Edison Nation

Edison Nation serves as a platform and multifaceted ecosystem designed to connect individual innovators with companies, facilitating the journey of a product idea from conception to retail shelves. Founded in 2005 by Louis Foreman, a prolific inventor and entrepreneur, the company was established to bridge the gap between inventors lacking resources and corporations seeking new product innovations. Foreman's background, which includes creating numerous successful startups and producing the Emmy® Award-winning PBS show "Everyday Edisons," provided a strong foundation for the company's mission. Chris Ferguson also served as a Co-Founder, Chairman, and CEO.

The firm's primary business model revolves around operating as an intermediary that provides protection and a structured pathway for both inventors and corporate partners. It sources ideas through its online platform, where inventors can confidentially submit their concepts in response to specific "live product searches" initiated by partner companies. These partners, ranging from top retailers to manufacturers, outline their innovation needs, and Edison Nation's team of product experts reviews the submissions. For a submission fee, inventors gain access to this review process, tracking their idea's progress through a private online dashboard. If an idea is selected, Edison Nation manages the subsequent development, patenting, and manufacturing processes at no further cost to the inventor, who in return receives a royalty on every unit sold. The company has also engaged in direct-to-consumer sales and brand acquisitions.

Over the years, Edison Nation has undergone significant evolution, including going public on NASDAQ and a series of acquisitions and mergers. In September 2018, Edison Nation, Inc. acquired Edison Nation Holdings, LLC. Later, in November 2020, the company announced a merger with Vinco Ventures, Inc., with Chris Ferguson becoming the CEO of the newly named entity. The company's platform has facilitated over $200 million in retail sales for its inventor community. In October 2021, the EdisonNation.com platform was officially closed to shift focus towards the "Everyday Edisons" brand, with a new submission process through the Lomotif App.

Keywords: inventor platform, product licensing, open innovation, idea submission, product development, intellectual property commercialization, consumer product innovation, retail product launch, inventor community, royalty agreements, new product development, live product search, invention marketplace, idea to market, consumer packaged goods, product design services, innovation sourcing, patent services, startup incubation, brand licensing