intellectual property consulting,
intellectual property tweaking & improvement,
intellectual property portfolio development and expansion,
proposal development & negotiation,
project & contract management,
corporate and subsidiary development,
product and corporate image branding and positioning,
innovative product search and product acquisition consulting,
Uriel brings rich resources and alliances to clients to help client’s develop, commercialize, and monetize their unique product concepts. Uriel’s Turnkey Consulting Practice focuses on developing, enhancing, and improving new-twist client product opportunities. Uriel seeks to better position a client’s billion dollar idea for greater global competitive advantage. Uriel works with startups and with companies that have been in business for years.
Business Process Improvement Consulting.
Further, Uriel engages to provide consulting services for continuous process improvement including business process re-engineering. This can include design and engineering changes, the development of management and operational plans, organizational change and the development of third party alliances to help clients grow.
Uriel can evaluate performance and it can help clients establish continuous improvement and innovation-focused programs. Uriel also develops alliances for Manufacturing and it engages in cost-benefit modeling to help clients determine if an outsourcing
and off-shoring model is appropriate for their venture.
Experience to make a difference.
Uriel’s experience, connections and knowledge can take care of a client’s biggest hurdles in the product development lifecycle. This allows client companies to focus on core sales and operations activities. Uriel engages from prototyping to mass production, from manufacturer discovery to vetting.
Uriel is with you each step of the way. We can help you produce, package, certify and deliver your products to your buyers. We can set up e-commerce websites to help you sell your products online. We can connect you with manufacturing reps and retail connections to properly sell and distribute your product. Uriel seeks to develop the most specific and high margin channels possible.
Uriel helps clients explore licensing of their ideas. A license can be sold to one or more existing product manufacturers, distributors, retailers, wholesalers, and sales organizations. Licensing gives clients an affordable and effective way to generate income off of idea(s) without footing the entire bill. With licensing, clients can avoid the costs of prototyping, manufacturing and marketing of their product concepts. This alternative allows clients to escape footing the bill. Licensing can eliminate the headache of trying to compete with existing manufacturers. This option further allows clients to partner with manufacturers, distributors, and other sales and marketing channels that would otherwise be a client’s competitor. Through licensing, a client can collect a paycheck in royalties when one or more licensees are engaged as part of a client’s product launch strategy.
To achieve greater commercialization success it helps to have management advisors that have extensive brainstorming experience. Focused brainstorming is an essential part of product design, engineering and commercialization. Uriel’s internal innovation expertise combined with the experience of its alliance partners gives Uriel clients a greater global competitive edge over competitors.
High Standards of Integrity and Business Ethics.
Uriel clings to the highest standards of integrity, professionalism, scientific practice and ethics. Uriel does not believe in cutting corners or using a cookie-cutter approach. Uriel provides an honest assessment, realistic timelines, credible science, accurate proposals, and an effective regulatory strategy. Uriel takes pride in delivering innovative solutions and works to produce extraordinary results for clients. Uriel strives to get involved in projects where it feels it can provide its visionary brainstorming and alliance expertise to the table. Uriel’s Visionary Leadership can help clients command and secure a substantial niche in billion dollar developing industries.
Eliminating Bureaucracy That Stifles Innovation.
Product innovation within a well-established product design company can be challenging. This is especially true where bureaucracy serves to stifle innovation and out-of-the-box thinking. Complicated development processes and procedures, corporate politics and policies, including competing priorities can hinder creativity. This usually serves to limit the development and acceptance of unique disruptive ideas. Smaller companies tend to be more successful as innovators where bureaucracy and competing priorities don’t create road-blocks to creativity and invention. One option for corporations that are struggling to innovate and gain a leading edge in product design and engineering is to outsource innovation to a product development consulting firm like the Uriel Corporation® Think Tank.
See the following blog links for more Information on Uriel Corporation’s Turnkey Think Tank Services: