Frank Bannigan, managing director of Kambrook, developed the electrical power board in 1972. The product was hugely successful and was the basis for Kambrook’s growth to become a major producer of electrical appliances.
However, the power board was not patented and Kambrook ended up sharing the market with many other manufacturers.
THE LESSON: PATENT YOUR IP
According to Frank Bannigan, ‘I’ve probably lost millions of dollars in royalties alone. Whenever I go into a department store and see the wide range of power boards on offer, it always comes back to haunt me.
Today Kambrook has a number of patents and pending patent applications for improvements in a range of consumer goods.