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Where are the Financial Results ?

smallprojects's Avatargold

It seems to me, that the world wide economy is rolling steadily along for a few years now, many of my friends, colleagues, and people I have met from all walks of life are succeeding at nearly anything they attempt lately. There are unlimited opportunities in this type of worldwide economic environment. I hear the news of Steve and Andrew's + team (Invent Right) successes... being a relatively small company, it is very impressive! It is a bit strange, considering, they have only a few guys and gals on their team but yet, achieve tremendous results. They are offering a different service than Edison Nation does, I think everyone understands that. Their benefit to the average inventor represents and requires salesmanship and communication effort, which likely does not appeal to most inventor personalities. It is however, very hard to deny the facts. Invent Right = many licensing success stories (lately 1-2x a WEEK). Edison Nation = is promising to update their website with licensing successes for the last year but I have not yet seen anything.

I suppose with some serious desire, heart, professional etiquette, and providing the customer some serious value; Invent Right is able to be a market leader in the innovation/invention licensing business, because they simply are passionate about what they are achieving and doing and do not quit.

Am I wrong to think going into business for one’s self is probably better for the real “go-getters” out there? Invent Right has always preached, make deals for yourself and Edison Nation has not. Edison Nation does not seem to be able to produce a notable number of deals for a handful of years now? Edison Nation has a much larger staff of people to help get deals done, so I really do not understand why deals are not happening more frequently?

Louis Foreman made a nice deal for himself lately, his Edison Nation common shares of stock, something like 990,000 shares of stock and assumption of company debt. I did not read about anyone else publicly benefiting from the Edison Nation sale and the XSPL merger. The new owners seem to be uninvolved at this point from what anyone outside of the headquarters can see.

https://vimeo.com/263220055

I am not really sure whats going on. According this recenlty publicly available official Q2 2018 NASDAQ release, Xspand Product Labs, Inc. "announced the intent aquire Edison Nation." I am guessing everyone thought this was a done deal? 

http://ir.xspandproductslab.com/press-releases/det...

I am starting to become apprehensive of what is going on around at Edison Nation? I feel personally, to put it plain and simple, I am wasting my time. I recently had to inform E.N. I was not receiving updates/feedback on a product that is a finalist in the Insider Licensing category. After nearly a business week, I received an “official” activity meter/progress bar on that submission, of what is happening… about 5 months after it should have been present all along. It reads (2) two companies have been shown, the “finalist idea” in the last 5 months of a 6 month exclusivity period. To be frank, the “1 sentence” feedback and comments on the submission are insulting to myself. I provided EN with the exact website addresses of competitors; in the private comments, EN / and potential licensing partners seemingly, simply recited the exact information I provided them originally, to say that my product was somehow too similar to a competitors. I clearly distinguished the very “extremely” clear differences and benefits with a fully functional prototype. I researched it through and though with help professional legal counsel, in multiple languages, search engines, locations throughout the world while traveling, conducting business and attending trade shows, events where I could communicate with top individuals in that industry and hear the real mundane day to day challenges.

I prepared myself that Edison Nation might take a lazy approach to things as I have read over and over and over in the forums; lots of dreams from submitters of inventions and finalists, but almost always no results. I believed providing a solid, unique product that could be made/sold cheaply/affordable (probably half 1/2 the cost or less of all leading competitors) and sold for high profit (internet or brick and mortar retailer) margin worldwide whilst seriously helping people, would change what I was seeing and reading.

I submitted an extra bonus 2 minute long H.D. video distinguishing the differences between my product concept and the number 1 product on the market that sells millions of dollars’ worth every year (10+ years), about 1+ month ago. This product is approximately $500 retail. A side by side comparison to the number 1 product showing how my concept is clearly much more beneficial in many ways to an end user / customer. The video has still not be watched by anyone at Edison Nation, after 1 month or more. It’s a Private / Unlisted YouTube link specifically for Edison Nation, attention to them in the updated submission.

I am not looking for an apology at this point. I am not wanting to hear of some American political correctness, “oh, so sorry, we are working on this… we didn’t see that.. we had a malfunction. etc.”

