Update: Innovation Direct™ sends detailed licensing proposal for sporting goods invention to India-based manufacturer…
Hello, Juan C. Blanco, Innovation Direct™’s Director of Product Licensing, checking in with our latest update regarding a sporting goods accessory that has long been the subject of an advanced level of interest from an India-based manufacturer. We had most recently reported on this invention and the company in a September 11th entry (“Update: Innovation Direct™ attempts telephone follow-up with potential licensee of sports accessory…“).
Subsequent to that posting, wherein we had explained that we were trying to reach the manufacturer for an update on a production model of the concept they were supposedly putting together, we had received the finished prototype from them and sent it along to the inventor. The inventor had given his approval of the sample and we had therefore agreed to put together a detailed licensing proposal and send it to the manufacturer as the next step.
The document was finalized and sent via e-mail earlier Wednesday by the Innovation Direct™ representative that has been managing the situation since the onset. The proposal included a provision for a non-refundable, four-figure acquisition fee to be paid to the inventor, along with an above average royalty percentage to be paid on the sale of each unit of the product. It remains to be seen if these numbers will serve only as a starting point in licensing negotiations, or whether they will represent the final version of the licensing agreement.
This is obviously a situation that continues to be very much in flux and as such, additional updates are undoubtedly imminent. Join us here frequently on the Innovation Direct™ Blog for the latest!