Archive for December, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, here with a scheduling update. The Invent-Tech administrative offices will be closed for the holidays until January 2nd, 2008, so we will be taking a brief leave of absence from the daily updating of the Invent-Tech Network Blog until that date.
However, should any developments arise during this time, we will certainly bring you relevant updates in this space. With at least one licensing agreement being imminent, this is a very real possibility.
Check back with us next week!
December 26th, 2007
On behalf of the entire Invent-Tech staff, we wish all Invent-Tech Network readers a safe and happy holiday.
December 25th, 2007
Good day, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a quick Christmas Eve update. As regular readers of the Invent-Tech Network know, attendance at industry leading trade show events represents a key cog in Invent-Tech’s invention assistance efforts. Accordingly, we are constantly on the lookout for new trade show opportunities that can potentially benefit the product ideas on our roster.
With this in mind, Invent-Tech is currently considering two new events that we have recently been made aware of. The two shows each focus on product categories that are reasonably well represented on the Invent-Tech roster, but that we do not currently attend specific events for. One exhibit takes place in the summer, while the other is slated towards the very end of 2008.
While there are various factors for Invent-Tech to still evaluate, both events are being given serious consideration. As soon as final decisions are reached we will certainly update you, here on the Invent-Tech Network.
Check back frequently for the latest!
December 24th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a quick update to wrap up our week. Earlier Friday, our West Coast-based industry partner, who we have mentioned many times on the Invent-Tech Network and who has been integral in the securing of multiple Invent-Tech inventor licensing agreements in the past, made us aware that he is working with a company that is looking to launch a pet products line for the first time. Accordingly, he has requested that Invent-Tech provide him with invention information on several pet-related items from our invention roster.
The company making the request through our industry partner is actually the same outfit that recently licensed the Shake ‘N Wake Pillow, as was reported in a November 7th entry (”Patience pays off for Invent-Tech inventors with the signing of potentially lucrative licensing agreement…“). The manufacturer, which has mainly dealt in consumer electronic novelty and toy items up to this point, is prepared to diversify its product offerings, and we are certainly pleased to be able to have the opportunity to provide them with product ideas to consider for this venture.
Due to the Invent-Tech administrative offices being closed between December 24th and January 1st, we will be preparing the group of concepts for them early in 2008.
Join us Monday for more news!
December 21st, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a Thursday update. Earlier in the day, we received word via e-mail from the principal of the potential licensee of an Invent-Tech inventor electrical accessory that he would likely be getting together with the inventor in the evening to discuss the parameters of a licensing agreement for the invention. This is the same situation we had most recently reported on in a December 14th entry (”Update: Manufacturer coming close to making licensing offer on Invent-Tech inventor’s trucking accessory…“).
As we’d explained in that posting, the manufacturer had been in possession of a sample licensing agreement from Invent-Tech for quite some time, and had been reviewing its terms. In response to an e-mail inquiry from the Manufacturer Response Team member that has been handling this situation since the onset, the potential licensee explained that he wanted to review the manufacturing costs, and potential royalties they felt they could realistically offer in light of those costs, with the inventor directly. Additionally, the potential market and first year volume of sales is likely to be discussed.
We are certainly enthused by this step being taken, as it undoubtedly reflects the serious level of interest in the invention, and how close we may be coming to a licensing agreement. Stay tuned to the Invent-Tech Network for the latest updates as they happen!
December 20th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a quick “hump day” update. We have received further communication from the Oklahoma-based Innovation Direct™ company that has expressed an interest in an electrical accessory from the Invent-Tech roster. This is the same situation we had initially reported on in a December 13th entry (”Update: Oklahoma-based Innovation Direct™ company expresses advanced level of interest in Invent-Tech inventor electrical accessory…“).
As our contact at the company had requested at that time, we had contacted the inventor of the product idea and asked him if he had any prototype samples or other development completed on the invention. The inventor had informed us that he had nothing further available at this stage, and we had promptly informed the manufacturer of his response. We have now received an e-mail reply from our contact acknowledging this and also asking if we had any patent applications pending on the invention, or whether any recent patent novelty searches had been done. Our contact’s reasoning for asking these questions was that he planned to discuss the idea further with his electrical specialists within the company, but first wanted to be reasonably certain that there may not be any patented products that this concept conflicted with.
