A new & renewed licensing agreement for Franklin Ramsey’s Pressix technology!
Here’s a quick recap of Franklin Ramsey’s journey as it started on Season 1 of Everyday Edisons to the present day, newest licensing agreement on Pressix!
Have you ever wondered, “Is there a solution to this simple, everyday problem?”
If so, you wouldn’t be alone!
Franklin Ramsey, an inventor featured on the very first episode of Everyday Edisons, believed inventing and innovating occurs when there is a problem that needs solving. Ramsey didn’t spend his days creating and designing new products. He was just a man with an inventor’s spirit, looking for a solution to an everyday problem: trash bags falling into the bin.
When his wife asked him to take out the trash, Ramsey encountered a problem. He couldn’t get his trash bag to stay in the bin by tying a knot in it. He was sick of this everyday problem and set out to fix it. Ramsey’s solution was to cut a pie shape into the sides of the trash can so that the bag could be tucked into the sides.
Goodbye, nasty knots! Hello, Pressix!
Ramsey had a great idea but wasn’t sure what his next step was. He didn’t know how to get Pressix to mass markets in order to help people everywhere with this common struggle.
This is where the relationship first started.
When Ramsey brought his idea to Edison Nation, we thought there was no way this idea wasn’t already on the market. After an extensive and thorough patent search, we discovered we were wrong. There was no product on the market like Ramsey’s.
We then took Ramsey’s authentic idea and helped him get his Pressix technology licensed. Since then, we have been keeping the innovation alive and are still bringing in royalties.
Scott Dromms, Vice President of Licensing and Intellectual Property at Edison Nation, has recently discussed the exciting new licensing agreement for Ramsey’s product.
“Pressix is a property that has been licensed for years now. It has had a remarkable history, and like many products, there are ebbs and flow to the life of the product. It has always had multiple companies involved in manufacturing it, even some that did so while violating patents, and Edison Nation worked to bring those companies in line. One became a key partner to Edison Nation on Pressix and several other products they brought to market.
For the past several years there have been three companies actively manufacturing Pressix , all to various levels, and during the past years the path of Pressix was impacted significantly by the US/China Trade War and tariff situation on select raw materials (like stainless steel – which many trash cans are made in). Edison Nation worked with one leading partner to ensure that Pressix remained a vital part of trash cans during that period, and in the past 6 months began discussions on how to work to grow back the Pressix business.
That was a key reason for the revised licensing agreements on Pressix, which allowed one manufacturer to continue to produce the limited number of SKU’s they were down to, for those existing, current customers, while at the same time, developing a three year “exclusive-like” agreement with the main manufacturer.
This will allow for expanded efforts by their team to develop additional channels of distribution for Pressix and hopefully to grow sales on the technology.
This is an example that even though an innovation has been driving sales for a lengthy number of years now, our team is always focused on ensuring we drive the maximum value out of the innovation.”
Even though Ramsey’s story with Edison Nation started years ago, we are still working closely with and actively pursuing opportunities we see arise. The success of our innovators and placing their ideas in front of the right companies is what we are built around. Edison Nation wants to do the same thing for you!
We are still enthusiastically looking for new inventions and innovations—however large or small they may be—so that we can see your ideas maximized.
In Ramsey’s Everyday Edisons episode, he said that he has had many ideas in the past but didn’t believe he had the time or resources to invent. We don’t want your ideas to be unheard and unfulfilled. We want to help.
Get out there, discover the problem, and create!