Archive for January, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our Thursday report. Earlier Thursday, the Manufacturer Response Team member that has been handling the interest from an Arizona-based manufacturer in an Invent-Tech inventor automotive accessory sent a request for an update via e-mail to our contact at the company. This is the same overall situation we had most recently reported on in a January 15th entry (”Update: Invent-Tech receives update from Arizona-based manufacturer on evaluation of automotive accessory…“).
As we’d explained in that posting, the manufacturer had reported that they would be conducting some tests with the inventor’s samples that they felt would provide them with a definitive answer on whether or not the product would be worth committing to on a long-term basis. Having already signed an exclusive developmental agreement for the invention back in December, the company had requested the samples at that point in time.
The manufacturer had explained in our last conversation in mid-January that they expected conclusive results by the beginning of that following week, but as of this writing, we have yet to hear back from them. Therefore, the aforementioned Manufacturer Response Team member felt it would be prudent to send an e-mail at this point in time requesting an update.
Naturally, we will bring you the details on their reply when we receive it. Stay tuned to the Invent-Tech Network for the latest news!
January 31st, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a mid-week report. In recent entries we have been detailing our West Coast-based industry partner’s recent request for pet-related inventions and his feedback on the items we’ve sent him. Earlier Wednesday, the same gentleman informed us that he is searching specifically for pet toys for another company that has approached him.
Accordingly, the Manufacturer Response Team member who handled the previous pet products request conducted a new search through the Invent-Tech database earlier Wednesday for pet toys specifically. Preliminary, non-confidential information on several matching inventions were already sent to our industry partner earlier Wednesday, and more may be sent in the coming days.
Naturally, we are enthused every time that our industry partner approaches us with a new request, as it signifies a brand new opportunity for a group of product ideas from our database. It is relationships such as the one that we’ve developed with this gentleman in the 3 years we have been working with him that help make Invent-Tech the nation’s leading invention assistance firm, and that put the inventions that we represent in optimal postion to succeed!
Join us Thursday for more!
January 30th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a quick Tuesday update. Back on January 22nd (”Update: Invent-Tech sends preliminary, non-confidential information on 154 pet items to industry partner; positive feedback already received…“), we had reported on our West Coast-based industry partner retaining an interest in learning more about 31 pet-related inventions from an initial batch of preliminary, non-confidential information on 154 items we had sent him. After having had time to examine the detailed design information contained on the invention websites of those 31 product ideas, our industry partner has narrowed down his interest.
Officially, our industry partner has stated that 2 of those inventions still hold his interest, and he will be presenting them to the company that initially made the request for the pet products. Naturally, he will keep us updated as to their feedback and we will in turn report every detail here on the Invent-Tech Network.
Join us Wednesday for the latest news!
January 29th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with the second of two Monday reports. Updating a situation we had most recently elaborated on in a January 23rd entry (”Update: Conference call set for next Monday morning between Invent-Tech, inventor of bedding accessory, and potential licensee…“), a conference call between Invent-Tech, the inventor of a bedding accessory from our roster, and the principal of a Florida-based manufacturer was conducted earlier Monday and went very positively.
The company, which signed an exclusive developmental agreement for the item back in late September of last year, has already put together samples of two of the design options of the product proposed by the inventor. Additionally, the manufacturer is also seeking production quotes overseas from multiple sources. Today’s conference call was scheduled primarily so that the inventor could provide his feedback on the samples and for the manufacturer to inform us specifically about his future plans with the invention.
The inventor reported having been pleased overall with the quality of the samples, which were small and just meant to provide him with a tangible version of his concept for the first time. The manufacturer meanwhile, informed us that his company is very serious about the possibility of committing to the eventual commercialization of the item, and that they are presently seeking out additional manufacturing quotes from China. The manufacturer also informed both the inventor and Invent-Tech that they planned to produce a full professional prototype of the product now that the feedback from the inventor had been received, and that they would be eventually sharing this version under confidentiality with some of the retailers and distributors they already do business with.
Once they complete this part of the process, the potential licensee explained, they will have sufficient information to determine whether or not they will be interested in entering into a licensing agreement on the invention. All parties agreed to reconvene on the telephone in approximately 30 days, as the company feels confident they will have completed their due diligence at that point in time.
