We’ve managed to turn a slow beginning of the year into a great one where we’ve added another inventor to our team.
2019 was a great year for Lolle & Nielsen Inventions. A year with a lot of great projects that ended with a decent profit. Then came 2020 with its pandemic and lockdowns, which quite predictably delivered a negative result on our balance sheet.
So how did we get through the strange year and how is it going today? We weren’t affected immediately or nearly as hard as other industries, and the negative result in 2020 didn’t worry us too much after a few good years. But it took some time to turn the ship back in the right direction.
Truth be told, the first several months of 2021 looked pretty rough as well. For a long time, we forecasted another red year, but during the past few months, this scope has changed for the better.
New inventor aboard
In reality, the pandemic hit us rather hard. Both in terms of selling new products, finding new partners and generating royalties from our licensing agreement. It just didn’t hit us at once but affected our business gradually - which is quite natural in an industry with long development and sales cycles.
This fact does however also make us even more optimistic about the future now that the ship is back on course. After some great months, 2021 looks like it’s going to deliver a small profit, which is a great result for us – especially when considering that we’ve hired another full-time inventor for our team.
With all this in mind, we hope 2021 will offer a self-perpetuating effect from all the great things that are currently happening. At least we already have a lot of great projects (including some really big ones) in the pipeline, which means next year will be much more about developing and moving forward than getting back on track.