Categories

1. OVERVIEW

What will I gain by submitting my idea to Edison Nation Medical?

How small or how big does my idea need to be in order for Edison Nation Medical to consider it?

What type of healthcare ideas does Edison Nation Medical accept?

How does the royalty or revenue split work if I submit my idea to Edison Nation Medical?

Where can I access your Inventor Agreement?

Does Edison Nation Medical work with universities or businesses that have good healthcare ideas?

How does Edison Nation Medical make money?

What makes ENM a “trusted partner”?

How many winners does Edison Nation Medical choose?

Do you help every inventor commercialize his or her idea?

What is the timeframe for bringing a medical product to market through Edison Nation Medical?

What service(s) does Edison Nation Medical offer inventors?

Is Edison Nation Medical an invention promotion company?

What is the relationship between Edison Nation Medical and Carolinas HealthCare System?

2. SUBMITTING AN IDEA

How fully developed does my idea need to be before I submit it?

Does Edison Nation Medical also accept idea submissions from businesses or university tech transfer offices that have innovative healthcare ideas?

How do I submit an idea to Edison Nation Medical?

Do I have to submit online or can I just email you my idea?

What is the cost for submitting an idea?

How do I submit an existing idea to a new search?

Can I submit an idea from anywhere in the world?

What happens to my idea once I submit it to ENM?

If I work for a university or a healthcare system can I still submit my idea to you?

What are the legal terms involved in submitting my idea to you?

Do I need to assign my intellectual property over to Edison Nation Medical? Why is this a requirement in certain cases?

Who will be responsible for protecting the intellectual property of my idea if I submit it to you?

What if I have already shared my idea with other people?

If my idea doesn’t match one of the searches ENM is running, can I still submit it?

Do I need a patent or a prototype of my idea before I submit to Edison Nation Medical?

Can I take my idea out of consideration once it has been submitted?

How do I edit an existing (or saved) submission?

Where can I send a prototype of my product for your review process?

Is there a limit to the number of ideas I can submit?

Who is allowed to submit ideas? Is there an age requirement to participate?

Will you sign an NDA before I submit my idea?

Can I submit my idea for consideration to other companies at the same time that I submit to Edison Nation Medical?

What should I do if I came up with my idea using input from some of my colleagues?

What if other people already know about my idea?

My idea is really small and silly – are you sure you want to hear it?

If I submit my idea to ENM does that mean that Carolinas HealthCare System will own it?

3. OUR EVALUATION PROCESS

Who actually evaluates each idea submitted to Edison Nation Medical?

How does the Edison Nation Medical evaluation and commercialization process work?

What criteria are used to determine whether an idea is good or not?

What makes Edison Nation Medical a “world-class expert” in evaluating and commercializing healthcare innovation ideas?

How do I find out the current status of my idea?

How long will it take ENM to review my ideas?

Once I submit my idea, how do I know if my idea was selected?

How do I access my dashboard?

What does a green check mark mean? Does that mean my idea passed that stage?

What does the red X mean on my dashboard?

If my idea is not accepted, will ENM tell me the reason why?

If my idea is not selected, will I get my money back?

If my idea is not selected, will I get my idea back?

4. INVENTOR REVENUE

What are the chances my idea will be commercialized?

How does the royalty or revenue split work if I submit my idea to Edison Nation Medical?

What is the royalty rate my idea will receive? Who negotiates this?

Is there a different royalty rate for inventions further down the development pipeline?

5. PARTNERSHIPS

Is Carolinas HealthCare System an exclusive healthcare system partner of ENM?

What types of companies does ENM partner with?

Why would a medical device manufacturer come to Edison Nation Medical for innovation ideas?

How do I get more information about partnering with ENM?

6. ACCOUNT QUESTIONS

Why do I need to create an account?

Is there any reason to create an account with Edison Nation Medical if I don’t have an idea to submit yet?

How do I sign up for an account?

How do I log in to my existing account?

How do I access my dashboard?

Forgot your log in information or password?

How do I cancel my account?

7. ABOUT US

What is Edison Nation Medical?

How did the Edison Nation and Carolinas HealthCare System collaboration come about?

