I really appreciate your honest opinion

Hi Sarkis,
We’ve had people pitch them in the past and we’ve liked some of them. In Season 4, you might see an idea that starts off as one thing but turns into a service type business…

I’ll say this, the deck is stacked against you because the investment will be greater most likely to make it a hit. That doesn’t mean it’s impossible. It just means there needs to be “enough juice for the squeeze” – it’s got to be worth the risk. That’s like any idea but you’re playing with raised stakes when you go in with a service idea in most cases (I think). Bigger stakes means bigger payouts if you’re a winner, though, right?

Matt
Do you know whether a service idea (not a product idea) will be considered in Everyday Edison’s Season 5 Casting Call?
Thanks,

Sarkis,

You’re welcome. I don’t know why they wouldn’t be interested in something like that, especially if it has a high profit potential.

Margaret!
Thank you for sharing your experience really nice of you
Your business model was (product/service).
But what I meant a business that has no selling product involved only service just like (car or equipment rental) but have to be that type of service that is missing in today’s world and will have a high demand once introduced to the public

Nope, no G7. I believe I got an R4. It is a patent pending idea so it got entered in to the Insider Licensing program. My provisional patent application was about to expire and I was trying to determine if it was worth filing a non-provisional patent on the idea. I needed to know where it stood with the licensing program so I asked. Scott very kindly provided me with some feedback that they didn’t think they would be pursuing licensing on it because they felt there were enough other ways to solve the problem.

Thanks for sharing Margaret,
So your business model got to G7 at least? I was under the impression that you only got feedback at g7

I submitted a business model (product/service) to the last innovation fund. It didn’t do well, but the feedback wasn’t that it went out because it was a business model, but because they felt there were enough things that solved the problem. It’s my understanding that the Innovation Fund was for bigger ideas that didn’t fit the mold when it came to the other searches (medical, apps, etc). The Daymond John search is the EN Innovation Fund that is financed by Daymond John, so I would think the criteria would be the same.

I wondered the same thing.

If I were to get behind a business model that could benefit inventors through crowd funding, that would be a business model worth getting involved in. Kickstarter’s model is all about Apple “I” products and the arts. Nothing else seems to get in (with very few exceptions). I recently submitted an idea there that should have squeaked in under their unwritten restrictions and I still couldn’t get in. There is another website (several perhaps), but nothing that has any momentum that would allow an inventor to become an entrepenuer by starting up and going into production. I could see it really getting the attention of inventors, but to get the public there and supporting it… another challenge.

Glad to see others are interested too!!
Margret my understanding, Innovation Fund is for product search not for new business model.
Daymond John does that at shark tank (meaning new business model) -, I don’t know if Daymond John’s search with Edison nation will consider new business models too.
Clarification from Edison nation team will be really appreciated

Me too. I am interested as well. So the Innovation Fund would be where to enter! GREAT Info.

Good question Sarkis. I’m particularly interested to see if an internet business model would be considered.

Good to know about the Daymond search. Has anyone gotten to G7 with a business model?

That’s the type of thing they would consider for the Innovation Fund. The Daymond John search is an Innovation Fund search so I would enter it in that one.

I wondered the same thing. I have loads of business ideas, not brick and mortar like yours but internet start-up ideas and business methods i would like to license.