The Manufacturer Response Team member managing this company’s Innovation Direct™ account informed the manufacturer that Invent-Tech would be willing to have an independent patent attorney conduct an updated patent novelty search in order to address their concerns, and also emphasized that an exclusive developmental agreement would likely be in order at this point in time, due to the company’s obvious advanced level of interest in the idea.
We now await their response and are hopeful that matters will continue to move forward in a postive direction. As always, the latest updates regarding this situation will be found right here on the Invent-Tech Network!
Join us tomorrow for the latest news!
December 19th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with an update on an Invent-Tech inventor bedding accessory that has been the subject of an advanced level of interest from a Florida-based manufacturer for several months. This is the same situation that we’d most recently reported on in a September 28th entry (”Update: Conference call between Invent-Tech, manufacturer, and inventor of bedding product goes positively…“).
As we’d explained in that posting, a conference call between the inventor, Invent-Tech, and the manufacturer had taken place on that date with the overriding purpose of obtaining more information from the inventor on the concept. Additionally, all parties had agreed that the manufacturer would be putting together samples with different design options and features as the next step. Earlier today, our contact at the company confirmed that they had finalized three different prototypes of the invention and would be shipping them to us after the Christmas holiday.
Additionally, we were informed in our telephone conversation that the potential licensee had just acquired one of their largest competitors, and has therefore inherited a sales force and additional distribution channels that they previously did not have. Our contact explained that this could be integral to the potential success of this invention if they indeed decide to commit to it long-term in the form of a licensing agreement. The manufacturer and I agreed to speak again after he returns from a 2 week vacation, by which time he is hopeful of having received manufacturing quotes for this item that he’d solicited from multiple overseas factories.
While we are certainly enthused by all of these developments and look forward to receiving the samples in particular, we still must temper our excitement with the thought that none of it is a guarantee of future licensing success. Nevertheless, these steps eventually may prove to have been intergral toward that outcome, but only time will tell.
Join us Wednesday for the mid-week report!
December 18th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with an update to kick off our pre-Christmas week. We obtained some closure earlier Monday on a situation we had most recently reported on in a November 12th entry (”Update: Innovation Direct™ company expresses advanced level of interest in two product ideas from initial package…“), when we received a telephone call from the principal of a firm that an Arizona-based Innovation Direct™ company has hired to handle all invention submission-related matters.
As it was explained by our contact at this firm, the company has opted to not go any further with the two inventions that had been the subject of the aforementioned posting. Additionally, we were informed by this gentleman that the company has decided, at least for the time being, to seek out new innovations for their product lines internally as opposed to relying on outside submissions. As our contact explained, the company apparently feels that because they have never had a success with an invention that they’ve licensed from someone external to them, they may be better served going a different route at this point.
We certainly are disappointed to hear about these latest developments, but also understand that both situations described above are part and parcel of the invention submission process and in general, of trying to get a new product to market. Needless to say, Invent-Tech will continue undeterred in its quest to achieve licensing success for these two product ideas elsewhere!
Join us Tuesday for more news!
December 17th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with an update to wrap up the week. Earlier Friday, we received an e-mail update from the principal of an Ohio-based manufacturer that has already signed an exclusive developmental agreement for a trucking accessory from the Invent-Tech roster. This is the same company and invention that we had initially reported on in a December 4th entry (”Invent-Tech inventor trucking accessory becomes latest subject of exclusive developmental agreement…“).
As we’d explained in that posting, the manufacturer had opted to sign an exclusive developmental agreement at that point but due to their ongoing work with the inventor, they also felt that they were coming close to being able to make a long-term commitment to the invention in the form of a licensing agreement. Accordingly, the e-mail update received Friday afternoon by the Manufacturer Response Team member managing this situation since the onset stated that the company was close to being able to make a royalty percentage offer, and was also working with their product liability insurance carrier regarding adding this item to their policy.
