Archive for February, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, chiming in with a quick report to wrap up our week. Updating a situation we had most recently reported on in a February 20th entry (”Update: Invent-Tech completes virtual reality presentation on fitness accessory; disc sent to inventor for review…“), we have now received feedback from the inventor of the fitness accessory that was the subject of that posting regarding the interactive virtual reality presentation our Visual Design Team had created on his product.
Overall, the inventor reported being extremely pleased with the rendition, but did point out a couple of important modifications that needed to be made with respect to how his product’s functionality was being portrayed. We are pleased to report that the changes are relatively simple and should be able to be completed in a short period of time, after which we’ll be able to provide the presentation to the New York-based Innovation Direct™ company that requested it and that has signed an exclusive developmental agreement for the item.
We will continue to monitor this situation closely and will bring you all updates, here on the Invent-Tech Network. Join us Monday as we begin the wrap-up of our successful February!
February 22nd, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with an exciting Thursday update. We are pleased to report that we have received a copy of the fully executed licensing agreement between a Canadian manufacturer and the inventor of a personal health accessory from our database. We had initially reported on this situation earlier this week in a February 18th entry (”Invent-Tech inventor personal health accessory moving surprisingly quickly towards licensing…“).
As we’d mentioned in that posting, the interest in this invention arose very rapidly, and it was certainly encouraging to see how quickly an agreement was put together. As customary, we will have more details on both the invention and the agreement overall in our official press release at the beginning of next week.
Join us Friday for our weekly send-off!
February 21st, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a second update for a busy Wednesday. Updating a situation we had most recently reported on just yesterday (”Missouri-based manufacturer joins Innovation Direct™; preliminary, non-confidential information already sent by Invent-Tech on 10 items…“), we have received word from our contact at this Missouri-based company that they have an interest in learning more about 4 of the 10 product ideas they received preliminary, non-confidential information on in their initial Innovation Direct™ package.
Accordingly, the Manufacturer Response Team member managing this company’s account will be preparing a non-disclosure agreement that encompasses all 4 items, and this document will be sent via e-mail tomorrow to our contact for review. Once the document is fully executed, the company will be provided access to all of the detailed design information available on the designated inventions.
We are enthused by the rapid turnaround time with which this company provided feedback, and look forward to taking the next step. Stay tuned to the Invent-Tech Network for the latest updates!
February 20th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, chiming in with a quick Wednesday afternoon update. We are pleased to report that the virtual reality presentation on the fitness accessory that is the subject of an exclusive developmental agreement with a New York-based Innovation Direct™ company has now been completed by a member of our Visual Design Team, and it has been sent to the inventor for review. We had last reported on this situation in a February 13th entry (”Update: Invent-Tech Visual Design Team nears completion on fitness invention’s interactive virtual reality presentation for New York-based Innovation Direct™ company ….“).
After the inventor has a chance to provide his feedback, the final version of the presentation will be sent to our contacts at the company for their review. We were extremely pleased by the high quality and detailed overview of the product’s functionality on the disc, and are very anxious to see what the final outcome of this situation will be.
Stay tuned to the Invent-Tech Network for the latest!
February 20th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a Tuesday update. Earlier Tuesday, the Manufacturer Response Team put together a package of preliminary, non-confidential information on 10 lawn and garden items from the Invent-Tech database for a Kentucky-based company that had just contacted us last week with an interest in learning more about Invent-Tech’s services and product ideas.
The gentleman who had written us through our official website, www.invent-tech.com, is the company’s tooling manager. After receiving a detailed explanation from a member of the Manufacturer Response Team on exactly what Invent-Tech was seeking on behalf of its clientele, the gentleman explained that although his company had not licensed products previously, he had recently been assigned by upper management to look into the potential benefits of beginning to do so.
Our contact expressed an interest in receiving information about lawn and garden items in particular and accordingly, the aforementioned initial Innovation Direct™ package was prepared and sent Tuesday afternoon. We now await feedback on which inventions from the group will be of further interest and will keep you on top of all developments, here on the Invent-Tech Network.
Join us Wednesday!
