Update: Innovation Direct™ facilitates conference call with potential licensee of bedding product and inventor…
Hello, Juan C. Blanco, Innovation Direct™’s Director of Product Licensing, checking in with an update on a situation we had most recently reported on in an October 30th entry (“Update: Innovation Direct™ set for pivotal conference call next week with potential licensee of bedding product…“). The potential licensee of the bedding product that was the subject of that posting had recently informed us about the need for a call, as he had wanted to update the inventor and Innovation Direct™ on their progress with regards to researching manufacturing costs for the product and to discuss royalty rates as well.
The manufacturer informed the inventor and Innovation Direct™ that they were waiting on a call back from their contact in China regarding the sending of samples they had put together at his request of different fabrics for the comforter. Additionally, the potential licensee stated that he had just hired an additional 7 sales agents that were based out in California, which would give him additional reach and coverage for his distribution network, something that would bode well for this product should he decided to add it to his company’s portfolio.
As expected, the issue of royalty rates was also broached, as the licensee wanted to get a feel for the type of renumeration range that Innovation Direct™ typically operated in on behalf of their inventor clients. The manufacturer was comfortable when informed of the general range of numbers to be expected and agreed to negotiate with Innovation Direct™ and the inventor in a flexible manner when the time was appropriate.
All parties agreed to reconvene on the telephone in a few weeks for what should be a more definitive update on the future direction of the project. We will continue to update you on all developments, here on the Innovation Direct™ Blog. Stay tuned!