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New to Edison Nation, curious about the submission process.

donophant's Avatar

Hello Everybody,

I'm a newbie inventor over here. I have tons of great ideas on the daily so I decided to focus in on one and really develop it. I bought a few books on licensing ideas to companies, by stephen key as many of you know from invent right but didn't invest the time and money into his program/ class as it was a little pricy for me at this time.

Anyway, I'm a few months maybe 3 in with my innovation, and with the help of the books and countless youtube videos I've made a prototype, made a benefit statement and sell sheet, filed my ppa, and i've been reaching out to companies and getting nibbles, not bites. For the most part the industry I'm attempting to license to is impossible to get corporate phone numbers or talk to people in the position of making decisions, its been an ongoing process and I generally contact customer support as my gate keepers but in general it seems the industry isn't too interested in taking unsolicited concepts from a somebody like me.. However a bite may be just around the corner.

Anyway the reason i write this and the reason i joined this site is I'm looking for resources. I'm curious as to how Edison Nation works exactly, What happens when I submit an idea? Does EN take a percentage of royalties if they find a liscencee or do I pay a fee for the attempt? No offense but also as a newb skeptic outsider just joining EN I also fear submitting my idea may result in its theft.. I just don't yet understand this site or how to use it fully. Any member information will be greatly appreciated.

I have the facilities and have already contacted a few companies through alibaba that could bring my product to market themselves; so I could basically build the team to take my product to market. However at this time I don't have a team and have never done something like this..  I worry about giving any of my information to the alibaba companies and them taking my information and bringing my product to market themselves. Does anyone have good resources for team building? Or has gone through the process of sourcing people to build a team?? 

Help!!!! New inventor SOS I fear I need to bring my product to market asap before someone else does and cashes in on what I believe could make me my first million!!!!

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magurn's Avataren_staff_badge

Hi Donovan and welcome to Edison Nation!

I cannot advise on experiences with other third party sites or sourcing companies, but I will answer your EN questions below in bold:

I'm curious as to how Edison Nation works exactly, What happens when I submit an idea? 

When you submit an idea it goes into our standard eight-stage evaluation process. The EN team will evaluate the idea for different criteria and determine if it is a fit either for a sponsor-specific search or for our potential licensing partners (depends on where the idea was submitted). 

You can check the status of any submitted ideas at any time by logging into your account and checking your Dashboard (if you haven't already done so, please take the virtual Dashboard tour to learn more).

Does EN take a percentage of royalties if they find a liscencee or do I pay a fee for the attempt? 

If an idea is licensed, the split between EN and the innovator is 50/50 of all net receipts. The only fee you are required to pay is the submission fee for the idea which, as a free member, is $25.

No offense but also as a newb skeptic outsider just joining EN I also fear submitting my idea may result in its theft.. I just don't yet understand this site or how to use it fully. Any member information will be greatly appreciated.

We totally understand your questions/concerns. To learn more about our process and review our standard terms and conditions before submitting, we highly recommend checking out the Edison Nation Help Page.

Best of luck!

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taitibob's Avatar

Bonjour si votre innovation tient la route je vous conseille de la poser sur ce site ils sont sérieux et garde votre idée secrète même si elle ne passe pas les 8 étapes vous aurez pas de problème à trouver ailleurs et l'idée sera toujours en votre possession sans divulgation de leur part

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magurn's Avataren_staff_badge

TRANSLATION:

Hello if your innovation holds the road I advise you to ask on this site they are serious and keep your secret idea even if it does not pass the 8 steps you will have no problem to find elsewhere and the idea will always be in your possession without disclosure from them

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magurn's Avataren_staff_badge

And thank you for the kind words Vincent!

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