In 2008, Edison Nation was created as a platform for our innovator community to get their ideas to market. For the last 10 years, we’ve worked tirelessly to grow the community and provide our members with the resources they need to give their ideas the best chance at success.
“Today, innovation is alive and well, but the needs of our community have grown,” said Louis Foreman, CEO of Edison Nation. “With the advent of crowdfunding and e-commerce, the way new products are brought to market has changed. Innovators now need the ability to not only share their ideas but also introduce them to consumers quickly and effectively. Our acquisition by Xspand Products Lab meets these needs by unleashing services and resources to not only develop products, but also to manufacture and distribute them. For 10 years, Edison Nation has been the trusted marketplace for innovators to share their ideas, this is not going to change, it’s only going to get bigger.”
What is Xspand Products Lab, Inc.?
Xspand Products Lab, Inc. (NASDAQ: XSPL) is a vertically integrated and full-service product development and manufacturing company. Their platform brings innovative products straight from a napkin design to the consumer. With over 50 years of experience in design, development, manufacturing, sales, fulfillment and shipping, they are able bring products to market faster with less development risks.
Who is the Xspand Management team?
- Chris Ferguson – CEO
- Kevin Ferguson – President
- Bruce Bennett – Chief Product Officer
- Philip Anderson – Chief Financial Officer
“We are very pleased to welcome the Edison Nation community to the Xspand family,” said Chris Ferguson, CEO of Xspand Products Lab. “The acquisition of Edison Nation provides not only an experienced team and wholesale selection of micro-brands for us to leverage, but more importantly, provides a platform that I believe will drive future growth for years to come. The ability to efficiently aggregate innovation, combined with Xspand’s de-risked product development model, will enable innovators to rapidly address opportunities in the most efficient manner possible.
“We look forward to working with the Edison Nation community to bring their ideas and inventions to life. Together, I am confident that we will be a driving force behind the next wave of internationally recognized products, which we believe may lead to significant value creation both for innovators and our shareholders,” concluded Ferguson.
What does this mean for the Edison Nation Community?
- More resources and capabilities = more opportunities
- Greater visibility to grow the community
- New search opportunities
- New commercialization tools to increase chances for success
Since Xspand has the capabilities to develop, manufacture, source and fulfill products, Edison Nation is introducing a new crowdfunding tool to drive higher success potential for your ideas to be commercialized. This tool will take the heavy lifting out of running your own campaign.
How will it work?
Edison Nation has launched a new, ongoing Crowdfunding search outlining specific criteria and categories for ideas. Similar to our standard innovation searches, ideas will be reviewed through our standard eight-stage evaluation process. On an ongoing basis, ideas that reach the “Finalist Stage” (Stage 7) will be reviewed by our team of crowdfunding experts and members of the Xspand team. Ideas selected for campaigns will be moved to “G8” status.
For all ideas that are chosen, Edison Nation will handle the costs to develop the product and create and run the crowdfunding campaign. There will be no additional costs beyond the initial submission fee ($25 for free members, $20 for Insiders) to participate in the crowdfunding search.
Successful campaigns will provide a stronger position for products to be commercialized either directly by Edison Nation and Xspand or through a licensing agreement.
Wait a second, what is Crowdfunding?
Crowdfunding is, by definition, “the practice of funding a project or venture by raising many small amounts of money from a large number of people, typically via the Internet.”
By focusing on a bigger purpose, the driving force behind a brand, crowdfunding project creators are able to create a unique community of like minded individuals. Each campaign is set for a goal amount of money and a fixed number of days. Once the project is launched, each day is counted down and the money raised will be tallied up for visitors to follow its success. Instead of traditional investors, crowdfunding campaigns are funded by the general public.
Intrigued? Inspired? Learn more and share your crowdfunding ideas here.
A note from the Edison Nation team…
We’re beyond thrilled to share this news and introduce more paths to success for ideas from our innovator community. You are and continue to be the heart of Edison Nation and we’re excited to continue to share updates and improvements to the EN platform as well as more idea success stories with you!
- How will this acquisition affect my ideas within the Edison Nation system?
- The Edison Nation system will remain unchanged. Your ideas will remain in the system and are still protected under the standard terms and conditions of our Innovator Agreement.
- Is my privacy affected?
- Will there still be sponsored innovation searches?
- Yes. We’ll continue to partner with companies who are seeking new innovation.
- As outlined above, we’re also introducing a new ongoing Crowdfunding innovation search.
More questions? We’re here. Please feel free to send us an email at email@example.com.