February 19th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a very positive update to kick off our week. We are pleased to report that an Invent-Tech inventor personal health accessory has become the subject of advanced interest by a manufacturer very quickly, and a licensing agreement appears to be imminent!
This scenario is a very tell-tale example of how unpredictable the world of inventions can be. We have spent considerable amount of time in this space promoting the caveat that even when there is licensing success, it can take a considerable amount of time for an invention to get there. Then there are situations like this one that buck that trend altogether.
In this case, the inventor made contact with a company a short time back and had Invent-Tech provide them with all of the detailed design information on her idea to them after they signed the required non-disclosure agreement. After reviewing the information and talking further with the inventor, they verbally committed to taking on the expenses to manufacture, market, and attempt to distribute this product for her. Once the inventor made the Manufacturer Response Team aware of their stated intentions, a licensing agreement proposal was quickly drawn up and sent to all parties for review.
We are strongly expecting that we will receive the signed document back very soon, at which point we will be able to officially confirm that a licensing agreement is in place. Stay tuned to the Invent-Tech Network for all the latest on this rapidly developing story!
February 18th, 2008
Happy Friday, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our end-of-week report. Updating a situation we had most recently mentioned in a January 16th entry (”Invent-Tech inventor medical accessory receiving strong interest from Illinois-based manufacturer…“), we have received a response to a request for an update we had made of one of the prinicipals of an Illinois-based manufacturer regarding his company’s previously stated interest in an Invent-Tech inventor medical accessory.
The gentleman who has served as our contact informed us in his e-mail that after deliberating the idea further and also discussing it in general terms with some of their key distributors, they have decided to pass on going any further with the invention. While this is certainly not the ideal outcome, it is doubtlessly a prime example of the type of due diligence a company must make before deciding to take a risk with a new product idea.
Naturally, we will continue undeterred in our further efforts to reach licensing success with this invention. Meanwhile, join us on President’s Day as Invent-Tech puts in another full day of working on behalf of our inventors!
February 15th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a Valentine’s Day update. We are pleased to announce that interest appears to be building in an Invent-Tech inventor wrench idea. The company involved is a tool company that we had originally met at a trade show in 2006, and who has reviewed Invent-Tech inventor products through our Innovation Direct™ program intermittently since that point.
The company had received the preliminary, non-confidential information on the aforementioned invention in their latest Innovation Direct™ package, and it was the only one out of the group 10 concepts that caught their eye. After signing the pre-requisite non-disclosure agreement the manufacturer had reviewed the confidential information contained within the invention website, and had contacted the Manufacturer Response Team member managing their account to inform him they had an interest in speaking to the inventor directly in order to glean more information.
Accordingly, Invent-Tech has already notified the inventor of this interest and he is in the process of speaking with the principals of the company regarding his concept. While the inventor does not have a working prototype, the company representatives felt that there was definite value in gaining further insight from him on how he envisions the functionality of his product idea.
We will continue to keep you updated regarding any developments with this situation, and hope that it will eventually lead to licensing success. Join us Friday for more news!
February 14th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, chiming in with a mid-week report. Earlier Wednesday, we confirmed that the interactive virtual reality presentation being put together by one of the members of Invent-Tech’s Visual Design Team on a fitness accessory is almost completed, and will therefore soon be ready to be shipped to the New York-based Innovation Direct™ company that has already signed an exclusive developmental agreement for the item. We most recently reported on this situation in a January 25th entry (”Update: Invent-Tech conducts conference call regarding virtual reality presentation for fitness accessory that is subject of exclusive developmental agreement with Innovation Direct™ company…“).
The Visual Design Team member working on the presentation has been doing so for the better part of the last 2 weeks, and is very pleased with how it is coming along. As we’d mentioned in the aforementioned posting, the manufacturer who holds a strong interest in this invention had ideally wanted to review a working prototype if there was one, but in lieu of one, had agreed that a solid interactive virtual reality presentation highlighting the concept’s functionality would work equally well for the purpose of a product review by their Invention Committee.
We are certainly enthused by what appears to be very solid progress being made in the creation of the presentation, and very much look forward to the finished product. As soon as the next development with this situation occurs we will certainly bring you all the details, here on the Invent-Tech Network.
