Episode 29 Show Notes

There are a lot of people in this world who have great ideas and most ideas will remain well…ideas. Louis Foreman has identified this group has and created a wonderful solution…Edison Nation.

In this 3rd and final episode of our interview with Louis Foreman, I ask what he does when he hears a really bad idea. Louis responds with…well if you’ve listened to the first two parts of the interview you would have a good guess.

Before Spending Money…

Louis shares the 5 questions an inventor needs to be able to answer before they start spending money:

What is unique about the product?

Who is the perfect customer? You can go talk with them. Will they buy it? How much would they pay for it? How often would they purchase it and who would they buy it from?

Is there demand? From your results you can determine if there is enough juice for the squeeze and whether it makes sense to risk your time and money. Prove that their is enough demand for that idea.  Louis gives an overview of how to estimate the cost to create the product and assumption the demand.

Crowfunding

We discuss the pros and cons of crowdfunding as more than just a vehicle for raising money. Louis shares how crowdfunding can be used as a focus group to gather data…who will buy it and at what cost. Think about it…you get a customer to buy it while it’s still an idea. Best pure data you can ask for. We both agree that running a crowdfunding campaign today you need to market it properly. That’s why Enventys merged with a large marketing agency called Command Partners to be able to bring this resource to their customers.

Louis discusses the 3P’s… passion, patiences, and persistence. Every inventor I’ve met has passion…that’s a given. Most inventions take longer then the inventor thinks it will. And his advice…If it’s worth doing then keep at it.

Louis shares how Edison Nation works…

Edisonnation.com has blog and

a forum to get your invention questions answered,

$25 to evaluate your invention idea…and I love this as Louis shares the details of this licensing program. It’s more of an option for inventors and it’s not a financial risk. Great for someone who has no intention of manufacturing their idea. We use examples of companies who are looking for ideas to license currently.

We finish this third and final episode by asking Louis about…inventor paranoia, inside members, Inventors Digest, how to know what to do next, is there value in my idea and more.

We invite you to share this video with a friend:

Watch Next:

Recommended Playlists

The Invention Stories Podcast Shares the Journey the Inventor goes on Since Having the Idea:

and Women Who Invent on the Invention Stories Podcast:

Let’s Connect:

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Linkedin: https://www.linkedin.com/in/robert-bear-302b429a/

Twitter: @InventStoriePod

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Thank you for reading this and please…tell a friend.

Louis Foreman and Edison Nation

There are a lot of people in this world who have great ideas. Their thinking and innovative points of view are great but unfortunately, due to the limited resources, they are not able to turn their ideas into marketable products.  So most ideas remain well…ideas.  Louis Foreman has identified this group has and created a wonderful solution…Edison Nation.  Essentially, Edison Nation was created to connect inventors with companies to help bring new products to the market.

Episode 29…Our Interview with Louis Foreman Part 3…Edison Nation is the third and final in a three part series.