Accepting a Deal Offer... 1 Year late

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It happened again this morning. We received an email from an inventor we'd offered a deal to last year. Here's what it said:

"Dan-surprise! A blast from the past. We spoke last March about marketing our invention, the _______________. You took our prototype to the housewares convention to show it off. When you returned you said there was only interest in a ____________version. Since almost a year has past, and with other developments, possible to restart that process? Original proposal still apply? Let me know-thanks!"

What the inventor doesn't seem to remember is that we actually had a company interested in doing a deal with us for a modified version of his invention. We had a "yes" in our hands, explained that to the inventor and he walked away. It was even more foolish than that. We'd offered him a deal for a modified version of his invention only; he got to keep 100% of the rights to his original invention. He walked away.

I'm not sure what we'll do here. The Housewares Show is coming up and the idea might still be worth pursuing. But emotion and timing matter a lot. The company that expressed interest last year was disappointed when we couldn't deliver a deal. We were embarrassed. Once the fire goes out it's very hard to restart it.

The lessons?

  • Know what you need to say "yes".
  • When you get an offer that meets that need, say "yes."

Invention City is Honest Inventing

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