Invention Machine, founded in 1992 to address the issue of sustainable innovation, is the developer of Goldfire Innovator, software that brings predictability and repeatability to the process of turning ideas into products.
The technology couples problem-solving workflows and trend analysis with a semantic research engine that combs through corporate databases, external websites, and worldwide patent data. With a multi-lingual interface and a new risk analysis capability, the product enables engineers and management teams to collaborate on ideas and market opportunities to quickly develop a product that is right for the target customer base.
While there may be no lack of ideas percolating in a corporation, there is generally a need to formalize the process. Using Goldfire Innovator, manufacturers move from "accidental innovation" to "sustainable innovation," the company says.
"We can take concepts and make sure they get translated to products within minimum time frames and in the most cost-effective fashion," says Mark Atkins, Invention Machine's chairman, president, and CEO, who took over in 2002, when the company was on the verge of bankruptcy. Within two years, Atkins had reengineered the organization and poured money into Goldfire. Now, Atkins views the company, in its third year of profitability, as a successful "restart." And so do customers.