Because the potential licensee has had a copy of a licensing agreement in hand for some time, we know that they have had ample opportunity to review the terms within it. Therefore, we are confident that when they allude to the fact that an offer is imminent, they are being forthright and realistic concerning their level of interest in the invention and in going forward. We are increasingly optimistic that we will soon be able to claim licensing success with this invention, but as always, only time will tell.
Join us Monday as we continue our red-hot December!
December 14th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with another Innovation Direct™-related update. Earlier Thursday, we received word via e-mail from our contact at an Oklahoma-based Innovation Direct company that they have an interest in 1 out of the most recent 9 items from the Invent-Tech roster that they had been reviewing detailed design information on. We had most recently reported on this situation in a November 29th entry (”Update: 9 of out 15 Invent-Tech inventor product ideas subject of further interest from Innovation Direct™ company…).
Our contact at the company explained that while the other 8 items would not be of further interest, they were intrigued by the potential of the electrical accessory. They requested that we contact the inventor as the next step, in order to find out exactly how much development he had performed on his product concept. The Manufacturer Response Team member handling this company’s Innovation Direct™ account has already placed a call to the inventor and is waiting to hear back from him in reference to this company’s questions.
Irrespective of the fact that this company only retains interest in this one item from the most recent group sent to them, we are enthused by the fact that the invention that has especially caught their eye is in the electrical category. As we’ve explained previously in this space, this manufacturer happens to be the exclusive U.S. licensee of one of the world’s most recognizable electronics brands, rendering them an especially attractive potential match for this product idea!
As customary, we will keep you abreast of all developments with this situation, here on the Invent-Tech Network. Stay with us!
December 13th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a mid-week update. Earlier Wednesday, we received the prototype samples and a demonstration DVD from the inventor of the fitness product that is the subject of an exclusive developmental agreement with a New York-based Innovation Direct™ company, and that we had most recently reported on in just yesterday (”Update: Invent-Tech secures exclusive developmental agreements from Innovation Direct™ company on two fitness inventions…“).
The prototypes are near-professional quality, and the DVD does a good job depicting the inventor using his product extensively during a workout. We certainly have high hopes that these materials will make an impact on the Invention Committee at the potential licensee when they review them in January.
As always, we will keep you posted on any developments with this situation as they transpire, here on the Invent-Tech Network. Join us tomorrow for more!
December 12th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with another update for a busy Tuesday. Earlier Tuesday afternoon, Invent-Tech received the prototype samples and test data that the inventor of an auto accessory from our roster had sent at the request of an Arizona-based manufacturer that had recently signed an exclusive developmental agreement on his product idea. We had most recently reported on this situation in a December 3rd entry (”Breaking news: Invent-Tech receives signed exclusive developmental agreement from Arizona-based manufacturer for automotive accessory…“).
As we’d mentioned in that posting, the manufacturer had opted to enter into the agreement after becoming intrigued by what they had viewed on the invention website. They had also requested that the inventor send them samples of his prototype and any written test data he could put together on how the units had performed in vehicles he had tested them in. Accordingly, the Manufacturer Response Team member handling this situation had contacted the inventor and passed along the request last week.
The inventor, who had agreed to promptly comply, sent the materials to Invent-Tech on Monday, and the package arrived earlier today. Invent-Tech will now send the materials to the manufacturer tomorrow for their first-hand review.
We are certainly hopeful that this will be an important step on this invention’s journey to licensing success, but only time will tell. As further developments transpire with this situation, we will certainly update you here on the Invent-Tech Network.
Join us Wednesday for our mid-week happenings!
December 11th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a quick update on a situation we had most recently reported on just yesterday (”Update: Innovation Direct™ company notifies Invent-Tech of advanced level of interest in two products from latest batch…“). We are happy to report that earlier Tuesday, Invent-Tech was able to secure exclusive developmental agreements on the two fitness inventions mentioned in that posting as being the subjects of advanced levels of interest from aNew York-based Innovation Direct™ company.
The company confirmed that their interest in these two items is serious enough to warrant a period of exclusivity where they can perform the necessary due diligence to help them make a decision on whether these product ideas are worthy of a long-term commitment on their part.