Things continue to develop in a positive manner with this situation, and we are naturally hopeful of eventual licensing success being achieved with this product. Needless to say, only the passage of the following weeks will reveal whether this will come to fruition or not. Therefore, check back frequently with the Invent-Tech Network to get the latest!
January 28th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with the first of two Monday updates. Following up on a situation we had originally reported on in a January 24th entry (”Invent-Tech inventor cooking product receiving advanced level of interest from California-based company; exclusive developmental agreement expected to be signed soon…“), we have received a signed exclusive developmental agreement from the California-based company that was the subject of that posting.
As we’d also mentioned in that entry, the company is already seeking manufacturing quotes overseas for the item and will also gauge interest from distributors they already do business with in the coming weeks. We are certainly pleased that the company already has sufficient interest in the invention to be performing legwork of that magnitude, and we are optimistic that this situation will eventually lead to licensing success, but only time will tell.
Stay tuned to the Invent-Tech Network to find out the latest with this ongoing situation!
January 28th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our Friday update. Earlier Friday, one of the members of the Manufacturer Response Team, a member of Invent-Tech’s Visual Design Team, and the inventor of a fitness accessory from the Invent-Tech roster participated in a conference call that focused on an interactive virtual reality presentation that Invent-Tech is putting together due to the advanced level of interest being shown in the product by a New York-based Innovation Direct™ company. We had most recently reported on this situation in a December 11th entry (”Update: Invent-Tech secures exclusive developmental agreements from Innovation Direct™ company on two fitness inventions…“).
As we’d explained in that posting, a New York-based Innovation Direct™ company had elected to receive detailed design information on this invention after reading the preliminary, non-confidential information they’d received in their latest Innovation Direct™ package. After agreeing to confidentiality and reviewing the invention website, the company agreed to sign an exclusive developmental agreement for the product idea and requested that in the absence of a physical prototype, Invent-Tech create an interactive virtual reality presentation that highlighted the invention’s functionality so that they could present it to their company’s Invention Committee at a future meeting.
Accordingly, the Manufacturer Response Team member managing this company’s Innovation Direct™ account arranged for the call so that the inventor could provide extensive input into the creation of the presentation. The conversation was indeed very productive, and the Invent-Tech Visual Design Team member that will be putting it together feels that he has sufficient information to do the best job possible.
We are looking forward to seeing the finished version of the presentation soon and also eagerly anticipate obtaining the company’s feedback once they receive it. As customary, we will have all updates along the way, here on the Invent-Tech Network.
Join us Monday for the kick-off to another great week!
January 25th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a very positive Thursday update. We are pleased to report that an Invent-Tech inventor cooking accessory is receiving an advanced level of interest from a California-based company, and all indications are that their intentions with the product idea are serious enough for them to sign an exclusive developmental agreement for it in the very near future.
The potential licensee’s interest in the invention began in early December after they reviewed the non-confidential details on it in a Manufacturer Introduction Package they had received. After signing the prerequisite non-disclosure agreement for the idea, the Manufacturer Response Team promptly sent our contact at the company access to the detailed invention website that Invent-Tech had created for the item. Shortly before the holiday break, we received feedback from our contact that they would be deliberating the product further and that they had definite interest.
We have now received a follow-up e-mail from our contact at the company indicating that they are presently gathering production quotes for the invention and making general inquiries about potential interest in it from the distributors that already carry some of their items. They also indicated that they will sign an exclusive developmental agreement in the coming days so as to insure that the due diligence they are performing does not go for naught if another company reports an interest in the invention during this time period.
We are certainly pleased to see how relatively quickly this company’s interest has developed, and hope that this will all lead to eventual licensing success. As customary, any and all developments with this situation will be reported on in detail here on the Invent-Tech Network.
Check back with us on Friday!
January 24th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our Wednesday report. Updating a situation we had most recently reported on in a January 8th entry, we have been able to arrange for a conference call for next Monday between the inventor of a bedding accessory from our roster, the potential licensee of the item, and a member of our Manufacturer Response Team.
As we’d reported in the aforementioned posting, the potential licensee had recently completed professional samples of the product and we had in turn shipped them to the inventor for review. At this time, the inventor is prepared to share his feedback with the manufacturer and the company is also prepared to update us on their recent efforts to obtain production quotes for ongoing manufacturing overseas.
