EIP streamlines the innovation process
Today, life is more challenging for Big Consumer Product Companies (BigCos). They face the heavy burden of shorter competitive cycles, massive retailer consolidation, globalization complexity, and quarter-to-quarter scrutiny by Wall Street. This new landscape drives significant organizational changes. Where once BigCos depended almost exclusively on a "built here" mentality, they increasingly look to "external sourcing" for tomorrow's growth-spurring innovations. By having a known, and trusted, intermediary helping to identify and groom the most promising inventions externally, a BigCo can realize bottom-line benefits:
- Shorter time to market
- Lower risk
- Greater revenues and profits
- Reduced/reallocated R&D investment
- Simplified dealings with the inventor community
An inventor may have a great idea, but what next? It's good news that more BigCos are sourcing farther afield for invention and innovation. However, inventors also face many of the same complex challenges the BigCos face — with fewer resources. It's sound practice to have a knowledgeable partner guiding you through important decisions and mitigating risk. Truth is, many inventors would rather invent than get consumed in commercialization. And recent research has demonstrated that licensing can generate higher net returns than going it alone. By working with a trusted and value-added partner, inventors can benefit in several critical ways:
- Better positioned propositions for BigCos
- Lower personal investment of time and money
- Shorter time to revenue
- Greater long term profit
- More time to focus on the next big idea
Why EIP & Clorox?
Getting licenses done between BigCos and inventors with promising new products is hard. Every deal involves multi-functional teams evaluating the product, lawyers, posturing, and negotiations. And that's time-consuming and expensive. In today's world, speed matters. That's why with EIP acting as the screening and filtering front-end, Clorox doesn't waste time - EIP does the initial scoring of the product concepts. Further, by virtue of the first standardized contract in the industry, Clorox (and the inventor) have a single, simple decision to make on a fast timetable: yes or no. It's a simple up-or-down vote with no extra legal fees, and no interminable waiting periods to hear back.
EIP has been in business for over 5 years and has evaluated over 4000 new products. We will respond to you quickly and honestly, and you can get back to what you love doing: inventing.