Join us on Valentine’s Day for the latest!
February 13th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a Tuesday report. Updating a situation we had most recently reported about on February 8th (”Update: Invent-Tech seeks long overdue updates from two Innovation Direct™ tool companies…“), our contact at an Ontario-based tool company has responded to our request for an update on their feedback regarding the latest batch of product idea information we’d sent them through Innovation Direct™.
As our contact explained in his e-mail response, he has passed on the preliminary, non-confidential information we’d sent him on 10 items from our roster back in late November to upper management, but he has received no interest from them. Our contact went on to emphasize that even though the company remains interested in looking at new product concepts from Invent-Tech on a regular basis, the reality is that management’s push right now is towards internal development of innovations.
Our contact also explained that an outside invention would have to have a tremendous amount of potential value at this point in time for the company to seriously consider licensing, since there is always an extra percentage that a manufacturer must pay in terms of royalties to the inventor when the enter into a licensing agreement. This reasoning is certainly understandable, and one that represents a reality of attempting to promote a new product idea.
We requested that our contact keep in touch with us should his company’s paradigm with regards to accepting new product ideas shift, and also agreed to certainly make him aware of any inventions that entered the Invent-Tech system that would appear to be a particularly optimal fit for their product lines. In the meantime however, the Manufacturer Response Team will focus their attention on companies whose desire for external product idea submissions is much stronger at this point in time.
Join us Wednesday for the mid-week update!
February 12th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a positive licensing-related update to start the week. Back in an October 11th entry (”Update: Invent-Tech receives news on progress of feminine hygiene accessory from overseas manufacturer…“) we had reported about the progress being made towards potential licensing by an overseas manufacturer with an Invent-Tech inventor feminine hygiene accessory. This is the same company that had also previously licensed the Multi-Pack Maxi from the Invent-Tech roster back in the spring of 2006, as detailed in an April 27th entry that year (”Invent-Tech’s efforts instrumental in securing overseas licensing agreement“).
At this point in time, our contact has indicated that they are prepared to commit to a licensing agreement for the product, even though they are still in the midst of working out several major details in regards to the manufacturing processes for the invention. A licensing agreement under these conditions will be somewhat unusual, as certain pertinent terms such as royalty percentages will still be undetermined, but it is certainly doable if all parties are in agreement.
The fact that this company is willing to commit further to the invention under these conditions is actually a very encouraging sign, as their reasoning for doing so is because they do not want to risk losing the exclusivity they currently have for the product idea. The manufacturer had originally signed a short-term developmental agreement for the invention back in February 2007, and extended the terms of the agreement with the inventor multiple times since that point.
The Manufacturer Response Team member managing this situation will be drafting a licensing proposal over the next few days and getting it to the manufacturer and inventor as soon as possible for review. As customary, all updates regarding this situation will be found right here on the Invent-Tech Network.
Join us on Tuesday!
February 11th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with an update to wrap up another week. Earlier Friday, the Manufacturer Response Team member managing the Innovation Direct™ accounts of two tool companies attempted to obtain a long overdue update from our contacts at both manufacturers regarding the latest inventions sent to them. We had initially reported on the Innovation Direct™ packages for these two companies back in a November 19th entry (”Invent-Tech sends out information on 20 product ideas overall on Monday through Innovation Direct™…“).
We have yet to receive a response from either party but certainly hope that something will unfold next week. As we’ve mentioned many times here on the Invent-Tech Network, one of the more challenging aspects of attempting to take an invention successfully to market is the patience required. Companies more often than not work on their own schedules and timeframes, and frequently have to put the review of new concepts on the backburner temporarily while they tend to matters related to their existing products.
We will bring you all of the details on any developments with this situation here on the Invent-Tech Network. Join us Monday for the latest news!
February 8th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our Thursday report. In today’s posting, we bring you a tangible example of how unpredictable the process of attempting to bring an invention to market can be, and how patience and persistence are mandatory when attempting to get closure from a company.
After multiple follow-up attempts over the last few months, the Manufacturer Response Team finally received word back today from one of the principals of a Texas-based company that had been part of our Innovation Direct™ program regarding their impressions on the preliminary, non-confidential information on 10 product ideas that had been sent to them last summer. We had initially reported about this situation way back in a July 18th entry last year (”Update: Invent-Tech sends second Innovation Direct™ package to Texas-based tool manufacturer…“).
