Good Morning Everyone,
My question is probably more directed at the EN Team and or Members that have more experience than myself in the process and have reached the higher levels.
I have tried to research this information based off past postings on the forum and have not quite found what I am looking for.
I was reading this thread last night and it lead me to think a bit further…
My question is once an idea has been accepted into the Insider Licensing Program (ILP) there often seems to be a long wait period for more activity to happen, is there any way of accelerating this process by assisting Edison Nation?
STAGE 2 - Preparation - I can see there is not too much information available about this stage, from what I have read so far. I can see that based off probable amounts of submissions EN gets vs. amount of staff to handle submissions that it could be overwhelming for an EN team member to spend a significant amount of time on an individual idea or product before they would likely need to move on to the next.
For Stage 2, can one assist by providing more of their own research? On-Paper-Comparisons? Physical Product Testing Comparisons? Top Competitors? Lists of likely Manufacturers?
As an inventor of a new product I would like to do as much as possible to help assist the process of bringing the product to market. I can offer assistance from previously done work to save Edison Nation time if that information is helpful.
Also, this question leads to another question, if one successfully passes Stage 2 and moves on to Stage 3 (Pitching) does one need to submit more photographs, marketing material, etc?
Personally, I submitted a general description of the product/idea, IP information, a basic Sell Sheet with a few photos on it and a private short demonstration video. Most of this material was intentionally made short and sweet, but could be added to if necessary. Does EN want or require more material to successfully make their “Pitching” presentations?
Out of curiosity, what type of Presentation formats does Edison Nation make for a new product idea?
I realize these are some lengthy questions (I hope they are clear), any information that could bring more light to this area would be of value to me and greatly appreciated.
At this time, we perform a best partner review. We take inventory of our retail and manufacturing contacts and begin to map out just who should learn more about your idea.
We conduct a gap analysis and visit the store shelves to understand the market and to get an understanding as to where your idea fits.
At this phase, your idea is now a “Finalist” and our team begins to proactively pitch your idea. The team is on the phone, on email and using our proprietary presentation system to get the attention of the industry's best.
When a company expresses interest, we move into term sheets and negotiations. We stay in constant contact with the prospect until we negotiate the best possible deal for you.
In the end, the market decides what products will be successful. There are no guarantees. When the deal is signed, you'll be the first to know! If for some reason we are not successful in finding a licensing partner, we'll let you know why. What we can guarantee is that we're working hard for you and appreciate your trust and patience.