Invent-Tech receives updates on tool invention, feminine hygiene accessory from manufacturers…

May 14th, 2007

Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in on a very busy Monday. Our workday was replete with updates on various ongoing situations as we kicked off what should be a productive full week in the office for our Manufacturer Response Team.

To begin with, we received some less-than-ideal news regarding the tool invention from the Invent-Tech roster that we had reported back on November 28th, 2006 (”Invent-Tech receives positive news from company evaluating kitchen accessory; advanced level of interest secured on tool invention…”) had become the subject of an advanced level of interest. The company that had been evaluating the invention specializes in “sourcing” the manufacturing needs of U.S.-based companies to overseas factories, and therefore relies on that activity as their main source of business. Even though the Manufacturer Response Team member who has been handling this company’s interest since its onset had just spoken to the owner of the company on Friday afternoon, and the potential licensee had agreed to fax over some requested modifications to the licensing agreement draft that they’ve had in hand for months, we received a subsequent e-mail from him this morning informing us that after taking the weekend to think matters over, he realized that the dramatic upturn in his core busines that he’s recently been experiencing would not allow him to devote any further efforts to the invention at this point in time.

While the culmination of this scenario is inarguably disappointing for both the inventor and Invent-Tech, it is also a realistic depiction of what can sometimes occur in the midst of attempting to pursue an invention to market. Almost every inventor whose idea has eventually reached the marketplace has at least one story of a company that seemed on the brink of signing an agreement that would have allowed things to move forward, but that backed away at the last minute for one business reason or another. As we’ve stated many times, the only option in a situation such as this is to simply pick oneself up, dust off, and continue on the journey.

The second product idea is a feminine hygiene accessory that we had most recently reported on in a February 28th entry (”Invent-Tech closes out fruitful February by securing advanced level of interest in 2 more product ideas…”). As we’d mentioned in that post, the Florida-based company that had expressed an interest in reviewing the product idea for the purpose of potential licensing had plans to conduct some market studies to determine possible interest. They did in fact respond to a request for an update by the Manufacturer Response Team member handling their interest by informing us via e-mail that so far the outcome of their research has not been very positive. However, the company representative also stated that they would continue their evaluation for several more weeks before making a final decision.

The Invent-Tech Network pledges to bring you the latest news involving Invent-Tech inventor product ideas, even when there are temporary setbacks such as the ones described today. Check back frequently for the latest!

Entry Filed under: Licensing News, The Invention Hub, Invent-Tech News