To begin with, we were informed that the gentleman from the company who had originally sought Invent-Tech out to initiate the relationship no longer works for the company. Additionally, the new contact that did respond explained that not only were they not interested in any of the 10 items, they also were not moving forward with any product line expansion whatsoever for the foreseeable future. Therefore, they are not interested in receiving any new product idea information at this point in time.
While this was certainly a less-than-ideal response, it brings to light several realities of the invention assistance industry. As one can see from this particular scenario, an inventor or an agent following up on their behalf has to be prepared to deal with long stretches without definitive responses and changing personnel within the companies that may be reviewing their product ideas. Furthermore, even when one does manage to navigate successfully through all of the obstacles and finally obtain closure, the end result is many times not the desired one.
The positive side of the matter of course, is that there are many more companies and hence, many more opportunities for each and every one of the inventions involved in this situation. We will keep you abreast as we move forward from this temporary setback, here on the Invent-Tech Network.
Join us Friday as we put the finishing touches on a busy week!
February 7th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our mid-week report. The last several days have focused on the many happenings at SHOT 2008, but we hone in today on the latest at our home office in South Florida. Earlier Wednesday, the Manufacturer Response Team member that regularly interacts with our West Coast-based industry partner and responds to his various idea requests sent him preliminary, non-confidential information on over 200 inventions from the Invent-Tech database in multiple categories.
Essentially, all Invent-Tech clients that had their inventions enter into the Invention Assistance phase of our services between June and December of last year were sent in the package. The logic behind this massive undertaking was simple; our industry partner, who continues to add new companies to the list of those he interacts with regularly, is currently searching for a wide variety of new product ideas to accomodate the requests of those manufacturers. Accordingly, we agreed that the best way to insure he would not miss out on any opportunities was to provide him with a look at the non-confidential details for a large sampling of inventions in our database.
Our industry partner has already e-mailed us back and informed us that he retains an interest in learning more about 14 of the inventions overall. Therefore, the Manufacturer Response Team member working with him will be sending him a non-disclosure agreement encompassing the items he has specified for further review, and will then be providing him access to the invention websites for each one.
Stay tuned to the Invent-Tech Network for the latest on this developing situation!
February 6th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, chiming in with our closing update regarding SHOT 2008. The 4th and final day of the world-renowned outdoor products expo followed the successful trend of the event’s first three installments, as traffic continued at a solid pace at the Invent-Tech booth and throughout the expansive aisles of the Las Vegas Convention Center.
Invent-Tech was able to make a handful of contacts on this final day, including another company specializing in all manner of camping and outdoor products that is willing to review new items from the Invent-Tech database on a regular basis. As customary, we will be performing as prompt a follow-up as possible with the many companies met during SHOT 2008 and will keep you posted on any developments with them, here on the Invent-Tech Network. While not all leads met will pan out, we are certainly excited about the possibilities that will exist with the ones that do respond to our communications.
Join us Wednesday for all the news back at the office!
February 5th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a quick update to close out Day 3 of SHOT 2008. Our trade show contingent reported that the afternoon hours continued to be well attended on this first weekday of the 2008 show, and that they continued to field a number of varied inquiries at the Invent-Tech booth.
This afternoon particulary brought a number of attendees that were interested in Invent-Tech’s services to inventors. Often, we find that our attendance at these shows seems to spark the curiosity of even senior level executives with fellow exhibitors regarding how we might be able to help them launch their own individual invention that they may have been kicking around for some time but done nothing with. The invention industry as a whole is a great equalizer, as it seems that folks from all walks of life and industry often have an interest in our services.
This also helps us get our foot in the door, so to speak, with many companies regarding having them agree to review inventions from our database on a regular basis.
Join us tomorrow for our reports for the 4th and final day of what has been a terrific SHOT 2008!
February 4th, 2008
Hello, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with our first update of the new work week and of Day 3 of SHOT 2008. I have heard from our colleagues at the show, who have filled me in on the conclusion of yesterday’s proceedings as well as the opening hours of today’s installment.
