BRITISH DESIGN INNOVATION LAUNCHES INNOVATION BANK

20 April 2007
Brighton (United Kingdom) - The launch of the Innovation Bank from the BDI is in line with its mission is to foster collaboration between members and create an environment to deliver sustainable innovation.
Brighton (United Kingdom) - The launch of the Innovation Bank from the BDI is in line with its mission is to foster collaboration between members and create an environment to deliver sustainable innovation.

Why an Innovation Bank?
No service, product or proposition ever came to market without the intellectual knowledge and skills of several expert parties. Providing those parties with an accessible and equitable means of trading IP is beneficial to all concerned. Importantly, it assists originators to build their own asset base through IP license, royalty, equity and IP buy-out deals; at the same time as enabling access to lower risk innovation for groups from SME size to global players.

What is the Innovation Bank?

Innovation Bank (IB) is a unique IP trading portal developed by British Design Innovation specifically for the professional design and innovation community.

IB is a multi-dimensional, collaborative innovation model that respects and values the role that designers, originators, academics, technologists, industry, and deal makers play in generating commercial income through the creation of user-centric products, services and propositions & bringing them to market at the right time.

It's safe, equitable and ethical. Non-disclosure is assured via professional membership.

Whilst innovation, concepts, ideas, applied research, technology, materials, IP, latent IP, propositions and knowledge transfer offers & needs are uploaded to the Bank, the management of the interests and trading within the Innovation Bank is serviced by BDI.

Strategic Design Industry in a Paradigm Shift

The strategic design sector is going through a paradigm shift in terms of how it negotiates the purchase of its' knowledge, skills and expertise with other players in the innovation space including entrepreneurs, vision-led SMEs up to the largest global players.

Arguably, strategic designers are a key group in the innovation process who have a unique thought process and skill base. Conversely their expertise, whilst critical, cannot be commercially adopted without the input and expertise of industry, academics, technologists and dealmakers. The IB provides strategic designers with the space in which to gain commercial recognition for their IP contribution to the innovation process, alongside those innovation originators in industry, science, technology and academia.

Quality Control and member endorsement

Unlike some one dimensional models, where any individual with a self diagnosed eureka idea can for free or for a small sum, upload their idea to a web portal for feedback from a small group of specialists; Innovation Bank controls quality via the professional membership itself.

Hundreds of BDI professional members receive innovation approaches from all types of individuals and start-up firms. BDI provides to its professional IB members, documentation that it can pass on free of charge to the enquirer. On completion and re-submission of this documentation (often with guidance) the BDI member firm can then endorse the individual or company for membership to BDI and the Innovation Bank.


All individuals and firms are provided with offline documentation; evaluation, feedback, guidance and or approval for membership. This enables the professional membership itself to uphold the quality of submissions to the Bank, either by joining start-ups in value-added partnerships, or endorsing their proposition to be uploaded to the Bank and traded with other membership groups.

It thereby offers an additional advantage to approved professional members to deal effectively, efficiently and politely with incoming entrepreneurs and SME enquiries and provide those with viable ideas with a means to trade with others. Equally it provides a means for professional members to sort the wheat from the chaff' and decide upon which ideas they themselves might invest in and trade a value-added proposition with other innovation circle members.

The role of the Innovation Bank in assisting change

The Innovation Bank is providing a service to assist product & service design development firms, structural packaging firms, high-end interactive and digital technology designers and high-end brand development firms to trade their own IP based propositions with industry in an equitable and safe manner.

Additionally, it enables all other innovation players, including the design originators, to communicate innovation criteria, needs and requests, between industry membership groups to gain key knowledge and identify the expert partners they require to complete the innovation circle.

The existence of Innovation Bank will assist all type and size of organisation to lower risk and share rewards in an equitable manner. Barriers can be broken down if professional players accept that innovation is not a them and us' scenario between originators and industry.

Direct member benefits

- The largest global players benefit from drawing in from agile originators; individuals; and firms, the next generation of technologies, ideas, trends.
- SMEs can benefit from selecting ideas, technologies, propositions that they can license on lower risk from originators.
- Originators of all type and size can benefit from gaining safe exposure of their knowledge, expertise, ideas, and propositions in a commercial environment. Originators can begin to build an IP asset base to reduce their vulnerability during economic down turn and to build the value of the business beyond the skills of their current employees and client list.
- Academics can benefit from commercial dissemination of their studies; applied market application and commercialisation of their research.
- And all parties can benefit from access to each others knowledge, skills and expertise.

The Innovation Bank facilities are provided free of charge to approved BDI members.



For further information please contact:

British Design Innovation
9 Pavilion Parade
Brighton
BN2 1RA
01273 621378
E:
W: www.britishdesigninnovation.org

About BDI
BDI has a portal in all nine English regions, plus Scotland, Wales and Northern Ireland, most supported by a board of regional directors. See BDI HQ web site and click on BDI Team for details.