We're excited to announce a new EN licensing deal! Congratulations to Jessica Russell!
We know there are questions surrounding the innovation landscape right now, but this is forthcoming that you should be working on your ideas!
Check out the full story here: https://blog.edisonnation.com/2020/05/a-licensing...
We've threaded some comments throughout the blog post about some of the careful steps and processes that Scott Dromms, Edison Nation's Vice president of Licensing & Intellectual Property, noted as this agreement was being put together. One thing for certain, we have a great and talented team that works in all environments for our innovators' successes! See the notes below and stay positive, encouraged and inspired!
“We at Edison Nation are excited about the opportunity that is ahead for Jessica’s innovation. One of the reasons we are excited has to do with the timing of the announcement, and the licensing deal itself. Obviously things have changed in the world, and we have spoken about how these changes have impacted business globally as it comes to sourcing, product development, openness to view innovation, etc.
The licensing partner in this situation was a new introduction to Edison Nation in early January of this year, so very shortly into our relationship, the curveball of Covid-19 was thrown, but we have been very pleased with the dedication the partner has shown to the process. On the 31st of January the partner had identified 3 products that were of interest to them, that we had shared with them, and they began working on them, with a specific order ranking in place, but all three of interest. Unfortunately the first one fell out due to some issues with the innovator themselves, and that in its own right was a unique story. Despite that disappointment, the partner did not walk away from Edison Nation. They have continued efforts on the two products, albeit their timeline of doing some due diligence, additional prototype work, etc. being impacted by availability of machine access, factories to formalize quotes of production, etc.
They stuck with it, and from Jessica sending out her original prototype to us on Feb 7th, they worked diligently and a deal was signed on April 27th.
As we always tell an innovator when we contact them to congratulate them on the licensing deal, it is a great day, be excited, celebrate, but also know it is one step in the process and there are still steps that need to take place on the path to commercialization. In this situation, the partner, knowing that the times have been hectic and wanting to provide a good comfort level for all involved is working on a refined timeline that they will be sharing with Edison Nation, and us in turn sharing with Jessica. This type of expectation management is nice to see when things for many people in their lives may seem uncertain, or unknown as they map through their daily lives right now. The fact that they have taken that into consideration and want to lay out this timeline shows that Jessica’s innovation is in good hands and will have a great shot at commercialization.”