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Newbie Looking for Direction

njdan's Avatar

Hi all!  I came across this website in my search to get more information in developing a new product.  I call myself a newbie because I've never actually gotten a product to market.  About 10 years ago I did have a product that looked like it was going to make it, but a last minute capricious decision killed the project, but maybe that can be resurrected some day.  I also know many of the people in the ASOTV, Telebrands, etc. but I don't think my ideas are suitable for the mass market.  I'm in the commercial food business and have several product ideas that I want to develop, but these products are really only useful to others in the restaurant/deli/hotel business.

I don't see these products as ones that have a 2 or 3 year interest level and then fall off because the customers will be in the food industry and are only looking for products they really find useful for the long term.  Hopefully at least one of my ideas will fall into that category.

With that in mind, can someone help me with these questions?  I looked at the Q&A but didn't find them exactly,.

1. What is the financial arrangement with EN on a typical product if it gets mass produced?  Is this any different from what  I would expect from someone like Telebrands?  IOW, a small percentage for the inventor in exchange for mass marketing and potential large sales?  In my case where the product is more targeted, it doesn't seem this path makes sense for either party.

2. Does EN basically hook you up with one of these companies or do they develop products themselves?

3. I'm looking to put together a sort of pre prototype to test that the concept actually works.  Does anybody know of a good plastics supplier that deals in small quantities?

Thanks for reading.  I'm just trying to orient myself in the right direction to get started.

Edit: I did just see that EN splits the fee to the inventor, whatever amount that may be.

Dan

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magurn's Avataren_staff_badge

Hi Dan and welcome to Edison Nation!

I've provided as much information as I can in bold to your questions below:

1. What is the financial arrangement with EN on a typical product if it gets mass produced? Is this any different from what I would expect from someone like Telebrands? IOW, a small percentage for the inventor in exchange for mass marketing and potential large sales? In my case where the product is more targeted, it doesn't seem this path makes sense for either party.

You can review all our standard terms and payment percentages within the Innovator agreement by clicking on "Legal" on the Edison Nation Help Page.

There are two main paths a product can take if it makes it successfully through our evaluation processes:

-Standard Licensing Arrangement: Edison Nation splits all net receipts of a deal with the innovator 50/50. This includes any licensing fees as well as the royalty percentage.

-ASOTV: Edison Nation provides 7.5% royalty on all net sales of the ASOTV product.

2. Does EN basically hook you up with one of these companies or do they develop products themselves?

We do not develop products. For standard licensing deals, we work with partner companies to pitch your product concept. Our goal is to have the partner license the intellectual property associated with the concept and then manufacture/distribute the item in their product line.

For ASOTV deals, we work with our ASOTV partners to prototype and develop all production materials used in testing and retail rollout.

3. I'm looking to put together a sort of pre prototype to test that the concept actually works. Does anybody know of a good plastics supplier that deals in small quantities?

I'll defer to our community to advise here. 

That being said, please note that Edison Nation does not require you to have a prototype to evaluate product concepts.

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njdan's Avatar

Thanks for the quick reply!  If I have a product that is only really going to be purchased by someone in the food industry, do you agree that this might not be the right path?  Are there good places for products like that to be looked at?

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magurn's Avataren_staff_badge

Hi Dan!

We evaluate ideas within all categories of consumer products. If the product is food-based and not a product for use on food like a gadget or storage device, EN may not be the best fit. 

Hope this helps!

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