To begin with, our trade show team explained that late yesterday they had the opportunity to speak with the principal of a fellow South Florida-based company that is actively open to receiving information on a variety of new products. Although the gentleman conceded that they have not licensed products previously, they are receptive to learning more about the potential benefits of the process from Invent-Tech.
Regarding contacts made this morning, one particular company stood out, that being a Taiwanese firm that is seeking out new products in the outdoor and hunting categories, but that also could potentially have an interest in items in a variety of other industries as well. Naturally, we went over the details and benefits of our Innovation Direct™ program with the contact, who stated that they would have an interest in beginning to review materials on items from inventions from our database as soon as possible.
It appears that we are in for another productive day at SHOT 2008. Check back with us later in the day for more!
February 4th, 2008
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, checking in with a quick report on the closing hours of Day 2 of SHOT 2008. Our trade show contingent informed me earlier this evening that attendance at the event retained its staying power all afternoon long on Super Sunday, and they interacted with a variety of additional contacts throughout that time.
We will have more detailed information on companies met this afternoon in tomorrow’s first entry of the day, here on the Invent-Tech Network. Join us Monday!
February 3rd, 2008
Good afternoon, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, here with our initial report on Day 2 of SHOT 2008. I just spoke with a member of our trade show team a bit ago and received a detailed update on the goings-on during the opening hours of what his turning out to be an extremely eventful show for Invent-Tech.
To begin with, my contact informed me that the traffic already seems to be heavier than yesterday’s opening day, which was considerably busy in and of itself. This increased attendance has manifested itself at the Invent-Tech booth as well, as our trade show staff has been networking with both exhibitors and attendees all morning long. My conversation with our trade show contact revealed that they have made several connections today with companies very interested in our Innovation Direct™ program.
One of the manufacturers is a Washington-based company that has a diverse product line consisting of hunting, camping, outdoor, and mountain biking accessories, among other items. A second company is a California-based father-and-son owned outfit that is involved in tools and hardware, and a third firm is a fellow exhibitor who specializes in metal injection molding and who deals with a variety of companies within his business that according to him, are always searching for new product ideas.
While it’s important to note that not every manufacturer that we meet at trade shows thhat expresses interest in our services ends up panning out long-term for Invent-Tech, the greater the number of companies for us to follow up with after a show, the better the odds that we will come away with a solid group of new and productive relationships.
Join us later today for a wrap-up of Day 2!
February 3rd, 2008
Good evening, Juan C. Blanco, Invent-Tech’s Director of Product Licensing, back with our second and final update regarding a momentous Day 1 of SHOT 2008. As we had reported earlier today, the show’s opening installment has been excellent and has met the lofty expectations of the event organizers up to this point. From Invent-Tech’s standpoint, considerable headway has been achieved with regards to the establishing of new Innovation Direct™ leads, and this afternoon particularly brought two companies into the fold that specialize in product lines outside of the main themes of the show.
One of the manufacturers we are alluding to specializes in outdoor apparel, including all types of camoflauge design items for the outdoorsman or woman. Upon being provided the pertinent details regarding our Innovation Direct™ program, the company representative immediately expressed an interest in receiving new product information from Invent-Tech’s Manufacturer Response Team on an ongoing basis.
The second company is one specializing in recreational items for the outdoors, focusing on males in particular. Additionally, the representative who dialogued with our trade show contingent also volunteered that he has a close business partner who owns a company specializing in all types of sporting goods products, and who likewise would be interested in having the continual access to the latest product ideas in his industry that Innovation Direct™ would afford. Therefore, not only did he provide his own contact information for inclusion into the service, but also agreed to pass along Invent-Tech’s information to his partner as well.
We expect an equally successful Day 2, as the Invent-Tech booth and our services continue to draw attention and stand out from other exhibitors. Often understated is the fact that our firm in fact does offer a valuable service to manufacturers through Innovation Direct™ by providing them with a direct pipeline to the latest product concepts in their industry in the most optimally convenient fashion possible.
Join us on Super Sunday for what will be stupendous Day 2 of SHOT 2008!
February 2nd, 2008
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