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InventionHome is pleased to announce the successful completion of their 112th marketing/license agreement, 32 of which occurred in calendar year 2010 (as of September 30th).  An impressive tally of brokered deals.

 

InventionHome’s most recent licensing success is a product called CapTails™.  The patented device connects glasses (sunglasses, safety glasses, etc.) to a hat by means of stretchable and adjustable clips and a cord.  CapTailsTM allow the user to wear their eyewear on top of their cap and not have to worry about them falling off and getting lost or broken. Also when your glasses are on, your cap can not blow away.

The licensee of the clever device took interest in the product because of its simplicity and unique position in the market.  It will complement the rest of their product line nicely, and has already drawn the interest of a national retailer.  CapTailsTM should reach the retail market in early 2011.

Call 1-866-844-6512 for information on licensing your invention for royalties!

 

For more information about Invention Home you can visit the following websites – http://twitter.com/inventionhome, http://inventionhome.blogspot.com/, http://mvelette.wordpress.com/, http://www.facebook.com/invention.home

http://www.prnewswire.com/news-releases/inventionhome-launches-north-american-product-innovation-network-sm-99484469.html

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First of its kind gateway for connecting inventors worldwide with North American companies seeking innovative products and inventions

 

Monroeville, PA July 20, 2010 – InventionHome today introduced the North American Product Innovation Network SM, a first of its kind gateway for providing inventors easy access to North American companies seeking innovative products and inventions available for wholesale, license or acquisition.  North American Product Innovation NetworkSM also provides companies across North America with a centralized source for finding innovative products within the United States and beyond.

“Our goal is to create a single point of entry, or gateway, into every North American company interested in product innovation” said Russell Williams, President of InventionHome. “We have created the network and system for sharing and submitting new products and inventions with companies in a more efficient and effective way than ever before.”

North American Product Innovation NetworkSM consists of thousands of companies seeking innovative products available for wholesale, license or acquisition as well as the system for submitting innovative products and inventions to those companies.  These companies include manufacturers, distributors, DRTV / infomercial companies and retailers that have registered with InventionHome or its affiliate MatchProduct.com to receive new invention opportunities.  The system for submitting and sharing innovative products and inventions includes targeted product alerts, online search functionality, and/or an electronic submission management system for automating the overall submission process for companies.

North American Product Innovation NetworkSM also consists of an indirect “partner network” for sharing new inventions with companies that are not directly registered with InventionHome or its affiliate MatchProduct.com.  This partner network consists of a growing list of prominent product associations and tradeshows who will be utilizing an integrated search portal on their websites to enable site visitors to search the InventionHome and MatchProduct.com databases for non-confidential invention opportunities.  These organizations currently include the National Hardware Show (produced by Reed Exhibitions), International Housewares Association (IHA), National Retail Hardware Association (NRHA) and Response Magazine / Direct Response Manufacturers Association (DRMA).  The search portal enables these organizations to offer their members quick and easy access to new products and inventions directly from their websites, thus enhancing their member benefits while expanding the network reach to thousands of additional companies using their websites. 

 

Pricing & Availability

For companies seeking innovative products, the North American Product Innovation NetworkSM is FREE.  To learn more, email member@inventionhome.com

For inventors seeking companies to wholesale, license or acquire their inventions, the North American Product Innovation Network SM offers various submission / marketing program options through affiliates InventionHome and MatchProduct.com, depending on the development status of the particular product / invention.

Inventors with fully-developed, manufactured products may select the free listing option on www.MatchProduct.com, which provides a listing on MatchProduct.com and “partner network” sites.  These inventors may also select a proactive submission / marketing program option that expands the program to an outbound, proactive approach for a modest fee.  The program fee structure is $39 per month / $139 setup / royalty share / cancel at any time.

Inventors with inventions that are not fully-developed may also utilize the proactive submission / marketing program to pursue licensing / royalty opportunities.  The program fee structure is $599 setup / $14.99 per month / royalty share / cancel at any time.  The program setup fee also includes the creation of a sales and invention portfolio webpage, product due diligence management and contract negotiation management.  Patent, design and virtual prototype services are sold separately.  The free listing option on MatchProduct.com is not available for inventions that are not fully-developed and manufactured.  To request additional inventor information, call 1-866-844-6512 or email info@inventionhome.com.

InventionHome and MatchProduct.com are divisions of Jacob Enterprises, Inc. headquartered in Monroeville, Pennsylvania.  Since its inception in 2002, Jacob Enterprises has been a product innovation resource for manufacturers, wholesalers, retailers and other companies seeking to add or expand products (or lines) through product distribution, acquisition and licensing.  For information call 866-844-6512 or visit www.inventionhome.com.  Additional information is available at www.inventionhome.wordpress.com, www.twitter.com/inventionhome and www.inventionhome.blogspot.com.

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Believe it or not, it’s not as hard as you may think to land a royalty deal on a product invention…provided you have a truly unique and innovative idea to start with and you have some important steps completed before approaching companies.  In addition, you need go into the process realizing that finding a good company to invest and believe in your idea can take time.  Royalty deals do not happen over night. 

 

 

To begin, let me step back and explain what I mean by “royalty deal”, which is more commonly referred to as a Licensing Agreement.

If you aspire to earn royalties from your invention, then the typical arrangement would be to secure a License Agreement with an interested company. A License Agreement is the legal document between an inventor [licensor] and a third party [licensee] which defines specific terms by which the licensee can commercially use the licensor’s invention. Among other things, the Agreement will define a time period, royalty rate, payment schedule, cash advance, minimum annual payments, etc. As a result of the Agreement, the inventor may receive an ongoing payment calculated as a percentage of sales (called a “royalty”), or a one-time lump-sum payment.

” Inventors do NOT need to mortgage their homes to pursue an invention.  All you need is a patent application filed and a prototype/design to pursue a royalty deal.”

 

Another option would be for an inventor to assign his rights, which is essentially the process of transferring or selling ownership in the invention/patent. The inventor may receive a lump sum payment or a series of payments. The difference between a “license” and “assignment” is in the transfer of rights. With a license, the inventor retains rights, like “renting” the patent, and with an assignment they transfer their rights (i.e., sell it).

In addition to having a good idea there are other considerations when preparing your invention for license, such as intellectual property protection (i.e.: patent, trademark or copyright), development and presentation.

It is important to understand that manufacturing your idea is NOT a requirement to license your invention for royalties. Many inventors believe that they need to setup manufacturing to pursue their inventions, which is not true. If your goal is to license your invention for royalties, I would not advise going down the path of setting up manufacturing capabilities. Assuming you have a good invention to start, you can approach companies about licensing your invention with a patent application filed, a prototype or design in place and a reasonably good presentation on why they should license your invention.

In summary, it is very possible to license a good invention for royalties. My company, InventionHome has completed over 100 marketing/license agreements and we’re seeing tremendous interest in new and innovative products.

 

For more information call – 1-866-844-6512

 

 

 

 

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