This is hard to gauge. Edison Nation has received anywhere from hundreds of ideas to thousands. No matter the outcome, the EN team reviews each and every one of the ideas that are submitted. Through the review, we narrow it down to the top ideas to be presented to the sponsor of a particular search.
It's always about the quality of ideas and the quality of submissions.
In order to submit your idea to Edison Nation, we ask you to sign an Innovator Agreement.
Your Innovation Search submissions are kept private on the Edison Nation site and held in the utmost confidence by our staff. However, if your idea passes the evaluation by the EN Team (stage 7 greenlighted on your dashboard), it is presented to the retailer or manufacturer that sponsored the search or potential licensing partners. Please know that all of our partners sign nondisclosure agreements with EN prior to any presentation.
When an idea is selected, we announce it to the EN community with the approval of the inventor without disclosing details regarding the actual invention until it is properly protected. We are careful to keep the actual concept a secret to be sure not to harm the product's marketability.
"Opting In" an idea is when a member takes an existing idea that was previously submitted to a search, and then opts it into another search.
Just login to your Edison Nation account, click on "Ideas", find the idea you wish to opt into another search and click "edit". From here you can opt your idea into any other applicable search.
NOTE: Edison Nation Insider members can opt-in ideas for free. Does this sound like a perk for you? Explore the benefits of being an Insider here.
Insiders are welcome to update their ideas and opt them into other applicable searches for free. To do so, please follow these steps:
- Log into your Edison Nation account.
- Click on "Edit" under you'd like to edit from your Ideas widget - this will open the submission for you to add any new information.
- When you are done editing, click "Save and Continue"
- Click on "Submit an Idea" from the navigation bar - this will open a list of our active searches.
- Choose a new search to submit to and click "Learn More", then "Submit an idea" - this will open a list of your ideas available to opt in.
- Select the idea and click on "Step 4", complete the information - will not be asked to pay again and submit the idea.
As a note, we do not allow ideas to be opted into the same searches they were previously declined from. If you want to have an idea considered again in the same search it must be duplicated and submitted as a new idea and a submission fee will apply.
Each idea submitted to an Edison Nation Innovation search goes through our 8-stage review process.
We're reviewing each idea based upon the criteria found in the search description. We're also assessing the idea against competitivet, mass marketability, market potential, patentability, and much more.
We'll keep you updated along the way through your dashboard. Be sure to login and check your dashboard to stay tuned!
Sometimes, if there is a large consumer pain point, we will see a trend of similar submissions within a search to solve that problem.
In instances where we have two or more similar submissions that are finalists within a search, there are numerous factors as to why we chose to present one idea over the other. Some of these factors are: whether or not the idea has existing intellectual property and the extent of that intellectual property, quality of the submission and date the idea was submitted.
The review team takes all available information into consideration when making these decisions.
Best practice? Log in to EN often to get the latest on new searches. Keep your idea confidential and submit to us early through our secure submission system. As always, Edison Nation's top priority is to protect the intellectual property of our community and ideas are never shared publicly.
If your idea is selected from a search, the Edison Nation Team will remain in contact with the partner from the moment the deal is signed to when the product is ready for the marketplace.
There can be the occasion that even after a licensing deal is signed the product is never made. We can't control the market, but we can and do make every effort to see that your idea is commercialized.
While each deal is unique, if an idea is selected for licensing, the partner will traditionally offer a licensing "success fee" which we split with you, 50/50.
The Edison Nation team will continue to work with the partner to see through your idea's development. If/when it hits the market you will receive 50% of the royalties earned.
Remember: the market decides what products will ultimately succeed or fail and we cannot guarantee a product that has been licensed will make it to retail.
If your product idea is selected by the ASOTV Team, tests successfully and we bring it to market, you receive 7.5% of adjusted gross revenue.
If your idea is selected for commercialization by a search partner, you agree to assign the rights to Edison Nation so that the partner may license the idea.
If your idea is selected, Edison Nation is responsible for all patent costs, maintenance fees and additional filings.
The Edison Nation Licensing Team set up the Insider Licensing Program (ILP) to help our Insider members with patented or patent-pending ideas.
Our team has access and relationships with quite a few retailers and manufacturers across several industries. If your patented or patent-pending idea is accepted into the ILP, you will have a team working on your behalf to introduce your idea to the right people with the intention of getting it licensed.
The Insider Licensing Program (ILP) works a bit differently from Edison Nation's traditional innovation searches. Instead of having eight stages of review, the ILP has four. To learn more about this opportunity please visit the Edison Nation Insider Licensing Program search page.
You must be an Insider member with a patented or patent-pending idea.
Valid Provisional Patent Applications (PPAs) qualify as well. Keep in mind that PPAs are only active for one year after the day they are filed. If you only have a limited time left on an active PPA, this makes it difficult for our team to show it to potential licensees for a longer period of time with protection.
The Licensing Team will not select those ideas that encounter these issues: your idea is too cost-prohibitive to produce, has engineering challenges, there are already major players in the marketplace that have launched a product(s) similar to yours.
Remember: the team is looking for those ideas that are novel and have the potential to be a game changer.
Once an idea reaches the "Pitching" stage (becomes a Finalist), the Licensing Team will provide you with updates throughout the pitching process. When an update is available, you will be able to see it on your dashboard. You will also be able to see the level of interest for your ideas within the program via an Interest Meter.
The Interest Meter calculates the level of interest for each idea within the ILP varies depending on the product, but is based on the amount of prospective licensing partners who have shown interest in your product idea, when they have shown interest and how often they have shown interest.
Remember: The market ultimately will decide what products will be successful and what products can be licensed.
The Insider Licensing Program (ILP) works a bit differently from Edison Nation's traditional innovation searches. Instead of having eight stages of review, the ILP has four. Here is a quick explanation of each stage so you can understand what's next for you and your idea:
Stage #1: Preliminary Review. Our team will perform a preliminary review to ensure your invention meets the program criteria. Factors that might keep your idea from moving forward include: your invention is too cost-prohibitive, has engineering challenges and/or major players in the marketplace have already launched products similar to yours. If none of these apply, your idea will be approved and move on to the preparation phase.
Stage #2: Preparation. 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.
Stage #3: Pitching. 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.
Stage #4: Outcome. 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.
As the Insider Licensing Program is only four stages, you will see a four-stage progress bar on your dashboard upon submitting an idea.
Once your idea reaches Stage 3, you will be able to see real-time updates as we pitch your idea. In addition to the progress bar, you will see:
Interest Level. This is a meter measuring the current level of response from potential licensing partners.
Prospects. This is the number of licensing contacts to whom we've pitched your idea.
Considerations. This is the number of prospects who have considered or are considering your idea.
Update. As your idea is pitched to potential partners, you will receive updates at key milestones within the pitching process.
We will share updates with you as they are available. Our Licensing Team is hard at work on finding a home for your idea and they will do everything they can to update you when we have significant movement.
Licensing is all about timing, patience and contacts. Unfortunately, there's no set timeline when it comes to licensing products, we are often at the mercy of our partners.
What we can and will do is work to keep your idea moving through the process. Remember, inventing is a marathon, not a sprint and arriving at a licensing deal can take two months or two years.
It costs $100 to submit your idea for consideration in the ILP. If your idea is accepted into the program, you will have an entire team working on your behalf on your idea to see its way to the market. You will never be asked to pay any more money.
We have many products in the pipeline. We work with partners that request confidentiality so as not to inform their competition of new ideas that will be soon coming to market. Every deal is different.
For those licensing deals that we've signed and have been approved to share with the Edison Nation community, take a look at our track record by reading through our success stories!