Inventions and Marketing

Inventions and Marketing

  • Submitted By: millernat
  • Date Submitted: 10/23/2013 10:01 PM
  • Category: Business
  • Words: 438
  • Page: 2
  • Views: 110

The Correlation Between Inventions and Marketing
In the article "Rubber Bandits" from the Inventor of the week segment of MIT's website the idea had by Adrian Chernoff is discussed. Chernoff grew up in Albuquerque, NM, and studied to become an engineer; he got his Bachelors and Masters of science from the University of New Mexico, as well as hi Masters of Business Administration. He went on to work for a number of organizations, including NASA, Walt Disney Imagineering, and other private laboratories. In 2000 he got a job working for General Motors as Chief Vehicle Architect where he worked for five and a half years, developing vehicles that ran on alternate forms of energy. In 2005 he heard about a competition hosted by Staples® in which competitors would submit ideas for new inventions, and they would be judged passing through several round of elimination. Some of the judges included Tom Stemberg: founder of Staples® and Art Fry: the inventor of Post-It Notes® The prizes were cash and a licensing agreement. Chernoff had promised his mother he would enter the competition, and with the deadline fast approaching he began brainstorming, he thought about how he organized different types of media, and how he once tried to attach a Post-It Note to a rubber band, but it didn't work. That's what gave him the idea for Rubber Bandits®, they could be used to hold many types of thing including discs, flowers, scrolls, and tool, and it included a strong label for identification. He submitted his idea and after several rounds of competition and improvements on his idea, he won the Invention Quest. He won $5,000 and a two year licensing agreement with Staples to sell his product. Chernoff continued his career of inventing by starting two Idea companies and now holds over 75 patents.
The idea that Chernoff had seemed pretty simple, and I think most consumer product inventions that just spring up rather than evolve over time are usually quite simple. He really just took two...

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