Update: Ontario-based Innovation Direct™ tool company responds to request for update from Invent-Tech…
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!
Add comment February 12th, 2008