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Crowdfunding questions

sparkjockey's Avatargold

Hello!  Just wondering if anyone knows how the crowdfunding works?  Does EN use one of the popular crowdfunding sites like indiegogo or Kickstarter?  What about prototype development, I imagine crowdfunding campaigns need a market ready prototype.  I have a "works like" prototype but it would need improvement, does EN cover the costs of prototype improvement?  Does EN also design the crowdfunding campaign as far as videos, photographs, text, funding goals etc?  If a product turns out to be popular, what happens to the funds pledged?  Finally, after a successful crowdfunding campaign is completed, does it automatically go into product development with EN?

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sgdromms's Avataren_staff_badge

Duane -

Good morning. Some good questions that we have tried to answer in Blog posts on the site:

https://blog.edisonnation.com/2018/08/inventing-10...

And on the Landing Page of the Crowdfunding search this informtion is also provided:

More about the Edison Nation Crowdfunding Evaluation Process:

Similar to our standard innovation searches, ideas will be reviewed through our standard eight-stage evaluation process. On an ongoing basis, ideas that reach the “Finalist Stage” (Stage 7) will be reviewed by our team of crowdfunding experts. Ideas selected for campaigns will be moved to Stage 8 (G8).

For all ideas that are chosen, Edison Nation will handle the costs to develop the product and create and run the crowdfunding campaign. There will be no additional costs beyond the initial submission fee ($25 for free members, $20 for Insiders) to participate in this search.

Successful campaigns will provide a stronger position for products to be commercialized either directly by Edison Nation and Xspand Products Lab team or through a traditional licensing agreement. 

Duane Bartlett
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