Archive for July, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, here with another update. The multi-billion dollar hardware products company that we most recently reported on in a July 9th entry (”Update: Invent-Tech sends Innovation Direct™ package to multi-billion dollar hardware products company; positive feedback on multiple inventions already received…“) provided us with an update today regarding the status of 5 product ideas from the Invent-Tech roster that they have had the design details of for the past several weeks.
As per our contact at the company, who happens to be the Vice President of Product Development, the marketing team will be conducting a group review of the items tomorrow. Therefore, we certainly expect to have some sort of news before the week is out.
As soon as the details are in hand, we will pass them along to you here on the Invent-Tech Network. Stay with us!
July 31st, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, here with a Tuesday evening news flash. Our West Coast-based industry partner that receives frequent mentions in this space for his fine work with us is in the midst of a growing buzz regarding 5 computer accessories from the Invent-Tech roster.
As we had explained in a July 20th entry (”Breaking news: Invent-Tech’s industry partner requests more details on 36 inventions from super-sized Innovation Direct™ package…“), our industry partner had requested the design details on 36 items from the Innovation Direct™ package we’d sent him in anticipation of a meeting he was conducting with the head of a New Jersey-based company. That gathering resulted in Invent-Tech being able to secure a written advanced level of interest in two consumer electronics accessories from our roster, as we’d reported about on in a July 27th entry (”Breaking news: Invent-Tech secures written advanced level of interest in 2 consumer electronics accessories…“).
Also included in that group of 36 were several computer accessories, and now it appears that 5 of them could become the next subjects of advanced levels of interest from a manufacturer. A New York-based company that already took a serious look at another consumer electronics item from the Invent-Tech roster last year is the firm being alluded to, and Invent-Tech has already begun preparing specialized virtual reality presentations for all of the products in order to assist them in making a long-term decision on them.
If and when this company opts to take their interest to the next level by putting their intentions to evaluate the products for licensing we will inform you immediately, here on the Invent-Tech Network. Check back frequently!
July 31st, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, back with another update. We have jumped right back into managing our ever-growing Innovation Direct™ accounts this week by preparing and sending out a package of 21 product ideas from the Invent-Tech roster this evening to the Las Vegas-based company that we had most recently reported on in a June 7th entry (”Update: Las Vegas-based Innovation Direct™ company declines further interest in 3 Invent-Tech inventor products; additional product category to be included in next search at company’s request…“).
As we’d explained in that post, the company had narrowed down their interest to 3 inventions from the initial group they had been sent, and had given us the word that day that they would not be going any further with those either. As we’d also stated, we were planning on putting together a new package of items as soon as possible for their review and would be including a new category of products, fitness items, as per their request. The very succesful Licensing International 2007 and ASI Show Chicago 2007 trade shows certainly kept the Manufacturer Response Team busy the last several weeks, but we made sure to send a new group of ideas for review to this company as soon as it was possible.
Today’s batch of inventions consisted of ideas in the kitchen and health and beauty categories in addition to the aforementioned fitness items. As has become customary with Innovation Direct™, we now await this company’s impressions of the preliminary, non-confidential information they were sent on the 21 products, which we hope will come promptly. We will bring you any and all updates, here on the Invent-Tech Network.
Check back with us tomorrow for the latest!
July 30th, 2007
Good evening, Juan C. Blanco, Invent-Tech’ s Director of Product Licensing, here with a very positive update to kick off what should be another tremendous week. We are pleased to report that the inventor of the pool accessory that we most recently reported on in a July 25th entry (”Breaking news: Invent-Tech receives signed licensing agreement from manufacturer on pool cleaning accessory…“) has now signed the licensing agreement for his product that had already been executed by the manufacturer.
The faxed copy was received late this evening, making the agreement official. We will have more details on the agreement terms and the product idea itself tomorrow, here on the Invent-Tech Network. Check back with us!
July 30th, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with one final update on one of the most memorable days in recent memory for Invent-Tech. A week ago today, we had reported that our West Coast-based industry partner had selected 36 inventions for further review out of a super-sized 93 item Innovation Direct™ package we had sent him in anticipation of his meeting with the principal of a New Jersey-based manufacturer of consumer electronics accessories (”Breaking news: Invent-Tech’s industry partner requests more details on 36 inventions from super-sized Innovation Direct™ package…“).
