Site tied to UTA will promote inventions
Dallas Business Journal
Manufacturers who are looking for the next great invention can access a research Web site that contains full reports on inventor-patented products, which is provided by the Texas Manufacturing Assistance Center at the University of Texas at Arlington.
The site, which is called The Innovation Marketplace, was created and is operated by Eureka! Ranch. The Texas Manufacturing Assistance Center at UTA is a partner of the National Institute of Standards & Technology Manufacturing Extension Partnership which launched Eureka! Ranch’s invention nationwide to connect inventors and manufacturers through a network called the USA National Innovation Marketplace.
Manufacturers can log on to the Web site for free and sort through an estimated 20,000 inventions listed by entrepreneurs on the site. Meanwhile, entrepreneurs and inventors drive revenue to the site by paying per listing, said Maggie Nichols, vice president of Eureka! Ranch International.
The company did not release revenue, although current revenue can be estimated when considering roughly 20,000 reports have been filed and inventors filing those reports in most cases are spending $2,000 per report.
The listings come with a full report on what a manufacturer’s expected returns will be based on the level of investment and informs manufacturers about whether a product is still in the idea stage or is a fully developed product.
Entrepreneurs who pay for the reports also receive the benefit of having the site describe the product in a tone that bypasses technology jargon and employs a more marketing-friendly, to-the-point message on how a particular product can be used, according to Nichols.
The site launched on April 20 and has already received more than a half million inquiries.