Our contact at the company explained that they expected to meet in earnest with their Invention Committee about these items sometime in January, by which time they will have received and had a chance to review the prototype and demonstration DVD that the inventor of one of the ideas will be sending them, and an intereactive virtual reality presentation that Invent-Tech’s Visual Design Team will be putting together on the other product.
This is obviously a situation that could potentially result in licensing success, but only time will tell. Stay with the Invent-Tech Network for the latest on any and all developments!
December 11th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a positive update to get things started this week. We are pleased to report that the New York-based Innovation Direct™ company that we had just requested an update from this past Friday (”Update: Invent-Tech seeks out updates from two Innovation Direct™ companies…“) has responded with an advanced level of interest in two of the items they had been reviewing detailed design information on.
The company informed us that two fitness products were the inventions they had been particularly intrigued by, and they asked Invent-Tech to check with the inventors to see if prototypes were available. The Manufacturer Response Team member managing this situation promptly followed up with both individuals and found that one of the items does have working prototypes and a demonstration DVD, while the other does not have any samples. However, in the interest of putting the invention in the best possible position to succeed, there is already discussion on how Invent-Tech may be able to assist further in this regard.
We are pleased to get the week started with a terrific example of the effectiveness of Innovation Direct™ . We will keep you abreast of any and all developments with this situation, including the possibility of the company signing exclusive developmental agreements on these items, here on the Invent-Tech Network.
Join us Tuesday as we roll on!
December 10th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our Friday update. We finished off a considerably successful week by checking in on two of the most recent Innovation Direct™ packages that we have sent out. We are referring to the detailed design information on 9 product ideas sent out to the Oklahoma-based company that we most recently reported on in a November 29th entry (Update: 9 of out 15 Invent-Tech inventor product ideas subject of further interest from Innovation Direct™ company…), and the detailed design information on 5 product ideas that were selected by a New York-based company out of their most recent package, as reported in a November 27th posting (”Update: New York-based Innovation Direct™ company returns signed confidentiality agreement for 5 inventions; detailed design information sent…“).
While we were able to successfully make contact Friday with representatives at both of these companies, we were informed on each occasion that a barrage of their own internal business had slowed down the evaluation process on the Invent-Tech inventions sent. However, both manufacturers also pledged to get back to us before the new year with their feedback.
We certainly are eager to receive these companies’ impressions, but also understand the fact that manufacturers are often quite busy at this time of year. Nevertheless, we are pleased to say that because of the rapid rapport we’ve been able to develop with both of these companies through Innvoation Direct™, we have full confidence that they will give our inventor’s product ideas priority as soon as they possibly can.
Join us on Monday for another great week!
December 7th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, with more details on the licensing agreement for an Invent-Tech inventor electrical accessory just signed yesterday (”Breaking news: Invent-Tech receives signed licensing agreement for electrical accessory…“).
Keith W. of Allegany, New York, the inventor of the Pre-Wired Junction Box, initially approached Invent-Tech in mid-2005 and opted to enter into an agreement for inventor assistance services at that time. The product idea is a specialized design of a residential or commercial junction box that was put together with convenience and the safety of the electrician working on the wiring in mind. Over the course of 2+ years, manufacturers were contacted in regards to the Pre-Wired Junction Box, but nothing developed beyond the initial response stage.
That changed quickly in October of this year, when a Florida-based company took an interest in the invention after receiving the preliminary, non-confidential information on the product. After agreeing to confidentiality, the manufacturer opted to go into an exclusive developmental agreement in order to perform its due diligence on the invention. Several weeks later, they were in touch with the Manufacturer Response Team member that was serving as their contact and indicated an interest in reviewing a licensing proposal. After taking several days to evaluate that document, the licensee opted to enter into the agreement with the terms that had been proposed.
The agreement is for multiple years and does include a royalty rate competitive to current figures paid in the industry. The inventor also has a working prototype, so the expectation is that this will help speed the final development and initial manufacturing process along. As customary, we will certainly keep you abreast of this invention’s journey to what we hope will be successful commercialization, here on the Invent-Tech Network!