The meetings took place throughout the week, and we are pleased to report that we were able to secure a written advanced level of interest in two of the items that were reviewed. The New Jersey-based company plans to perform their due diligence over the next several weeks on both inventions to determine their long-term suitability for their existing product lines.
As we always point out, securing a written advanced level of interest is customarily the crucial preceding step before entering into negotations on a licensing agreement, if the situation unfolds positively that is. We will certainly keep you updated regarding any developments with this scenario as they occur, here on the Invent-Tech Network.
Join us Monday as we begin our attempts to surpass what was a spectacularly successful week!
July 27th, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, chiming in with an update regarding a very positive development for 3 product ideas from the Invent-Tech roster. As we’d reported in one of our entries yesterday (”Breaking news: Invent-Tech receives positive impressions from Innovation Direct™ company on 3 inventions from latest batch…“), a New York-based Innovation Direct™ company had provided positive feedback regarding the trio of items after they had reviewed the detailed design information on them earlier this week. We are pleased to report that they have now opted to put their advanced level of interest in these product ideas in writing, as they will be evaluating them considerably over the next several weeks.
This company’s research on the potential of these products is expected to include their first-hand review of the prototypes on two of the inventions, a kitchen accessory and a cooking item. In fact, the Manufacturer Response Team member handling this company’s Innovation Direct™ account already spoke to the inventor of the cooking product today, and obtained considerable detail on the functionality of the product idea that he subsequently passed on to our contact at the potential licensee. He was also able to confirm that the inventor will ship the prototype to the company for review when they’re prepared to receive it.
This is certainly a very positive step in the process, and we look forward to even more spectacular developments in the future. Stay tuned to the Invent-Tech Network for all the details!
July 27th, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, back with another update regarding a company in our Innovation Direct™ program. In a July 24th entry (”Update: Invent-Tech receives feedback from Innovation Direct™ company regarding detailed design information reviewed for 6 inventions…“), we had mentioned that an Oklahoma-based company that had initially declared interest in reviewing design details on 6 out of the 15 inventions we’d sent them in their initial Innovation Direct™ batch had now narrowed down their focus to one of the items. As we’d also explained in that entry, they had requested some additional details on the product idea and its level of development, which we had obtained from the inventor, and we were now awaiting their next communication.
That update came today in the form of a morning e-mail from our contact at the company, who explained that they would not be going any further with the invention. As our contact went on to elaborate, his company’s view is that the level of research and development required to eventually make the item production-ready is too costly an undertaking for their preferences at this point in time.
While this is certainly not the outcome we’d ideally hoped for, we also know full well that this type of situation is part and parcel of pursuing an invention. Accordingly, we are already making plans to include information on this same product idea in an Innovation Direct™ package we are in the midst of putting together for another company seeking computer accessories. We also will be delving into the creation of the next package for this Oklahoma-based manufacturer, as our contact emphasized that he wished to review another robust group of innovations from the Invent-Tech roster as soon as possible!
Join us a bit later for some news on exciting developments regarding several items from the Invent-Tech roster!
July 27th, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with an update regarding our recent efforts to follow up on Innovation Direct™ packages that had been sent to two leads from the Licensing International 2007 trade show in June.
As we’d reported in a July 20th entry (”Update: Invent-Tech experiences brief delay in obtaining feedback on Innovation Direct™packages from two Licensing International 2007 leads…“), we had been informed by our contacts for two companies met at the June event that they would be providing feedback to us on the Innovation Direct™ packages we had sent them by early this week. We did not receive any communications whatsoever during the first four days of this week, so earlier today, both companies were sent follow-up e-mails seeking an update.
Overall, 45 product ideas from the Invent-Tech roster were submitted in these two Innovation Direct™ batches, so we are especially eager to obtain their impressions of what was reviewed and move forward to the next step in the process. We are certainly hopeful that there will be developments with these scenarios next week and will bring you all the details if there are, here on the Invent-Tech Network.
Check back with us frequently!
