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What happens when your a finalist in more then one category?

billt's Avatargold

I've passed stage 2 in the Licensing category.  In the crowd funding and Black and Decker I've passed stage 3. Since i can't do business in all 3 categories.  At what point do we drop the other 2 categories?  Assuming I don't get a red x tomorrow. 

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dljinnovations's Avatargold

Hello Frank.

Edison Nation is not in the business of setting up businesses around our innovation submissions.  What they do is secure licensing agreements with companies that are already in business in the categories that our innovations cover.  Therefore, it is not at all dependent on your ability to "do business" in multiple areas.

Hope this was helpful.

Karen C Adams
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billt's Avatargold

Thank you Derrick for your response.  I thought companies would want an exclusive licensing agreement.   

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dljinnovations's Avatargold

Hi Frank.  The licensing company will want exclusivity.  I was trying to address your concern about your personal ability to do business in multiple areas at the same time. What I'm saying is that you do not have to worry about thus with a licensing agreement. That would be a valid concern if you were personally trying to build a business around your inventions, but with licensing agreements you are free from these concerns.  The licensing company handles the business aspects of producing, marketing, and selling the invention.  This frees you up to focus on creativity alone.

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smallprojects's Avatargold

I am assuming Frank was trying to say that he has the "same product" submission in 3 different searches and he was inquiring how the product concept would be evaluated at the end or because he can not have the same product concept "win" 3 different searches - what happens next? 

Maybe I am wrong but that sounds to me like what he was trying to ask.

I also think this is an important question, at least the portion of what I said. If one submits to multiple searches - where does it it get decided that one search is better than another, so to speak? 

For instance, I have a product concept in the Insider Licensing program that is currently at stage 3 (pitching) and it would not likely be a good fit for the crowd funding search, but maybe it could be for some kindof other possible future search, with the right company.

So, does one submit an idea such as that to an additional search? I am not really sure, from what I have read, both ways - one can submit a finalist idea to another search and go that path, but from what I understand and read, at the end of the day, Edision Nation/Xspand will seek out whatever opportunities there are to mutually benefit both parties. 

I am a student of the whole process and learning like everyone else that usually posts to the forums. 

Derrick James
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magurn's Avataren_staff_badge

Hi guys!

When someone submits an idea simultaneously into multiple searches, the search it is submitted to first gets priority. 

For example, if an idea is submitted to the BLACK+DECKER search and then is also opted into the All Category Search, priority is given to the sponsored search as it was submitted there first.

If an idea is submitted to the All Category search and the Insider Licensing Program, the goal of both searches is the same - to evaluate and potentially present to a number of possible licensing partners for a deal. 

Learn more about the opting in process here.

Hope this is helpful!

Skip Perry
Robert Pontius
Derrick James
Paul Ortega
Chase Fisher
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billt's Avatargold

Hi Chase,

You understood what I was trying to say.  I submitted the same invention to 3 different searches, probably not the wisest move.  I'm not at all interested in starting a company.  At 75, we are more interested in travel and of course getting a deal.

Hi Derrick,

No company for us.  I ran a company with 2000 people and it nearly drove me crazy.

Hello Michelle,

Thank you for your input.  I'll check out your suggestion.

Frank

Michelle Sartori
Derrick James
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dljinnovations's Avatargold

Good read Chase.  Sorry Frank, I was way off in left field trying to answer a question that wasn't even asked. :/  lol.  Good thing I don't work in the communications field.

Thanks Michelle for jumping in with the appropriate answer.

Kristina Poindexter
Michelle Sartori
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billt's Avatargold

Derrick

Go to the link that Michelle Sartori suggested it answered all my questions.  I should have submitted my idea once and let it play out before I submitted to other categories.

Frank

Michelle Sartori
Derrick James
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smallprojects's Avatargold

Hey Frank, I recently got back from the island of Elba off the Tuscany coast of Italy about a month ago, it was genuinely a lot of fun, warm in the sun and had great sandy beaches like Clearwater beach in Florida. Where are your travel’s taking you? No specific place you need to say or any of that, I just love to travel myself and only ask as an adventureer of the world! All the hours, sacrifice, hardship, joy, compromises, etc. getting along on the journey of life, I like to hear about others travels and experiences. 

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