I came to Edison Nation for results, those results cost 50%+ or more of the gross of licensing income… I do not know what is going on around at EN, but if I contacted 2 potential prospects in 5-6 months, I would have been fired the first day on the job.

https://www.youtube.com/watch?v=MA5ujghAb3w&t=6s

I don’t know how on earth Edison Nation can market this video for several years and claim the spoken words to be the truth or even near the truth at this point?

I sent Edison Nation a list of a least 20-30 westernized companies that speak English, design or conduct business in the USA, (probably made in china) in the same business, producing like kind products one month+ ago and have heard nothing. There is no way as a user of the internet site to understand if Edison Nation / people working for EN, sisters, brothers, cousins companies are receiving this information or just standing around the water cooler / coffee machine waiting for Chinese made plastic cars to fly?

A $2,500 dollar payment upon signing a licensing contract? Seriously, a United States Tractor Trailer Truck / Semi Driver most often times receives a $2,500-7,500 signup bonus before ever driving a new mile on the road. They sign a contract too but it seems to me, that plainly speaking, they are regularly receiving pay after a long haul. I think Most of “us” inventors on this forum bleed to truly help people, change the world, make a difference, do something different that makes sense. We, the “real inventors” never give up, because it just not possible, people can call us funny, silly, crazy, eccentric, different or normal and no-one would ever know the difference… but I know for sure it’s in your blood or it is not.

I do not work for free and this post has taken enough of my time. I think everyone reading the forums for the last year or two+ would appreciate some kind of intelligent response from Edison Nation.

Yolanda Jackson
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sgdromms's Avataren_staff_badge

Chase - Good morning and thank you for your open expression of your opinion. You are certainly entitled to it, and I appreciate the opportunity to respond in kind.

As you have written alot of thoughts here I am going to try to address most, but want to start off with addressing select aspects. As I see that you are not looking for an apology, and not wanting to hear some American political correctness, I will answer as I would either way, and give you some good ole fashion brutal honesty.

I won't go into discussing specific detail about your individual idea details, but I will address some general comments about it. I appreciate the fact that you, the innovator, have your opinion and belief in your concept. Because we at Edison Nation also felt that there could be a path for it, we choose to dedicate our resources towards it, and efforts to license it as well. As you often hear us say, we only make money when the innovator makes money. So, in this case we dedicated resources, including the development of pitch materials, and than the time and effort put into the distribution of those resources to select companies, as well as time spent on phone calls and in meetings where this concept was discussed, all covered under the submission fees of the ILP (so quick math shows how Edsion Nation has lost money on the concept to date when factoring in manhours devoted to the concept). BUT, I don't say that looking for sympathy, that is a bet WE made, and we own that bet on each and every concept that we do work on.

We would like nothing more than to have companies telling us that they strongly agree with your view of your idea, but unfortunately the companies that have viewed the digital material, as well as those that we have had direct dialogue with about the concept, have not felt the same. These companies, many of who are in the exact space your idea resides in, have spoken about the fact that the similarity to exisitng products is too close for their teams to move forward. Can you point out differences ?,  one certainly can, and we did. Ultimately it is the decision of a company who will spend significant resources bringing a product to market, if they feel that they are offering up a product that will change the puchase patterns of consumers, by bringing the product to market. To date, there has not been a company that has felt that about your concept.

So, there it is, that is reality. Every day our team is working on behalf of innovators, trying to drum up interest in innovations, are we perfect ?, No, and I don't know anyone else that is. But, you are certainly entitled to your opinion and if you feel that Edison Nation has not performed for you, than that is how you feel.

If you feel that you should be out there making a deal for yourself, I encourage you to go that route. I would wish you the best with that, and genuinely mean it. The cost of the submission would get eaten up very quickly when you begin to analyze the time and materials that you also put into it. So, are there other paths ? Certainly, and it is up to each individual to determine which path is right for them.

