Innovation Direct™ receives professional prototype of sporting equipment invention that is subject of exclusive developmental agreement…
Good afternoon, Juan C. Blanco, Innovation Direct™’s Director of Product Licensing, checking in with our first Friday update. Innovation Direct™ is pleased to report that we have received a professionally developed prototype of a sporting equipment invention from our roster that is already the subject of an exclusive developmental agreement with an India-based company.
The manufacturer had initially taken an interest in the invention back in early June 2007 after they reviewed preliminary, non-confidential information on it. After signing the requisite non-disclosure agreement, the company evaluated the detailed design information available on the invention and then opted to enter into an exclusive developmental agreement in late June of 2007 for the item. As part of entering into the agreement, the company, which has been in business for almost 40 years and manufactures and exports sporting equipment to multiple countries in various continents, requested that a professional prototype be produced in order to facilitate the process of making a final decision on whether or not to make a long-term commitment to the product idea.
The prototype was created by a product developer who also happens to be in India, and who came highly recommended to Innovation Direct™. The work and craftsmanship that the sample boasts seems to confirm this reputation, and we will be promptly shipping it to the inventor on Monday in order to obtain his impressions. Once we receive final approval from him, then the potential licensee will have a first-hand look at the prototype, which we certainly hope will lead to licensing success.
Check back with the Innovation Direct™ Blog for the latest on this developing situation!