How Edison Nation works to bring new product ideas to market

Hello Edison Nation community!

My name is Todd Stancombe and I am the president of Edison Nation. I wanted to reach out?and share a behind the scenes look as to how Edison Nation brings new products to market.

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.

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. From that point forward, we have been working on three 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.

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 on your great ideas. We?ll continue to press on and we?ll continue to find successes in the marketplace. We?ll get there together.

Thank you,

Todd Stancombe

License Product?License product?License product

20 Comments How Edison Nation works to bring new product ideas to market

  1. Dr. James H Gaddis

    I have a best seller on my hands. In addition my eyeware designs are of the charts. I am getting the run around by vision works. I know they know who I am. I am not some nut job. I have a lot to offer any company. This includes you,.
    I am loosing money left and right.
    Watch the Today Show out of New York. Watch the double waives which connote two, the mint green signs, and the focus on people wearing glasses,
    I look forward to working with you,
    Best regards to Mr. Standcomb.
    I have a bar=b-q pit out of sight.
    James H. Gaddios

  2. Greg Meister

    I would like to know what is the smallest percentage I can expect to get re: royalties for my project. And what is the realistic percentage if I give you my product and you accept it. It is a portable assisted workout device that assists in doing pushups ,pullups, dips and squats

  3. Mary Dickson

    Hi Greg. While each deal is unique, if an idea is selected for licensing, the partner will traditionally offer a licensing ?success fee? which we split with you, 50/50. The Edison Nation team will continue to work with the partner to see through your idea?s development. If/when it hits the market you will receive 50% of the royalties earned. Royalty rates vary, but we negotiate fair terms.

    Remember: the market decides what products will ultimately succeed or fail. Our success is your success. The Edison Nation Licensing team works very hard to secure competitive royalty structures on your behalf.

  4. Jesse Castana

    I have these greatest ideas in the world but can’t get started I am poor plus with a broken TMJ can’t get a job yet, until then Please I would like some help I will save this planet seriously my ideas with air water and how we use energy I am right here use me the right way for the Good of man kind…

  5. Panait Lucian

    For this invention need. There are, and nobody tried to accomplish something. Watch the video on the site and you will understand what this is about. It may not be copied, because in the process of construction are 18 elelmente safety.
    Soon I was receiving patent protection and also have number of international WIPO.
    Thank you for your attention.
    Lucian Panait

  6. Mary Dickson

    Hi, Ron! It is free to join Edison Nation and $25 to submit an idea. This submission fee covers a portion of the cost we take on to review each idea submitted to our platform. You will not be asked to pay any additional fees after the submission fee. If you have further questions, don’t hesitate to reach out!

  7. Nancy Moore

    Do you deal with a lot of manufacturer’s overseas? I have a product that is patent-pending, and it’s something every household has at least one of, but it has a very unique twist to it. When pricing the parts and the main component, everything is fairly inexpensive when bought in large quantities except for one very important part, which will bring the price back up. I do buy the main component from China because they had the unique size that I needed and absolutely no one makes these in the U.S. It has been a bit difficult with emails from me being sent back saying “mailbox full” and they don’t always understand what I’m asking for. I obviously don’t know which manufacturers are legit when going outside the U.S., but I’m sure you do. I was hoping you might be able to find someone who makes the “important part” that is boosting the cost. I had to make a design change to the handle as there was similar “prior art” out there when I had the patent search done. I was quoted $10,000 from a company in upstate NY to make the mold for the handle!!! Not in my budget!!!

  8. Jerry R. Collins

    I’m not aware of any other invention support site, that does so much for the inventor, for so little!

    thanks Edison Nation

  9. Mary Dickson

    Hi Nancy, thank you for your comment! Edison Nation’s sourcing team has deep experience working with manufacturers in the U.S. and overseas.

  10. Mary Dickson

    Hi Richard, thank you for reaching out to Edison Nation! We’re pretty similar to Quirky in that we’re both here to help bring independent inventors’ ideas to consumers. We’re different in the way in which we review ideas. Edison Nation’s process is private and confidential. If you submit an idea into our system, there’s no risk of disclosure. If we’re able to license your product idea, you will receive 50% of what we receive. I hope this helps to clarify. If you have any further questions, please don’t hesitate to reach out by email — Thank you!

  11. Bernie Myers

    I posted a short story last night, 12-5-2015, about an idea I wanted to have protected by way of a patent. It was about harnessing the energy from lightning to be used as an alternative sources of energy on a global scale and now I cannot find it. I was hoping for advice and help but I think I am not looking in the right forum selection. Could someone please tell me what the proper forum and protocol is? Thank you.

    Bernie Myers

Comments are closed.