David Douglas hopes a group of United States innovators can do for wool what they did for LCD flat-screen television producer Samsung.
Mr Douglas, the chairman of Wool Research Organisation of New Zealand Inc (WRInc), said Samsung approached New York Innovation company Fahrenheit 212 to differentiate itself from the five other global LCD producers.
Their solution was to get Samsung LCD interactive screens into vending machines to advertise the stock on offer and to notify the supplier when the machine needed restocking.
Mr Douglas said in one week one of the interactive vending machine in a New Jersey mall had nine times the business of a traditional machine, and Samsung had now signed a deal with the largest mall owner in the US.
On its website, Fahrenheit 212 describes itself as an innovation company that is "focused on delivering big, top-line growth through the creation and commercialisation of tangible new products, services, brands and businesses."
Mr Douglas said it was not a case of Fahrenheit 212 knowing about wool.
"It's about developing new products and knowing the market," he said.
Wool Research has contracted Fahrenheit 212 to come up with different products using New Zealand wool that have to be commercially viable within two years or they do not get paid.
"This is not another report, not another plan for the wool industry; these are products that have to be commercialised within two years or they do not get paid."
Staff from Fahrenheit 212 have seen every aspect of the New Zealand wool industry and Mr Douglas said they were confident they could come up with new products.
Through Wool Research, he said Fahrenheit 212 could get access to wool research consortium funding as part of that product development.