Ideas that translate into commercial success
26 March 2009
Peter Robertson, Founder, OneClick Technologies
Andy Davies, Business Development Director, Gripple Limited
Used in the construction and fencing markets, the Gripple product is sold in 85 countries and the company now employs 240 people.
Peter Robertson began developing the idea of the Intelliplug in 1989. The only way to raise capital without giving away equity was to take out 22 credit cards with low interest rates! At one stage Andy had £250,000 worth of debt on the cards!
The importance of R&D
- Gripple spend 4% of turnover on R&D and has a product base of 2000 items. It employs an individual whose job is to identify R&D grant funding opportunities.
- OneClick spends as much as 25% of turnover on R&D; their highest expenditure on any item. The company can take up to 3-6 years to develop a project although aim to bring it to market in 6 months.
- Patents give you a USP – to be able to say that you have a "patent pending" provide you and your product with credibility. A patent can cost as little as £1800 upwards. Andy advises to spend as much as possible on R&D. Keep hold of your IPR and licence to others internationally if you have the opportunity.
- The Gripple approach has been to take a product and think hard about how the technology can be applied to different uses and markets. Look for alternative applications. Once you start with a problem you will be led in to a spider’s web of related problems and ideas. But it is important to meet a defined need and not one that you imagine. Talk to the right people in the market to see if there is a need for the product idea.
Innovation Culture
- At the beginning, OneClick offered staff shares in the business rather than permanent salaries.
- Gripple is a business largely owned by its employees who have the option to invest in Gripple shares. Of the 240 employees over half own shares in the company. This has generated incredible loyalty and commitment towards the company. Involvement in the company inspires people to come up with ideas and to innovate. Strive to develop an innovation culture in the business
Awards and PR
- Find a product champion – ideally one that will generate for you positive PR and media testimonials.
- Enter Business Award competitions – they generate positive publicity and are a good way to benchmark yourself against other companies – are we as good as we think we are?
- Being able to negotiate is a key strength.
- Don’t be afraid to ask for help, support and advice. People can be very benevolent towards those trying to develop a small business – Don’t be too proud to ask for help!