July 27th, 2007
Good Friday evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking with the first of several updates on what was an eventful closing to our work week. We begin by updating a situation we had most recently reported on just yesterday (”Update: Invent-Tech extremely pleased with quality of prototype of Tactical/EMS Leg Mate invention received today…“). As we’d explained in that posting, Invent-Tech had received the physical prototype of the recently licensed Tactical/EMS Leg Mate from the licensee of the product, and had shipped it off to the inventor via overnight delivery for his review.
We promptly heard from the inventor by midday today, and he reported being extremely pleased overall with the quality of the unit. The inventor, who is a professional emergency medical technician, explained that the only concern was that the product was not able to fully accomodate one of the common pieces of equipment he would utilize in his day-to-day tasks in the field. Accordingly, we promptly passed along this vital piece of feedback to the licensee’s Director of Sales, who serves as our contact. He responded by requesting that the inventor send a sample of the piece he was trying to fit into the unit, and reassured both the inventor and the Invent-Tech that this would be a relatively simple modification for them to make overall.
We are certainly pleased that this licensed product is moving along at the brisk pace we have witnessed so far, and hope that this continues until it is a successfully commercialized item. In the interim, we present this scenario as a good example of the work that still needs to to transpire after a licensing agreement is signed before production can even be initiated.
We will post updates to this situation as they become available, here on the Invent-Tech Network. Check back frequently!
July 27th, 2007
Good afternoon, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, chiming in with yet another update on a fruitful Thursday afternoon. We have just received an e-mail from the Director of Merchandising of the New York-based Innovation Direct™ company that had been reviewing detailed design information on 10 product ideas from the Invent-Tech roster, a situation that we had reported on in a July 24th entry (”Update: Invent-Tech receives signed non-disclosure agreement from New York-based Innovation Direct™ company for 10 items; detailed design information already sent this evening via e-mail…“).
As per the correspondence received by the Manufacturer Response Team member managing this company’s Innovation Direct account, they have expressed an interest in having 3 of the items formally reviewed by their Invention Committee in the coming weeks.
We are certainly encouraged by the prompt feedback that we have received from this company, and look forward to the outcome of their future deliberations on these items. As soon as we have any further feedback we will certainly bring you all of the details, here on the Invent-Tech Network. Stay tuned!
July 26th, 2007
Good afternoon, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, back with another exciting update. In a July 24th entry (”Breaking news: Invent-Tech to receive physical prototype of recently licensed medical product later this week…“) we had mentioned that a recently licensed product, the Tactical/EMS Leg Mate, had just had a physical prototype completed by the licensee, and that the item was being shipped to the Invent-Tech offices for review.
As expected, we received the unit this afternoon, and we are pleased to report that it looks outstanding. The quality and overall appearance of the product is superior, and we have already taken several photos of it here for our records. The unit is also being shipped to the inventor this afternoon for his review and approval. Once that is received, we will proceed with having an independent patent attorney initiate the patent application process, which Invent-Tech will be covering the expense of pursuant to our Inventor Assistance Agreement with the inventor.
Stay tuned to the Invent-Tech Network for more news!
July 26th, 2007
Good afternoon, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in early on a Thursday afternoon that has been replete with developments. Our first update concerns the Mississauga, Ontario-based company that we had most recently reported on in a July 23rd entry (”Update: Invent-Tech obtains further information on product categories desired from Licensing International 2007 lead…“).
As we’d mentioned in that posting, we were in the midst of putting together this company’s initial Innovation Direct™ batch. We had received additional information from them via e-mail regarding the specific product categories and sub-categories that were of interest and that they wanted Invent-Tech to focus their searches on. Accordingly, we carefully put together a group of 20 product ideas from the Invent-Tech database that were representative of their requests and sent the preliminary, non-confidential information on each to them earlier this afternoon via e-mail.
As customary, we now anxiously await their feedback on the initial details of these items, and certainly hope that a large number of them will be selected for further review. Once we have updates pertaining to this situation we will certainly bring them to you, here on the Invent-Tech Network.
Check back with us later for more updates!
