British Design Innovation is launching an on-line intellectual property trading portal called Innovation Bank that aims to foster collaboration and enable designers to develop new revenue streams through their IP.
According to BDI chief executive Maxine Horn, designers regularly create IP but struggle to capitalise on it financially.
‘Designers generate their own products and brands but don’t have an outlet to bring them to market without access to other parties, be that funding, technology specialists or manufacturers,’ says Horn.
Innovation Bank will allow ‘deal trading that can be anything from equity investment to licensing or buyout,’ says Horn.
‘Fees are no longer a great model for growth. Trading in IP and building up an asset base and a steady flow of income from licensing or royalty is another revenue stream,’ she adds.
Only BDI members will be eligible for access, but they will be able to endorse other companies for membership. Rather than charge fees, the site will take a 2 per cent commission that will be paid into a fund to support young designers and entrepreneurs working on ‘societal or environmental projects that benefit everyone’, says Horn.
See www.britishdesigninnovation.org for more details.