Update: Innovation Direct™ requests, receives update regarding tool accessory from New Hampshire-based Innovation Direct To Industry™ company…
Hello, Juan C. Blanco, Innovation Direct™’s Director of Product Licensing, checking in with an update on a tool accessory from our roster that has been the subject of an exclusive developmental agreement for several months. We had most recently reported on this invention and the New Hampshire-based manufacturer that is working with it in a June 30th entry (“Update: Innovation Direct™ receives update from New Hampshire-based manufacturer regarding tool accessory…“).
As we’d explained in that posting, we had requested an update from the principal of the company at that point in time, and he had informed us that he was seeking additional funding from a business partner in order to delve further into the Innovation Direct™ inventor product idea as well as other tool-related items he’d received. With 5 weeks having passed since that communication, both the inventor and the Innovation Direct™ representative managing the situation since the onset felt it would be prudent to check in with the company once more with another e-mail.
Our contact at the manufacturer promptly responded to our request for an update and informed us that he is still talking to several venture capital firms in his area to secure the additional funding he needs. He went on to explain that he now has about 50 tool-related inventions that he’s received that he deems worthwhile, so he needs a significant amount of capital to take the next steps with all of them.
This situation obviously continues to be fluid one, and figures to continue to evolve over the coming months. Count on the Innovation Direct™ Blog to keep you posted as to the latest!