Product name: ICLIP LTD / EZ Joist Clip
Selling on: www.talon.co.uk
The EZ Joist Clip creates an easier and speedy installation for pipes in hard to reach locations.
Inventor, Ashley Rumbold has secured a licensing agreement with a leading manufacturer for his patented pipe clip invention.
In the building trade, Ashley saw the introduction of structural changes in residential house building. These changes made fitting pipes and cables difficult, especially with the existing clips that need to be used; they became very hard to use. Ashley wanted to design a new clip that made this process of installation quicker and easier and thought of a better design.
As a first time inventor, Ashley approached Innovate to help him make it a reality.
Innovate’s designers created him attractive presentation material that outlined what the product would look like and how it would be used. Ashley would then be armed with impressive visuals to present to potential buyers, partners or manufacturers to take it further. A very affordable and effective alternative to going to manufacture alone, it would provides him with many options on how to proceed.
Ashley applied for a patent which is now granted in the UK and Europe.
Ashley spent time exploring his options of either manufacturing himself or licensing the product.
While considering this, he saw an offer initiative called Patent Box, an HM Revenue Scheme, applicable to UK patented products. It is designed to encourage companies to keep and commercialise intellectual property in the UK. This scheme meant that any company that produced the products could halve their corporation tax. Ashely jumped on this opportunity knowing this would make his product even more attractive to potential licensees.
Securing a deal – becoming the EZ Joist Clip
Ashley has achieved what so many other inventors like him aim for. A licensing deal! The specific arrangements are always unique to the parties involved, but likely involve a larger company taking on the manufacture and selling of the product while the inventor receives royalties.
His agreement is with Talon, a UK fixing and finishing manufacturer, supplying to stockists all over the UK. A great benefit of a licensing deal is the sales reach can be much larger using a established company. The company also manufactures the product themselves.
The company has named the product the EZ Joist Clip and has heavily featured it on their website as the new alternative to what is out there on the market.
Ashley owns the IP to the product and has set up his own company ICLIP limited.
Ashley navigated this process by himself. While he told us this was challenging, it shows that even first time inventors can get this far with perseverance!
Ashley is looking forward to seeing his product being widely used. He also has some more projects underway and is hoping to see the successful expansion of ICLIPS EZ joist clips to the US and beyond!
His advice to you is to always seek professional help if you are looking to embark on something similar.
If you are interested in exploring licensing too, send your idea in today for a free review.