The phone conversation could very well be an integral step to eventual licensing, but only time will tell. Naturally, we will bring you all of the details on the outcome of the conference call, here on the Invent-Tech Network. Stay tuned!
January 23rd, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our Tuesday report. Updating a situation that we had most recently elaborated on in a January 17th entry (”Update: Invent-Tech begins searches for pet inventions as per industry partner’s request; batch of product idea information to be sent next week…“), preliminary, non-confidential information on 154 pet inventions from the Invent-Tech roster was sent today via e-mail to our West Coast-based industry partner as per his previous request.
We are also happy to report that our industry partner has responded with feedback on which inventions he would want more details on based on what he has reviewed so far. In total, our industry partner has requested more information on 31 of the product ideas in the group. Accordingly, we will be securing a non-disclosure agreement that encompasses all of these inventions and then providing our industry partner access to all of the detailed design information on each one.
We are pleased to be able to bring you yet another tangible example of the considerable leverage that Invent-Tech wields with our various contacts throughout industry and as customary, we will keep you updated every step of the way as developments unfold with these inventions. Stay tuned to the Invent-Tech Network for the latest!
January 22nd, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a very positive entry to kick off our work week. As we’d promised in our posting on Friday (”Update: Invent-Tech receives fully executed licensing agreement for trucking accessory…“), we have additional information to provide regarding the licensing agreement reached for the Cable System, a trucking accessory from the Invent-Tech roster that was the subject of that entry.
Back in late July 2004, inventor John B. of Hammondsville, Ohio had approached Invent-Tech with the preliminary details of his concept, the Cable System. John, who has been driving trucks for over 40 years, devised his product in order to greatly simplify the task of loading heavy lumber onto a truck’s trailer. The inventor worked in conjunction with Invent-Tech over the last 3+ years in an effort to find a manufacturer willing to license his product. Throughout the process, over one hundred companies received materials regarding the Cable System.
It wasn’t until the principal of an Ohio-based manufacturer took an interest in the invention in the late summer of 2007 that the path to eventual licensing was established. The company principal took an active interest in the idea, and communicated with members of Invent-Tech’s Manufacturer Response Team on various occasions with respect to the potential licensing of the invention. The company also executed an exclusive developmental agreement on the Cable System in early December during the latter stages of evaluation.
Following some final meetings between the licensee and the inventor during which the inventor’s prototype was tested and evaluated thoroughly, the company made a decision to execute the licensing agreement. We are pleased to report that the agreement does contain a four figure, up- front acquisition fee payable to the inventor, as well as an extremely competitive royalty rate compared to those currently paid in the industry. Additionally, as per the terms of Invent-Tech’s agreement with the inventor, we will be covering all of the expenses related to the securing of U.S. patent protection.
Congratulations are in order to John B. for his patience and perseverance that has now paid off!
January 21st, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, here with a quick but very exciting update to wrap up our week. We are happy to announce that we have received a fully executed faxed copy of a licensing agreement for an Invent-Tech inventor trucking accessory. This is the same situation we had most recently reported on in a January 3rd entry (”Update: Invent-Tech receives official licensing proposal from manufacturer regarding trucking accessory…“).
As we’d explained in that posting, the Ohio-based manufacturer had been meeting personally with the inventor for some time regarding his product overall, and had tested his prototype several times. The final terms of the licensing agreement parallel the those that had been included in the company’s initial proposal, which include a modest but very equitable up-front acquisition fee to be paid to the inventor, along with a very generous royalty rate!
We will have more details on the product and the agreement overall in our Monday entry here on the Invent-Tech Network. Join us then!
January 18th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a quick Thursday update. Earlier Thursday, one of the members of the Manufacturer Response Team began searches through the Invent-Tech database for pet-related items that fit the criteria specified back in December by our West Coast-based industry partner. This is the same situation we had most recently reported on back on December 21st (”Invent-Tech industry partner requests package of pet-related inventions; group of ideas to be sent early in the new year…“).
As we’d explained in that entry, our West Coast-based industry partner had received a request from the principal of a New Jersey-based company that he has dealt with for many years, and who is trying to start a pet products line from scratch. As we’d also mentioned in that posting, this is the same company that licensed the Shake ‘N Wake Pillow from the Invent-Tech roster last year.