July 26th, 2007
Good afternoon, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a licensing update. We are pleased to report that earlier today, we received a copy of a licensing agreement already signed by the principal of a California-based pool accessories manufacturer for a pool accessory from the Invent-Tech roster . This is the same invention and company that we had initially reported on in a March 26th entry (”Invent-Tech set to secure advanced level of interest in pool cleaning accessory…“).
As we’d explained in that posting, this company had taken a very strong interest in the product idea shortly after receiving the preliminary, non-confidential details on it in an Invent-Tech Manufacturer Introduction Package. After speaking with one of our Manufacturer Response Team members on March 26th, the company opted to put their advanced level of interest in the invention in writing. They have spent the last several months evaluating the long-term potential of the product.
As our contact at the manufacturer explained to us today, they have not completed all of the development work that is necessary on the item, but are more than sufficiently interested in it to not want to take a chance on losing the rights to it to another manufacturer that may come along. Therefore, the company had agreed to review a licensing agreement proposal from Invent-Tech last week, and after having their attorneys sign off on it, they executed the document earlier today!
The company has even agreed to include a modest, up-front acquisition fee in this case, along with committing to what would be considered an above-average royalty rate. Our next step is to get the agreement to the inventor for review and signature, a process which has already been initiated.
Once we have a fully executed agreement, we will bring you many more details on the product and the entire situation. Stay tuned to the Invent-Tech Network!
July 25th, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our final update for a very busy Tuesday. We have received feedback via e-mail from our contact at an Iowa-based company that we had met at the ASI Show Chicago regarding the initial Innovation Direct™ package we had sent him July 17th . This is the same company we had most recently reported on in an entry on that very date (”Update: Invent-Tech sends out initial Innovation Direct™ package to ASI Show Chicago 2007 lead…“).
Our contact at the company apologized in his e-mail for not having responded sooner to the preliminary, non-confidential information on 5 product ideas they had been sent, and explained that a heavy travel schedule had been the main culprit. More importantly however, he also stated that he had an interest in 4 out of the 5 items and was prepared to sign a non-disclosure agreement so that he could review all of the detailed design information for each.
We will promptly prepare and send the agreement tomorrow morning so that the next step in the process can be taken. As always, we will fully recap all feedback we are able to eventually obtain on these inventions, here on the Invent-Tech Network.
Join us tomorrow for more news!
July 24th, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with another Innovation Direct™-related update. Just yesterday, we had reported that a New York-based company in our Innovation Direct™ program had labeled 10 inventions from the latest batch of items we had sent them as being of further interest (”Update: New York-based company requests more information on half of the items in latest Innovation Direct™package…“). As we had explained, our next step was to have the company sign a copy of their Mutual Non-Disclosure Agreement that was inclusive of all the product ideas, so that we could then share all of the detailed design information on each one.
That process was successfully completed this afternoon, and the Manufacturer Response Team member handling this company’s account was therefore able to provide our contacts access to the invention websites for each item this evening. We now await their impressions and will certainly bring you the news on any developments here on the Invent-Tech Network.
Join us later for another Innovation Direct™ update to wrap up our day!
July 24th, 2007
Good afternoon, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with an update regarding our most recently licensed Invent-Tech inventor product. The medical accessory that was just licensed by a medical products manufacturer and that we most recently reported on in a July 18th entry (”Professional medical product manufacturer licenses Invent-Tech client’s EMS invention“), the Tactical/EMS Leg Mate, now has a completed prototype according to an e-mail update we received from the licensee’s Director of Sales a short while ago.
As we’d detailed in a July 13th posting (”Update: Invent-Tech receives signed licensing agreement for medical accessory…“), the licensee had informed us that they were very close to the completion of the prototype at that point. We are certainly pleased to see the urgency with which they are treating this product, and are hopeful of many more positive updates such as today’s in the future.
We are scheduled to receive the prototype in the Invent-Tech offices by Thursday of this week, and we will proceed with evaluating it and photographing it for our records at that point in time. The unit will then be shipped by Invent-Tech to the inventor for his final review and approval. As customary, we will keep you abreast of any new developments with this situation, here on the Invent-Tech Network.
Join us later for more news!