December 6th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with an exciting midday update. We have received a signed licensing agreement for an electrical accessory from the Invent-Tech roster that had been the subject of an exclusive developmental agreement for several weeks with a Florida-based manufacturer. This is the same product idea and scenario we had initially reported on in an October 29th entry (”Update: Invent-Tech kicks off week by securing developmental agreements on two inventions…“).
As we’d reported in that posting, the Florida-based company had taken an interest in the item after reviewing the detailed design information on its invention website, and had opted to sign an exclusive developmental agreement in order to explore the potential of the invention. Late last week, our contact at the company had made contact with the Manufacturer Response Team member that has been handling the situation since the onset, and had explained to him that his company was at the stage where they were willing to review a draft of a licensing agreement for the invention. Accordingly, my colleague had sent our contact at the company an initial proposal for licensing put together in conjunction with the inventor’s input.
Late Tuesday afternoon, the licensee had returned the signed document via fax and it had been sent to the inventor for review and signature immediately. Earlier Wednesday, the inventor returned the document with his signature as well, making the agreement official. We will have more details Thursday on both the invention and the agreement, here on the Invent-Tech Network.
We are certainly excited by what is proving to be one of the most prolific weeks in Invent-Tech history! Join us tomorrow for more!
December 5th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our Tuesday update. We are “2 for 2″ so far this week, as yet another exclusive developmental agreement on an Invent-Tech inventor product was signed Tuesday! This time, the invention that is the subject of an advanced level of interest is a trucking accessory. The manufacturer involved has actually been reviewing the detailed design information on the product idea for over 2 months, and just got back to the Manufacturer Response Team today with the news that he would be signing and faxing in the exclusive developmental agreement.
Additionally, as per the telephone conversation that the Manufacturer Response Team member handling this situation had with the company principal, the manufacturer may very well be prepared to enter into a licensing agreement in the near future for the product as well. Because of the lead time of approximately 8 weeks that the company has had in researching the potential of the product idea, our contact explained that they felt very confident in considering a long-term commitment to the invention sooner rather than later!
It is also important to mention that several weeks ago, this same contact had contacted our Manufacturer Response Team with questions about the licensing process in general. After having all of his inquiries answered satisfactorily, the gentleman had also agreed to review a sample draft of a licensing agreement, which has certainly also played an integral role in his comfort level with the entire process.
We are pleased to bring you yet another tangible example of the successful results of our invention assistance methodologies. We certainly hope to eventually be able to claim licensing success for this invention in the near future and will keep you posted on any developments, here on the Invent-Tech Network.
Join us Wednesday for more exciting news!
December 4th, 2007
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with an exciting update to kick off the first week of December at the nation’s preeminent inventor assistance firm. As we’d mentioned on Friday, we are looking forward to closing out 2007 successfully, and matters certainly got started positively in that direction this afternoon with the signing of an exclusive developmental agreement for an Invent-Tech inventor automotive accessory. This is the same situation we had initially reported on in a November 26th entry (”Invent-Tech inventor automotive accessory receiving serious interest from Arizona-based company; inventor may be shipping prototype soon…“).
As we’d explained in that posting, the Arizona-based manufacturer that has now signed the agreement had expressed an immediate interest in the idea after reviewing the detailed design information on its invention website. The company was particularly intrigued by the possibility of receiving prototype samples that the inventor has put together, but had requested a few more days at that point to deliberate the possibility of entering into an exclusive developmental agreement for the invention.
Late in the week last week, our contact at the company did inform us that they were interested in entering into the exclusive developmental agreement if a few minor modifications could be implemented with regards to its terms. Having found their requested changes to be satisfactory, the Manufacturer Response Team member handing this situation since the onset had incorporated them into the document and provided the company with a revised version of the agreement. Accordingly, the manufacturer returned the signed document earlier Monday via e-mail, and now awaits the prototype samples from the inventor for review.
We will continue to keep you updated on developments with this situation as they transpire here on the Invent-Tech Network, and are pleased to kick off the month in such positive fashion. Join us here on the Invent-Tech Network for the latest!
December 3rd, 2007