License in Your Next Blockbuster Product Idea

In today's hyper competitive globalised market, product manufacturers face immense pressure to constantly innovate and develop new products that meet the evolving needs and preferences of their customers. However, creating successful new products is not an easy task, and it requires a significant amount of time, effort, and resources.

To stay ahead of the competition and succeed, manufacturers must have a pipeline of new product design ideas. This means having a continuous flow of fresh ideas that can be developed into innovative products that address the needs and preferences of their customers. A robust pipeline of new product design ideas is essential for manufacturers to remain relevant and competitive in their respective markets.

One of the benefits of having a pipeline of new product design ideas is that it allows manufacturers to differentiate themselves from their competitors. By developing products that are unique and offer more value to customers than what is currently available in the market, manufacturers can stand out and attract new customers. This can be especially important in markets where there are many competitors offering similar products.

In addition to differentiation, a pipeline of new product design ideas can also help extend the lifecycle of existing products. By continuously improving and updating their products, manufacturers can keep them relevant and meet the changing needs of their customers. This can also help manufacturers maintain their market share and even increase it over time.

However, not all manufacturers have the resources to develop a pipeline of new product design ideas in-house. This is where licensing in product ideas from external designers can be beneficial. By working with external designers who specialise in industrial/product design, manufacturers can access a wider range of ideas and expertise and accelerate their product development process.

While many manufacturers do value design, some do not place enough emphasis on it due to cost, lack of understanding, short-term focus, and lack of expertise. However, good design can bring significant value to a business by differentiating it from its competitors, improving customer satisfaction, and driving long-term growth and profitability. By investing in design, manufacturers can stay ahead of the competition and meet the evolving needs of their customers.