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New Web site lets manufacturers buy, inventors sell ideas

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Thursday, July 9, 2009

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Media Contact: Herb Booth, Office:817-272-7075, Cell:214-546-1082, hbooth@uta.edu

ARLINGTON - The Texas Manufacturing Assistance Center at The University of Texas at Arlington is providing a new Web-based service that will match inventions with companies that can use them.

The Innovation Marketplace is designed to connect innovations and inventions with potential investors, distributors and manufacturers.

Think of it as an online "matchmaker" marketplace where inventors, patent holders and intellectual property owners can post ideas in search of partners, buyers and licensees, but with one big exception. Before inventions are listed, the registry provides in-person or online workshops to help inventors recast their often-technical prose in jargon-free descriptions for the business and industrial customers shopping at the site.

Only eight days after its April 20 launch, the site received more than a half-million inquiries from people who had gone on site and either looked at innovations or posted requests for innovations.

Among the thousands of inventions listed on the Innovation Marketplace for sale or licensing to manufacturers are an Edible Ice Cream Stick, Rock RebarTM, Santa SealTM and a PVC/Vinyl Fence Lighting System.

According to a recent Wall Street Journal article, "A Best Buy spokeswoman says the company hopes to tap the innovation registry for products that it could sell in its stores, or for technology that could make its business processes more efficient."

Vice President Joe Biden and U.S. Commerce Secretary Gary Locke announced that the initiative would help revitalize supply chains and equip manufacturers to use emerging technology and find new market opportunities.

The USA National Innovation Marketplace is a service of the National Institute of Standards & Technology Manufacturing Extension Partnership of which TMAC is a partner. In North Texas, TMAC has an alliance with The University of Texas at Arlington at the university's Automation & Robotics Research Institute.

The Innovation Marketplace was created by Doug Hall and his Eureka! Ranch consulting team. Eureka! Ranch helps businesses innovate successfully and quickly. Hall is the author of four best-selling books and hosted or starred on a wide range of network radio and television shows.

The new Web site service is free to manufacturers. TMAC and the Innovation Marketplace charge entrepreneurs a fee for listing ideas or inventions.

A free 60-minute demonstration of how to use the Innovation Marketplace will be held at 9 a.m. Wednesday, Aug. 5, 2009, at UT Arlington's ARRI, 7300 Jack Newell Blvd. South, Fort Worth, TX 76118.

Contact TMAC Growth Coach Tom Pryor at 817-475-2945 or email Tom.Pryor@TMAC.org for more information on the new Web site, listing ideas or registering for the free Aug. 5 demo.

To read more about the National Innovation Marketplace program, click: www.planeteureka.org/marketplace/.

About TMAC: www.tmac.org/

TMAC (The Texas Manufacturing Assistance Center) enhances the competitive position of the Texas economy. TMAC's manufacturing professionals work with a wide range of firms and organizations, delivering training, providing technical assistance and implementing best business practices. Focus areas include lean manufacturing and lean office principles, technology solutions, strategic management, quality systems, environment and safety. TMAC is an affiliate of the Manufacturing Extension Partnership (MEP) program of National Institute of Standards and Technology (NIST).

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The University of Texas at Arlington is an Equal Opportunity and Affirmative Action employer.

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