Patience pays off in licensing agreement for Innovation Direct™ inventor’s apparel product…
Good evening, Juan C. Blanco, Innovation Direct™’s Director of Product Licensing, checking back in with our detailed account of the most recent licensing agreement negotiated by Innovation Direct™. This is the same situation we had just reported on in a March 7th entry (“Update: Innovation Direct™ receives fully executed licensing agreement on apparel product…“).
Andy and Sara M., the Miami, Florida-based husband-and-wife co-inventors of the Tailor’s Bow Tie, had actively been pursuing the successful commercialization of their invention since late July 2004. During that period, they had contacted close to 150 manufacturers in the apparel industry about their concept, which is a specialized design of a belt to be used by women. Often meeting with rejection or, as is often in the case during attempts to take an invention to market, indifference in the form of no responses at all, the co-inventors plowed forward undeterred by these temporary setbacks.
The licensee of the product, a Florida-based manufacturer that produces a variety of women’s apparel, first took an interest in the Tailor’s Bow Tie back 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.
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. This led to the full execution of the agreement by licensee and licensor late last week, after both parties reviewed and were satisfied with the agreement terms.
The licensing agreement is for multiple years and will pay an extremely competitive royalty rate. The manufacturer will still need some time to make final preparations for production, but that is very common when a product is still in development.
We are very pleased to be able to report that another Innovation Direct™ inventor has achieved licensing success!