A look back at Invent-Tech’s record breaking licensing week…

July 7th, 2006

Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with an end-of-week update. I have not had a chance to chime in since last week’s incredible run of licensing agreements that saw 5 deals in total come to fruition for Invent-Tech clients. It is accomplishments such as these that make the entire Invent-Tech team very proud and fulfilled with respect to the diligent work that we all put in each day towards licensing as many product ideas as possible. We felt it would be appropriate to review each of these successful licensing scenarios a bit further.

The first product to be licensed last week was the Rear View Mirror invention. This was the product that we had first reported on back in an entry on June 23rd (”Invent-Tech secures serious level of interest on two more product ideas; trade show product searches already initiated…“). As recounted in that entry, this invention was discussed with the eventual licensee during Licensing International 2006, and it was also originally sent to the company as part of the Innovation Direct™ manufacturer new product subscription service. This scenario is a perfect example of the efficiency and effectiveness of Invent-Tech’s licensing initiatives!

The Magnetic Mailbox Card, our second success, was the subject of a licensing agreement that was made official on June 27th. The interest that the licensee had in this product was first spotlighted here on the Invent-Tech Network during a June 8th entry (”Invent-Tech secures advanced level of interest on mailbox accessory; auto accessory licensing agreement appears to be in finalization phase…“). In this particular situation, the inventor and the manufacturer spoke at length several times, and even signed the agreement together. This is a particularly good example of the positive results that are possible when an inventor and potential manufacturer work closely together in exploring a product further. This type of interaction not only helps to enhance the chances of a licensing agreement being reached, it also can serve to supplement our professional involvement in the entire situation very effectively and make the negotiation process that much more streamlined.

Back on April 5th, we first reported on a potential licensing scenario involving the Self-Cleaning Aquarium (”Invent-Tech’s Manufacturer Response Team obtains results for inventors during eventful morning…), which ended up being the subject of a licensing agreement signed on June 28th. As we mentioned at the time, the product information had actually been in the hands of the eventual licensee for quite some time, and they had suggested some changes to the design they thought might be helpful. In this case, the inventor’s flexibility in accepting changes the licensee wanted to incorporate helped to make a licensing agreement a reality.

Innovation Direct™ also played a prominent role in the eventual June 30th licensing agreement reached for the Um Pack. This agreement was achieved with the same licensee who had previously acquired the rights to the Bag Rack and Rear View Mirror, which we feel demonstrates a couple of important points. For one, it is obvious that the ease and convenience with which manufacturers are able to view product information through Innovation Direct™ is yielding results. They are able to respond quickly with regards to whether they have further interest in an item, and our Manufacturer Response Team is able to act accordingly on this interest in rapid fashion. Additionally, this is also an example of the great results that can come from the strong relationship Invent-Tech can build with a company once they have an opportunity to see the substantial amount of innovations in our database.  

Last, but certainly not least, was an agreement that had been months in the making, and one whose progress we had reported on frequently here on the Invent-Tech Network. We first made mention of this situation in a May 3rd entry (”Invent-Tech attempting to negotiate second international licensing agreement…“), when we initially received a business plan from the licensee. Since that point, we engaged in multiple conference calls and exchanged various modifications on their licensing agreement draft. While there was certainly a fair amount of time invested in getting everything settled, it was well worth it in the end, as the inventor of the Manifold received a multi-year agreement with a very competitive royalty rate. Additionally, this agreement only covers the European rights to the item, and an agreement covering the North American rights is also still actively being negotiated. Once again, Invent-Tech went the extra mile in making sure that the interest in an invention from a manufacturer resulted in a potentially lucrative situation for the inventor.

As atypical as this prolific licensing week was in terms of the sheer number of agreements signed, Invent-Tech certainly goes into each single day expecting to achieve success for the inventors that contract us to represent them. While we have no way of knowing when the next success will occur, we have certainly already demonstrated that the initiatives Invent-Tech utilizes give the inventions that we represent a terrific chance to get noticed by relevant manufacturers!

Entry Filed under: Licensing News, Trade Show Buzz, Invent-Tech News