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Categories » Prototyping » Topic

Who is the right partner for me?

neil-h's Avatar

Hi All, 

not sure if i reached the right subsection in the forum.

this might be a "handful" post with lots of questions

I have a product idea,created all the rough sketches and designs, and I hired someone to create professional sketches of it and 3D virtual models and specification/dimensions.

Now i am at a phase where I am working on a working prototype. but I am looking at the option of partnering up with a company that can be with me from this phase on ( maybe even work with me on enhancing my product- because i already have some "improvements" on my initial concept)

My questions are:

- who are the top/reliable companies in helping inventors turn their ideas into a marketable product

- what should I expect/not to expect from them?

- how much does it cost to be with them?

- what is a "typical" arrangement that I will have with them? their "cut"? my "cut"? ..etc 

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rpontius's Avatarg8_badge

Neil - I'd say you can just submit your idea as it is to the Edison Nation "All Categories" search. If it gets through the entire process EN will do all the selection and screening of reliable companies, work with those companies, bear the cost of further development until a partner company takes over development, and handle the negotiations and legal arrangements. They worry about all of that stuff so you don't have to.

Your total cost for all of that: $25 (or $20 if you sign up for the "Insider" program). All confidential, so if your idea does not go through the entire EN process you have only spent that little amount and are free to patent or develop on your own. Of course you'd also split royalties with EN for a successfully commercialized product, but it's WELL worth it in my opinion unless you want to bear all of the upfront cost and effort yourself. I speak from experience - I have a product with EN that will hopefully be commercialized by a major company - a company and a development path I would have never been able to pursue on my own given my experience level, lack of connections in the industry, and lack of time with a full-time job and young kids at home.

Jeremy C
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kabuj's Avataree_badge

DITTO what Robert said.  :-)  Best of Luck

Jeremy C
Robert Pontius
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neil-h's Avatar

Hi Robert, 

thanks for your response.

How is edison nation different from Inventhelp ( I saw too many videos and testimonials , to know they are not in it for your product to succeed , they are in it for people to pay their $750 package and then the $15K package (thats their real product)

to clarify, 

Who is EN ? are they a team of product designers/lawyers/marketers? or are they the middle company that will connect you with the company that are porduct designers/lawyers and marketers?

Will EN put any money into my idea to develop it ? or will they provide their team to help me?

what is their "cut"? are we talking about 20% 80% or a 50% 50% ?

Will they help patent my product?

sorry for the many questions, i just to know clearly what they can offer me ? and why they would be the best partner for me.

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rpontius's Avatarg8_badge

Neil:

EN is nothing like those other companies - the most you will *ever* pay EN is $25 (or $100 for the Insider License Program). Ultimately the only way EN gets paid is if you get paid (i.e., if your invention is successfully commercialized), so our interests are perfectly aligned. See: https://www.edisonnation.com/faq/costs-and-payment...

EN has all of the resources to commercialize your invention but depending on the search they may "hand off" to a company that licenses your invention, then that company marshals its designers, engineers, lawyers, marketers, distributors, etc. in addition to the contributions from EN.

Again, EN really wants/needs your invention to be a success, so they are not going to humor you if they don't honestly believe your idea is viable. EN is very choosy about which ideas make it through their process, but once it is through (or even at final stages) they and partner companies are going to invest significant money to really make it happen, including absolutely everything, including patenting.

The split for Licensed Product Searches (third-party company sponsored) is 50/50 of any success fees and royalties earned. Again, see: https://www.edisonnation.com/faq/costs-and-payment...

Hope that helps.

Mary Gorman
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magurn's Avataren_staff_badge

Hi Neil!

If you are have not already done so, please, as suggested by previous community members, visit the Edison Nation Help Page to get some additional details on our process.

In the interim, here are responses to your questions:

Who is EN?

Edison Nation is a company made up of a team of people who are working simultaneously to review, pitch and commercialize your product. We are from a variety of different backgrounds including legal, sourcing, merchandising, marketing, etc. We are not a "middle man". If you submit your idea to Edison Nation we will evaluate the idea and if it moves successfully through our evaluation process, we will pitch it to various commercialization partners on your behalf. If the product is licensed, Edison Nation will handle all negotiations and paperwork, working directly with the partner.

Will EN put any money into my idea to develop it ? or will they provide their team to help me?

Edison Nation is not a product development firm. We will evaluate the idea concept you present, and, if it passes through our evaluation process, we'll create pitching materials and present it to potential partners to license.

what is their "cut"? are we talking about 20% 80% or a 50% 50% ?

If your product is licensed to a partner, the split between Edison nation and you as the innovator is 50/50.

Will they help patent my product?

If your product is licensed, Edison Nation handles all patenting work. 

Best of luck!

Robert Pontius
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retireejay's Avatargold

"Edison Nation is not a product development firm."  Huh?  Last time I looked, there were pictures and stories of the prototyping labs and development activities at EN.  Have they scaled back on that to now be ONLY evaluators and marketers?

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