Hello Edison Nation community!
My name is Todd Stancombe and I am the president of Edison Nation. I want to reach out and address a few questions we have received lately about what happens behind the scenes at Edison Nation.
First, and most importantly, no one cares more about your success than we do. You’ve often heard us share that inventing is a marathon, not a sprint. We’ve also shared that your success is our success. We mean this wholeheartedly. In fact, our brand promise is to provide anyone’s idea the most opportunities to reach its greatest potential. This is what guides our work day in and day out at Edison Nation HQ. We aren’t committed to a single channel of commercialization. Based on the product and the IP, we attempt to align it with the best commercialization strategy. We can license the IP to a category leader, manufacture and sell products, or produce two minute spots and test them in the ASOTV platform.
If you’ve ever submitted an idea, you are likely well aware of your dashboard and our eight-stage evaluation process. This process is in place so that we can securely and fairly review each idea that’s submitted into our system. As the idea works through the review, our team is thinking about how to connect that idea to a manufacturer and/or retailer who can help commercialize that idea. The Licensing team that reviews these ideas are playing matchmaker, constantly thinking about what contact and what company may have an interest about a great piece of innovation.
Companies partner with Edison Nation to find the next great innovation they can add to their product line. Our jobs would be much easier if all ideas presented to our partners were a perfect fit for them or considered to be home runs by the folks reviewing and selecting them. We both know that’s not realistic. In reality, while an idea may be in fact a great idea, it may not always be an ideal fit for that partner for a number of reasons.
For those ideas that are presented and ultimately not selected by the sponsor, we understand what a letdown that is. It is for us, too. In that moment, it may be easy to forget that your idea was privately shown to industry leaders and given the chance to succeed. We want you to know that for many of these products or ideas, we don’t stop there.
If your product idea is not chosen, you have the opportunity to submit your idea into either the Open Search for all product categories or the Insider Licensing Program for patented or patent-pending ideas in all product categories. In these searches, we do a whole lot more for your idea. Once we’ve selected an idea, a tremendous amount of work is done at our expense, above and beyond the submission fee. Remember, no additional fees will ever be requested of you at any time during the evaluation process.
Utilizing the information from your submission, we:
- Identify the top potential licensing partners in the category
- Do a deep dive into the category to ensure the Licensing Team is armed with research to show how your idea is a great fit for the space
- Create a pitch to present to category leaders that focus on the features and benefits of your idea.
- These pitches include industrial design work and a demonstrative video that, once presented, will give a potential partner a clear understanding of your idea in 60 seconds or less.
- Connect with each partner early and often to keep lines of communication open
- Work with the partner to determine fair and competitive terms and deal structures
- Ensure confidentiality of all ideas evaluated and presented
- Handle all patent work required once a deal has been signed at no additional cost to you
- Manage the complete road to commercialization so that the end result is your idea on the store shelf
We work to find the right commercialization path, the right partner and the right deal structure for your idea. We will continue to run with a great innovation until we find a home for it, no matter how long it takes. If, down the road, it has been determined that a licensed idea is not able to be commercialized, all completed design work and intellectual property are immediately returned to you, the innovator.
Inventing and bringing products to market is a marathon, not a sprint. I’m a marathon runner and am fully aware of what this journey entails. A great example is our partnership with HSN’s Joy Mangano. We met with her team in the spring of 2013 to discuss ways in which we could collaborate on new product innovations and subsequently launched product searches. From that point forward, we have been working on 3 new products that will launch later this year. We are going to be expanding the relationship as Joy’s brand continues to grow. Recently, she shared a link with us for a movie that is opening on Christmas day telling the story of her rise from single mom to successful product marketer. Be on the lookout for more Joy searches coming soon.
In closing, I want you to know that every member of my team cares. Certainly, we’d like to get more deals done and get all deals done quicker. We work every opportunity as hard as it can be worked, but many of the go forward decisions lie in the hands of our partners. Their businesses constantly change and we have to be prepared for and live with that reality. My team wouldn’t trade the ups, the downs, the pain and the joy of seeing a sketch on a napkin or a fully developed prototype come to life for anything. It’s not easy, but nothing that is worth it in life rarely is. That’s been my experience so far.
In closing, I want to say thank you for everything you do. Don’t quit inventing and don’t stop caring. In my opinion, one of Thomas Edison’s best quotes was, “Our greatest weakness lies in giving up. The most certain way to succeed is always to try just one more time,” followed closely by, “Many of life’s failures are people who did not realize how close they were to success when they gave up.” Edison Nation won’t give up. We’ll continue to press on and we’ll continue to find successes in the marketplace. We’ll get there together.