Welcome to the forums!

Our encouraging community is a dedicated resource for innovators everywhere.

Learn about industry trends, common questions,
and stay informed of the latest happenings at Edison Nation.

Cold Feet /Fear

calberga's Avatar

Dear fellow inventors,

I don’t know if you ever experienced cold feet regarding your inventions. For these past few years I have experienced all the phases of the materialization of an idea. The excitement of the new idea, being able to put it on paper, being able to prototype it, continuously testing it and tweaking the design for the past 2 years, and also develop a series customization that can keep the product alive for years. 

I get stopped and receive multiple positive feedback from strangers every time I use it on my car, but then I started to doubt myself, yes I did the patent pending but after the 1 year I let it expire, because I got discouraged with the enormous cost of creating and owning a patent and the investments needed for manufacturing and marketing the product. My family and friends tell me not to give up, and for this reason I would like to ask you fellow inventors that have been able to overpass these hurdles, how did you do it? 

I’m at a cross road now, either to go ahead just by myself and maybe getting lost or scammed along the way, let my idea simply die or try Edison Nation.

If you did go the Edison Nation way, did you do a patent pending before submitting your idea to Edison Nation, and if so does it make a difference?

Let’s say hypothetically, that my idea is accepted by Edison Nation, then what? Am I still going to be able to be involved with future designs etc., or when you pass the ball to Edison Nation you get the 7% and that’s it, you are out of the picture?

I feel that Edison nation is the ideal forum to ask this questions, and that hopefully your experiences can guide me toward the right direction.

I want to thank all of you in advance.

Carlos

posted    Report this topic
Reply
magurn's Avatar

Hi Carlos!

I will defer to our innovators to advise on their personal experiences, but we do not require an idea to be patented or patent-pending to be considered for evaluation. All ideas are submitted via our secure online submission system and never shared publicly on the site. If they are pitched, they are pitched to companies with whom we have NDAs in place.

Regarding the percentages for licensing, if a licensing deal is done, the split between Edison Nation and the innovator is 50/50. If you are submitting to the ASOTV search, the royalty is 7.5% as the process is considerably different - materials created for testing, TV spots etc.

If an idea is licensed or selected for ASOTV, any additional design work is done either by the licensing partner or the ASOTV team. There may be instances where if a question is raised about the concept, the EN team will reach out to you to get more information, but the involvement is strictly between EN and the partner.

Hope this helps to clarify and we wish you the best of luck no matter the path you chose!

Carlos Albergaria
Rafael Avila
posted    Report this post
williamj's Avatargold

I could be wrong (and frequently am), but doesn't the act of patent application, in and of itself, constitute public disclosure?

If the patent has been granted then great. But if it hasn't, then the idea, the concept itself has been disclosed to the general public through patent and patent pending searches. Hadn't it?

Carlos Albergaria
Carlos Albergaria
Rafael Avila
posted    Report this post
vitaminguy's Avatar

Hola Carlos! 

Looks like my fellow inventors have commented on the technicalities of protection. But I think there's also something to be said for the emotional side of inventing, which you certainly described in your post.

You're not alone in getting frustrated, discouraged, reinvigorated, etc., etc. We all go through it. Anytime you pour your heart and soul into a creative endeavor, you're going to take it personally ... whatever happens to it, good or bad. The difficulty is striking a balance between being enthusiastic and being objective. It encompasses the age-old battle between one's pride and one's pragmatism. Roger Brown writes about this balance a lot in these forums. His posts and the comments of others are worth reading. This post about handling bad news, for example, gives great perspective on the subject: https://www.edisonnation.com/forums/other/topics/l... . But you also don't want to be overly harsh on yourself, to the point where you dismiss a good idea, believing it worthless. That only applies, of course, if it really is a good idea. EN offers a great compromise; shell out $25 and submit your idea. If it is a bad idea, well you haven't lost much. If it truly is a good idea, then you'll rise to G6, G7 perhaps even success at G8. 

One other point that took me some time to learn is that if you get to G7 and then get rejected, it doesn't necessarily mean that your idea is bad or worthless. And it certainly doesn't mean that the people at EN are boneheads who can't see the true value of good inventions. It may just mean that the search sponsor is not good at selling that particular kind of product, perhaps due to its corporate structure, its marketing strengths, it's distribution system or any number of factors, having nothing to do with the value of the invention. 

I may be wrong, since I have yet to achieve G8 success, but I believe that making it to G6 or G7 shows that the invention has at least some merit. That, for me, is good enough reason to continue developing and improving the idea. Then submit it to the next appropriate EN search. Maybe that next search sponsor will be better aligned to market your product anyway. If so, it would be a far better result to have the best company license your invention, than to have achieved G8 with a poor fit.

Good luck with your invention, and I hope to see you discussing your GX's in the forums.

Raf

Carlos Albergaria
Carlos Albergaria
posted    Report this post
calberga's Avatar

Hi Michelle, William Frank and Rafael,

I want to thank you all for your insights and experiences, based on these new set of info, I feel more confident that I will make the right choice very soon.

Thank you again

Carlos

Rafael Avila
posted    Report this post
calberga's Avatar

Hi Roger, 

I just started reading your posts from your link and wow! It is a treasure trove!!!

Thank you for sharing it, I really appreciate that.

Carlos

posted    Report this post
lewdog's Avatar

You know I have cold feet as well.  I have submitted one of my ideas, but I still have my best one that I know would be a hit.  I've gotten the technical drawings for it and the file to 3D print.  I'm just so hesitant to submit it here because of the amount of money I would be giving up.  50/50 in one section and then the amount in the ASOTV section.  I wish I could get a good idea of what kind of licensing agreement people get.  Sadly I know that is pretty much against the rules.  I'm curious as to just how much I would really be giving up.

posted    Report this post
lewdog's Avatar

Yes Roger that's the problem.  Sorry if it seems I'm hijacking the thread, but since I share similar feelings with the OP I figured this would be the best place to post rather than starting a new thread.

I've already spent $100 to get the drawings and the file to 3D print a prototype.  Then I found out, that for some reason it is going to cost around $350 to get a prototype 3D printed.  Then add in the $150 or so to file for the patent pending, not to mention getting an LLC to get into some of the trade shows, the cost of getting business cards and paperwork made up for the product, along with paying someone to build the website  (I do already have the website registered and parked), and then add in the cost of travel and lodging to go to a trade show... where I have no insider contacts.

I'm an older unconventional college student, so that means I'm poor.  :)  So taking into account all that out of pocket money, that's a pretty tough road to hoe on my own.  Fact is, I'm trying to get one of my ideas going so that I can pay off my student loans and have some residual income for the future.

Carlos Albergaria
posted    Report this post
lewdog's Avatar

Not to go into much detail, but I've done research including a patent search, and though there is a patent on file with the same name, it isn't the same product.  It is an item that pairs with another item that is in 7 out of every 10 households in America.  I can't find a single item out on the market like mine.

posted    Report this post
vitaminguy's Avatar

Roger's post, https://www.edisonnation.com/forums/other/topic..., is also relevant here. 

Carlos Albergaria
posted    Report this post