Innovation Direct™ prepares, sends licensing proposal for personal motorcycle accessory to co-inventors for review; potential licensee is Michigan-based leather products manufacturer…
Hello, Juan C. Blanco, Innovation Direct™’s Director of Product Licensing, checking in with an update on some important developments regarding a personal motorcycle accessory from our roster. Earlier Tuesday, an Innovation Direct™ representative prepared and sent a licensing agreement proposal to the co-inventors of the product idea for their review after receiving word from them that a Michigan-based manufacturer of leather goods they have been interacting with over the past several weeks has verbally expressed an interest in licensing the invention.
The word of this pending interest reached Innovation Direct™ earlier this morning, when one of the co-inventors of the concept contacted us via e-mail. During a subsequent telephone conversation with one of the co-inventors, it was learned that they had been working closely with the owner of the company, which was facilitated by the fact that the manufacturer’s offices are located within reasonable driving distance. The manufacturer has reviewed all of the available information on the invention and has also seen the professional samples the inventors have of the item and has requested exclusive rights to manufacture and market the concept going forward.
As per the conversation conducted with the co-inventors, the agreement term has been limited to one year for now, so as to give all parties a chance to gauge how well the arrangement will work. The proposal was sent initially to the co-inventors so that they have the opportunity to request any changes or modifications as they see fit before the potential licensee receives a copy of the same.
This is obviously a developing situation, and one that we are hoping will culminate in licensing success. Check in to the Innovation Direct™ Blog for any and all updates!