July 24th, 2007
Good afternoon, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in early today with an update. The Oklahoma-based Innovation Direct™ company that is the exclusive licenesee of a globally-renowned home electronics brand and that we most recenty reported on in a July 18th entry (”Update: Invent-Tech receives feedback from Innovation Direct™ company on package sent Monday…“) has provided us feedback via e-mail today regarding the detailed design information they had been reviewing on six Invent-Tech inventor products from their initial Innovation Direct™ package.
Our contact at the company informed us that only one of the six items is still of further interest. He made a couple of additional inquiries regarding the product idea, which we promptly directed to the inventor in a phone call earlier today. We then promptly e-mailed our contact back the information he had requested and now await further word on what their next step with the invention will be.
As soon as we have further details we will bring them to you, here on the Invent-Tech Network. Stay tuned!
July 24th, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, back with one final update for a momentous Monday. Earlier today, we had an opportunity to receive extensive details on the product categories desired from the prinicipal of a Missagua, Ontario-based sporting goods manufacturer that we had met at Licensing International 2007 during Day 2(”Invent-Tech enjoys productive afternoon during Day 2 of Licensing International 2007…“).
I had e-mailed both the Managing Director and Vice President of Marketing for the company requesting that they provide me with some specifics regarding which categories within the sporting goods industry they had the most interest in. I received an e-mail reply informing me that the company is truly diverse within this category, and seeks everything from inventions in hunting and fishing to team sports accessories. Additionally, the e-mail contained a 4 page company profile that detailed the various strategic partnerships that this manufacturer has with leading sporting goods and mass retailers around the world, as well as the multiple brands under which they distribute and market their products.
As we’ve mentioned before, when attempting to find a suitable licensing partner for an invention, one of the most vital characteristics to hone in on is marketing and distribution capability. A company that has extensive reach into retailers on a national and ideally, international level, is particularly valuable as a result. Needless to say, after reviewing the information sent to us today, Invent-Tech is focused on getting this company their first Innovation Direct™ package as soon as possible.
We expect to be able to send that initial batch of items from the Invent-Tech database to this company in the very near future, as considerable searching had already begun late last week. As soon as we do send off the preliminary, non-confidential information on the first group of ideas we will update you, here on the Invent-Tech Network.
Join us tomorrow for more news!
July 23rd, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with another update. Back on June 19th, during Day 1 of Licensing International 2007, we had reported on the representative of a multi-billion dollar company that had approached the Invent-Tech booth and spent time with our trade show representatives (”Opening hours of Day 1 of Licensing International yields contact with multi-billion dollar company for Invent-Tech…“). As we’d gone on to explain in that posting, the plans were for the gentleman who approached our booth to arrange for a conference call between Invent-Tech, himself, and another individual within his company that headed up the commitee that reviewed new products and technologies.
We followed up with an acknowledgement e-mail to the gentleman we had met that very same evening of June 19th, and since then have also sent another e-mail and placed two follow-up telephone calls in which voice mails have been left, the most recent being earlier today. At this time we have yet to hear back, but are still extremely hopeful of eventually being able to legitimately initiate what could be a very beneficial relationship for a considerable number of inventions on the Invent-Tech roster.
Any developments in regards to this situation will be reported immediately on the Invent-Tech Network. Check back frequently!
July 23rd, 2007
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, back with another update on a fruitful Monday. We are pleased to report that the New York-based Innovation Direct™ company that we just sent a package of information to regarding 20 product ideas from the Invent-Tech roster has already responded with further interest in 10 of the items! This is the same company that we had most recently reported on in a July 19th entry (”Update: Invent-Tech set to send out Innovation Direct™ package of 20 product ideas to New York-based company…“).
The Director of Merchandising for the company, who serves as our primary contact, responded via e-mail late this afternoon with the inventions he wanted more details on. Accordingly, we will put together a version of the company’s confidentiality agreement tomorrow that will be inclusive of all 10 items specified, and after it has been executed by both parties, we will proceed with sharing all of the detailed design information available on each product idea.
Updates on this situation will certainly be provided as they become available, here on the Invent-Tech Network. Stay tuned!
July 23rd, 2007
Previous Posts