So, the only time in this response that I will use the word sorry, is the following: I am sorry that you feel you have wasted your time, and I am sorry that you feel that Edison Nation is lazy. I will gaurantee you that is not the case, and we have team members that come in daily working their butts off on behalf of innovators...and let's be real honest here, while we are at it...noody is really happy unless their idea is successful. When it isn't we certainly hear alot of stuff said to us, alot of which I wouldn't repeat in a public setting...but that comes with the territory, and we know what we signed up for.

So, we will continue to come in daily and work our tails off to try to bring EN community members concepts to market. 

Derrick James
Peter Jacobs
Loren McCord
Vee R___
Michelle Sartori
Robert Pontius
K J
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kabuj's Avataree_badge

Appreciate EN's response. As any inventor knows who has attempted marketing success on their own and/or through EN or other inventor companies... "This stuff aint easy".

Good luck to all.

Derrick James
Vee R___
Michelle Sartori
Robert Pontius
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jimsage's Avatargold

Hey Chase, 

I understand your frustrations although I don't know or want to know the details of your product. I can tell you I believe these EN guys are doing the best they can, speaking from a few years of experience here. But having said this I like to stack the deck in my favor, I have a couple of products that I have found companies to license myself. Although exciting, getting a deal or two doesn't mean they are getting my products on the shelf faster. In one case they had a spot on Shark Tank that unexpectedly went bad - no deal! This changed how aggressive they could be with new products and they shelved my product.

None of this is easy or gauranteed, but once you get rolling with a company that trust you it gets a bit easier. Me with one of my products and Robert with his Snot Sucker.

I guess I am saying us serial inventors need to be agile and run as far as we can but know when to move on to the next idea to push.

Hang in there pal we will celebrate our successes however they get done.

Derrick James
Vee R___
Michelle Sartori
Robert Pontius
K J
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gadgetmanken's Avatargold

Congrats to both you, and Scott for being eloquite and civil. Chase, just from my viewpoint I too have had one specific idea that has been a G7 several times, and also was shown to companies. I had basically the same problem as you, how does my idea differ and is it such a great improvement that companies are willing to go against the the multimillion dollar competitors product.  I too think well,  just give it a try. lol 

But, EN doesn’t like to take those chances either, and I don’t blame them. Sometimes I think if I had the money I would go it myself, but I don’t because, one I’m too old to be starting another business, I don’t have the money and I would be a fool to try because I don’t know all the angles of the business, like the professionals at EN. 

Considering after ten years with EN I’ve seen them come and succeed, and seen them go, and seen some others license elsewhere.  In fact I’m still waiting, but think theres always hope and knowing things take time, which some of us don’t have a lot of. Patience is a virtue. Sit back and warm up the engine, its a long ride! Work on your next big thing while you’re waiting!  

Derrick James
Michelle Sartori
K J
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keeztan's Avatargold

Chase- I share your frustration and I think all of us have at one time or another. What we often see as benefits and improvements of one product over another doesn't necessarily carry over to the marketplace.

A few years back I was involved with a technology company with great ties to both MIT and the automotive industry. We had an idea that would revolutionize the industry of oil analysis as it pertained to automotive diagnostics. We had assembled some of the best in the industry: Oil company execs, MIT researchers, Oil and Lubricant researchers and Testing equipment manufacturers. We developed a machine that could analyze engine oil using a small sample and pinpoint problems of engine wear and potential problems. Basically a blood test for your car or engine and all of this within minutes- at task that up to this point would take a week to perform in a lab. A vast improvement of what was in the marketplace at the time. It was the Polaroid of the Oil/Lubricant industry! 

Although we had great results and wowed everyone that we demonstrated to, we failed to realize no one cared that it was better, that it was quicker and could save time and labor. No one saw the need to get results earlier than their tried and true method of waiting a week for lab results. Much the same as people no longer had a need for instant pictures at the time and Polaroid fell by the wayside.

What we often see in our products as a benefit or improvement sometimes doesn't matter to anyone but us. All I can say is keep pushing, keep dreaming and thankfully I'm not writing this on parchment with the aid of an oil lamp.

Derrick James
Michelle Sartori
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