Our industry partner explained that with regards to this particular request for inventions, the company is not requiring the inventions to already be prototyped, as is sometimes the case with other manufacturers he does business with. Accordingly, the Manufacturer Response Team member that will be putting together this package of inventions has already initiated the process, and expects to have a substantial batch of ideas ready for his review by the very beginning of next week.
We will keep you posted from this point forward on all developments with this situation, here on the Invent-Tech Network. Be sure to join us Friday for our end-of-week happenings!
January 17th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our Wednesday update. A medical accessory from the Invent-Tech roster is receiving serious interest from an Illinois-based manufacturer that has been reviewing information on it since November of last year.
The company first received preliminary, non-confidential details on the product idea at that point through a Manufacturer Introduction Package sent to them by Invent-Tech. After becoming intrigued by the general overview of the invention provided in the press release and product brochure, the company requested to see more information, after which they were sent the requisite non-disclosure agreement. After executing the document and returning it, they received a package containing access to all of the detailed design information available on the invention in early December.
We received an e-mail several days ago from our contact at the company asking if the invention was still available, and then had a follow-up conversation earlier Wednesday with him where he explained that he had been extremely busy with travel and had not been able to proceed any further with his interest. The gentleman went on to state that he will be traveling to China in the next day or so for business, and then will likely sign an exclusive developmental agreement for this item upon his return.
We are pleased to see that this manufacturer’s interest has persevered through these last few months, and present this situation as a tangible example of how important a resource patience can be for those attemping to take an invention to market. As this situation continues to unfold, we will bring you all relevant updates here on the Invent-Tech Network. Stay tuned!
January 16th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our Tuesday report. Earlier Tuesday, we received an e-mail update from the principal of an Arizona-based manufacturer that had signed an exclusive developmental agreement for an Invent-Tech inventor automotive accessory back in December. The correspondence was prompted by a request for the latest developments from the Manufacturer Response Team member that has been handling their interest since the onset. This is the same situation we had most recently reported on in a December 11th entry (”Update: Invent-Tech receives prototype samples and test data from inventor of auto accessory; materials to be sent to Arizona-based manufacturer that has signed exclusive developmental agreement…“).
Our contact at the manufacturer explained his e-mail that they had already conducted tests right before the holiday with some of the inventor’s samples, and that the results had been inconclusive in terms of the effect on performance of the vehicle. The e-mail also went to explain that the company’s time had recently been consumed by another technology project they had taken on, but that they were preparing to conduct more definitive analysis this week that they felt would provide them with the data they needed to make a final decision on whether or not they were interested in licensing the invention.
We therefore await their next correspondence, which we hope to have by early next week at the latest. As soon as we have any news, the Invent-Tech Network readers will be the first to know. Stay tuned!
January 15th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, back with our second update to kick things off this week. Earlier Monday, we received word from the inventor of a coffee accessory that he had prepared a demonstration DVD of his prototype in action and was preparing to send it to our West Coast-based industry partner, as per his request. This scenario originally began to unfold early last week, when our industry partner had reviewed this invention as part of a request he’d received from a company that holds rights to the use of a globally renowned coffee brand on their products.
Upon being informed by one of the members of our Manufacturer Response Team that the invention had a working prototype that the inventor had developed, our industry partner had requested a demonstration DVD that he could in turn present to the principals of the company that was interested. We had promptly communicated this request to the inventor, who had agreed to put the DVD together over this past weekend.
We are certainly enthused by the possibilities that this situation may present in the near future. We pledge to keep you up to date every step of the way regarding future developments, here on the Invent-Tech Network.
Join us Tuesday for the latest news!
January 14th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with the first of two Monday updates. Late Monday afternoon, the non-disclosure agreement encompassing 6 inventions from the Invent-Tech roster that had been the subject of further interest from an ASI Show Orlando lead was received back from our contact at the manufacturer. This is the same situation we had most recently reported on in a January 11th entry (”Update: ASI Show Orlando lead reports interest in 6 out of 21 Invent-Tech inventor product ideas sent in initial Innovation Direct™ package…“).
