Where Great Ideas Succeed
1117_ 11/30/11 - The DaVinci Institute Inventors Showcase 2011, early in November in Broomfield, Colorado held some very interesting and exciting new inventions and devices. We are talking with Tom Frey of the DaVinci Institute and Louis Foreman, the CEO of Edison Nation, he's also publisher of Inventors Digest magazine and one of the foremost experts on the process of developing products and getting them into the market place. Edison Nation is one of the largest online platforms for people with great ideas. Louis said, "We all have great ideas, the problem is most people don't follow through with those ideas. They may not have the time, the money or the understanding of how you turn that sketch on the napkin into the product on store shelves." Larry asked, "Everyone is talking about the shortage of money, got some ideas?" Louis replied,""If you've got a great idea, some people take those ideas to market themselves. Others want to license their ideas and that can be a daunting process, and it's very expensive. It involves filing patents and building prototypes. What Edison Nation has tried to do is be a conduit between people who have great ideas and companies who are really looking for innovation." In light of the difficult economic environment Larry asked Louis if he felt there is a shortage of money out there or is it just being hidden? Louis said, "No I don't think there is a shortage of money, I think money gravitates to the best ideas. But you need visibility. And so how do you get your ideas in front of the right people, whether that be companies to license your idea or private equity or venture capitalists willing to invest in the best ideas. This year we launched a $25 Million Innovation Fund that invests about a quarter-million per idea to file the patents, build the prototypes, do everything necessary to get that product to market. Then when we are successful in licensing that product, we split everything with the inventor 50/50. So there's really no investment on the inventor's part other than sharing a great idea and then we do the execution. It's a great partnership." Tom Frey adds a bunch, too...
Related Links: DaVinci Inventor Showcase || DaVinci Institute || Louis Foreman Home || Entrepreneurs Channel || Keywords: Tom Frey, Louis Foreman, DaVinci Institute, Inventors Showcase, Edison Nation, Inventors Digest magazine, Investors, Private Equity, Venture Capitalists, Patents bytes=3173044
LISTEN TO:Tom Frey & Louis Foreman - Inventors
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