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Cancelling a product submission deal with EN

sparkjockey's Avatargold

Hello Michelle,

Good morning!  Michelle I feel that I've given it a good effort to submit my product to possible licensees through EN.  I was delighted that my product made it through stage 7 but somehow its stalled at stage 8.... for several months now.  Maybe my product is so new that no one wants to spend $$ on tooling etc... too much risk?  In any event, I'm a student at InventRight and what Im hearing from my coaches is that if an idea is submitted to 1) a company that is a good fit for my product and 2) to the right person at that company, we should hear back from that company within a week or, if they are super busy, up to 3 weeks..... and that follow-up is the key. I feel that I've lost a lot of control over my product submissions at EN.  Its almost like submitting to a "black box" with only tidbits of status information being spit out the other end every month or so.  I think I would rather try submitting my products myself and exercising more control over the process while being coached through my InventRight membership.  Can I get your feedback on my thoughts?  Also if you could let me know how to cancel my current product which is at stage 8.

Best Regards,

Duane Bartlett

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magurn's Avataren_staff_badge

Hi Duane,

As this relates to a question on a submission, I will email you directly with additional next steps.

Thank you!

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oliver.britz's Avatar

Greeting to all fellow inventors and Michelle from New Zealand

Is there a time frame agreed with a potential industry partner when a submission has made it to level 7/8 so that the company does not "sleep" on the project?

Also if a submission has reached the Finalist stage, it would be appreciated if some communication to the Finalist is sent ( a short note will do, i.e "still under consideration") for the Edison member to "keep the faith" that the project is still on. 

Regards

Oliver

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magurn's Avataren_staff_badge

Hi Oliver! 

Apologies for the delay in my response!

If a product is a finalist in a sponsored search, the sponsor usually has between 45-60 days to do any additional due diligence required following presentation for an idea they are interested in. 

In addition, we update all official forum threads for the sponsored searches as soon as any new information is available.

For the All Category and Consumer Healthcare searches, as these are open-ended, once an idea reaches Stage 7 in either of these searches, a six-month exclusivity period is initiated where the EN Licensing Team will pitch the product out. At the conclusion of this period, the team will continue to pursue leads if they feel they have not exhausted their resources, but, at that time, you can pitch the product as well.

I hope this helps to clarify!

Oliver Britz
Robert Pontius
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oliver.britz's Avatar

Hi Michelle

Thanks for the reply. The reason I asked was that it has been about 102 days since my submission went to level 7 ( 8th August-finalist) , hence my post about time frames and being kept informed. 

Regards

Oliver

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magurn's Avataren_staff_badge

Hi Oliver, 

I hope to be updating your Dashboard next week.

Thank you for your patience.

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sparkjockey's Avatargold

Hi Michelle,  when a product makes it to stage 7 in open search I understand that it is being pitched to a number of interested companies.  In my products case, it was being pitched to 4 companies, one of which said "no thanks"... 4 months later, there was still no response from the other 3 companies.  I made the decision to pull my product based on the feedback from that one company as well as from ASOTV since they both rejected my product for cost problems.  

I would love to get feedback from the other three companies that didn't pick my product up after 4 months...Ive been finding out how important feedback is as I try to find that sweet spot where a product becomes profitable.  Is that a possibility?

Thanks~    

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magurn's Avataren_staff_badge

Hi Duane!

I'll send you a message with the information we have available. 

Thanks!

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oliver.britz's Avatar

Hi Michelle

Thanks for the reply

I guess with the volume of submissions sometimes it can be overwhelming, possibly time for Edison to consider some CRM software to help keep track of all the multiple activities. I have been an EN member for a number of years now and this seems to be a recurring "gripe" from many of the members that have made submissions, so possibly time to find a solution to this problem. Is that not the core of what Edison Nation is all about, solving problems :)

Regards

Oliver

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magurn's Avataren_staff_badge

Hi Oliver,

We actually have a process in place to review all pending/active submissions on a monthly basis in the All Category and Consumer Healthcare Searches. 

For all sponsored searches, there are instances that delay sponsors in providing their updates. The team checks in weekly with sponsor partners to get progress updates and shares news via the forums and dashboards wherever possible.

Thank you and thanks for your patience!

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