Accordingly, the Manufacturer Response Team member managing this company’s Innovation Direct™ account has already prepared and sent our contact the access to the invention websites for all 6 of the product ideas. We now anxiously await their feedback and certainly hold out hope that all of the inventions in the group will be of sufficient interest to warrant them wanting to move forward to the next step in the process.
As always, any and all developments with this situation will be reported on in detail, here on the Invent-Tech Network. Stay with us!
January 14th, 2008
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with another Friday update. We are pleased to report that the ASI Show Orlando lead that we had just mentioned yesterday (”Update: Invent-Tech sends 21-item Innovation Direct™ package to ASI Show Orlando lead…“) informed us earlier Friday that after reviewing the preliminary, non-confidential information on 21 product ideas in their initial Innovation Direct™ package, they retain an interest in learning more details on 6 of those items.
Accordingly, the Manufacturer Response Team member managing this company’s Innovation Direct™ account will be forwarding a non-disclosure agreement to our contact on Monday that will encompass the inventions specified in today’s e-mail. After the document is signed, we will be able to provide the manufacturer access to all of the detailed design information available on each product idea.
We are very pleased to have been able to receive such prompt feedback from this company, although we have come to expect the quick turnaround time due to the highly convenient format of our Innovation Direct™ program. We are certainly hopeful that we will be able to relay news of future licensing success with these items, but only time will tell.
Join us Monday for the kick-off of another terrific week!
January 11th, 2008
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with the first of two Friday updates. We begin with a report on a situation we had most recently mentioned in a December 12th entry (”Update: Invent-Tech receives prototype samples and demonstration DVD from inventor on fitness accessory; materials to be sent to New York-based Innovation Direct™company…“). We have received word from the company mentioned in that posting that after having reviewed the prototype and demonstration DVD of an Invent-Tech inventor fitness accessory, they have declined further interest in the item.
Our contact at the company delivered the news via e-mail, and explained in his correspondence that they had determined after studying the materials that the invention was not truly in their target market. While the company has successfully marketed a number of fitness ideas in the past, our contact explained that they did not really have a track record with products that focused exclusively on the building of the arms, which this invention does.
We are disappointed by this bit of news but as always, comprehend that it is a part of the often challenging task of trying to bring a new product to market. We will continue our efforts on behalf of this invention and will continue to bring you any relevant updates here on the Invent-Tech Network. Stay with us!
January 11th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our Thursday update. Earlier Thursday, an Innovation Direct™ package of preliminary, non-confidential information on 21 product ideas from the Invent-Tech database was sent to the our contact at a Florida-based manufacturer that we had met at the ASI Show Orland last week. This is the same company that we had most recently reported on in a January 8th entry (”Update: Invent-Tech receives detailed and encouraging response from ASI Show Orlando 2008 lead…“).
As we’d explained in that posting, our contact at the company had provided some very useful and encouraging information regarding his outfit’s distribution capabilities. To that end, the Manufacturer Response Team searched the Invent-Tech database and put together what we feel is an eclectic batch of product ideas that would be potentially solid fits with the various leading retailers our contact had mentioned he already does business with.
We are hopeful of receiving prompt feedback regarding which inventions from the group have captured the company’s interest for further research and deliberation. As soon as we have that news we will bring it to you in full detail, here on the Invent-Tech Network.
Join us Friday for the wrap-up of a terrific week!
January 10th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a mid-week report. Earlier Wednesday, we renewed our Innovation Direct™ relationship with a Washington-based company that has already received and reviewed multiple Invent-Tech inventor products previously. This is the same company that we had most recently reported on in an August 10th entry (”Update: Invent-Tech receives feedback regarding previously selected kitchen ideas from Innovation Direct™ company…“).
As we’d reported in that posting, the company had opted to pass on the most recent batch of kitchen-related items they had been reviewing from our roster after going through their screening process. Earlier this week, the Manufacturer Response Team member managing their Innovation Direct™ account searched through the Invent-Tech database for a package of 10 new inventions to send to them, and the preliminary, non-confidential information on those items was sent Wednesday afternoon. Because this company does employ a multiple step invention screening process, we expect that it will take some time before we obtain final closure on all of the product ideas.
We now await our contact’s feedback on which of the ideas from the group will make the next “cut” so to speak, and will bring you all of the details here on the Invent-Tech Network. Stay tuned!
January 9th, 2008
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