Big Idea

1237 WordsNov 21, 20105 Pages
Lean Thinking: Step 1 Value: In an extremely competitive toy industry; Michael Collins came up with the BIG Idea group (BIG). The purpose of this group is to find a way to exist in this industry, while making profits and achieving objectives. The objective is to process the idea as a resource and transform a valuable product into a highly profitable business (Economies of scales). According to Collins, “The basic concept (company Policy) was to create a company that would tap into the incredible entrepreneurial power of legions of individual inventors.” BIG saw that the players in the market were lacking imagination and innovation. Thus the group saw the opportunity to enter the toy industry and attempt to capture market shares and…show more content…
Pull The pull approach is how quickly a company fills a customer’s demand for a product or service. BIG idea group had the ability to produce the product and present the product to the buyer in the most cost efficient way possible. BIG ideas were pulled as follows: • Companies outsourcing their unsolicited ideas to BIG. These companies did not have the time or staff to seek out potential good ideas. (Linkage) • BIG draws on their existing knowledge on what the idea buying companies are looking for in a new product. Take for example the case of Tiny Totes. A woman and her two friends had a great idea that needed further development. With the help and knowledge of BIG group, they were able to refine this product and were able to market this product to make it a reality. http://www.uspto.gov/patents/process/index.jsp#heading-1 Patents Process A patent for an invention is the grant of a property right to the inventor, issued by the United States Patent and Trademark Office. Generally, the term of a new patent is 20 years from the date on which the application for the patent was filed in the United States or, in special cases, from the date an earlier related application was filed, subject to the payment of maintenance fees. U.S. patent grants are effective only within the United States, U.S. territories, and U.S. possessions. Under certain circumstances,

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