Breaking news: Innovation Direct™ receives signed licensing agreement for apparel product from Florida-based manufacturer…
Good afternoon, Juan C. Blanco, Innovation Direct™’s Director of Product Licensing, chiming in with yet more good news on a busy Friday. We are pleased to report that earlier this morning, we received a faxed copy of a signed licensing agreement from a Florida-based manufacturer for an apparel product from the Innovation Direct™ roster.
This company’s interest initiated in early September of last year when they reviewed the preliminary, non-confidential information on the product idea. After having signed a non-disclosure agreement, they were provided access to the detailed design information for the concept in October. Their interest enhanced after having reviewed this information, the company agreed to enter into a short-term exclusive developmental agreement for the item in mid-November.
Since that point, the company has been performing their due diligence and evaluating factors such as manufacturing costs and potential sales volume, in order to determine if the invention is a good long-term fit for their product lines. In late February, the gentleman that serves as Innovation Direct™’s contact with the company agreed to review a licensing proposal for the product idea, and one was promptly prepared and sent by the Innovation Direct™ representative that has been handling the company’s interest since its onset. After taking several days to review the document, the gentleman obviously was comfortable enough to sign it and fax it back earlier today.
The Innovation Direct™ representative managing this situation has already been in touch with the inventor and will be faxing him a copy of the document for his review and eventual signature later this afternoon. Although the licensing agreement is not considered official until both licensor and licensee have signed, we are nevertheless enthused by the fact that the manufacturer has already agreed to his end of the terms.
We will continue to keep you posted on this developing situation every step of the way, here on the Innovation Direct™ Blog. Check back with us!