What is the relationship between Edison Nation Medical and Edison Nation, Enventys, and Everyday Edisons?

Where is ENM located?

When was ENM started?

Can I talk to someone live at ENM?

Is ENM currently hiring?

8. EDISON NATION MEDICAL vs EDISON NATION

What is the relationship between Edison Nation and Edison Nation Medical?

If I have submitted an idea on Edison Nation before, should I keep submitting ideas there?

Do I track my ideas differently depending on the website I used to submit them?

If I am an Edison Nation Medical general member and come up with a consumer product idea that I want to submit, do I need to become an Edison Nation member as well?

If I am an Edison Nation general member and come up with a medical product idea that I want to submit, do I need to become an Edison Nation Medical member as well?

If I am an Edison Nation Medical Insider member and come up with a general consumer product that I want to submit, do I also need to become an Edison Nation Insider member?

9. INSIDER PROGRAM

Does ENM have an Insider Licensing Program like Edison Nation?

10. DOCUMENTATION CHECKLIST

When submitting an idea to Edison Nation Medical, you will be asked for the following information:

11. DASHBOARD

How do I find my Dashboard?

1. OVERVIEW

What will I gain by submitting my idea to Edison Nation Medical?

Edison Nation Medical is in the business of bringing disruptive healthcare ideas to life. Our team has deep medical, intellectual property and market commercialization expertise and we carefully review every idea submitted to us to determine its commercial viability. If we agree that your idea has strong potential, our business development team works diligently to identify the best possible path for commercialization. By working with Edison Nation Medical, your bright idea has the opportunity to be brought to life and impact the lives of patients around the world.

How small or how big does my idea need to be in order for Edison Nation Medical to consider it?

Edison Nation Medical is able to accept and evaluate ideas ranging from back-of-the-envelope sketches to already-patented, designed or prototyped ideas. In fact, we often work with small businesses that are already manufacturing and successfully selling their product but are looking to gain greater distribution and scale.

What type of healthcare ideas does Edison Nation Medical accept?

We are able to evaluate and commercialize ideas related to any aspect of healthcare, including

i. Consumer healthcare products sold at retail or through pharmacies

ii. Environmental services / janitorial services products

iii. Acute care products

iv. Durable medical equipment (DME)

v. Healthcare facilities or architecture-related ideas

While there are many ways to bring about positive change in healthcare, Edison Nation Medical focuses primarily on medical device, technology, and software or smart phone app ideas.

We are unable to accept ideas related to process improvement, culture change, or new program / service line ideas because of the difficulty in securing intellectual.
property rights in these areas.

How does the royalty or revenue split work if I submit my idea to Edison Nation Medical?

We receive ideas ranging from back-of-the-envelope sketches to ideas where the Inventor or business owner has already invested significant time and money in patenting, prototyping, and developing the idea. We split licensing royalties with the Inventor 50/50.

Where can I access your Inventor Agreement?

  1. Individual Inventor: click here.
  2. University or Healthcare System Tech Transfer Office: email TTO@EdisonNationMedical.com.
  3. Small Business or Start-Ups: email SmallBusiness@EdisonNationMedical.com.

Does Edison Nation Medical work with universities that have good healthcare ideas?

Absolutely! We regularly collaborate with universities and large and small healthcare organizations that have interesting healthcare innovations they hope to commercialize.

For more information about how we work with Universities, click here.

How does Edison Nation Medical make money?

Edison Nation Medical makes money in three ways:

i. Commercialization Revenue. The most important way Edison Nation Medical earns revenue is when we are successful in commercializing an Individual Inventor’s, Small Business’ or University’s idea – either by licensing or selling the idea to a manufacturer or by incubating the idea into a new company. And, since we share commercialization revenue with the Inventor who brought us the idea, our Inventors earn money when we do. Having our incentives perfectly aligned with our Inventors is what differentiates us from many other companies.

ii. Submission Fees. Each time an Individual Inventor submits an idea for evaluation, he or she pays $25. This helps to cover a very small portion of the expenses we incur in evaluating each idea.

iii. Search Sponsorship Fees. Medical manufacturers who sponsor Innovation Searches through Edison Nation Medical will often pay a fee to do so. The revenue we receive for this gets applied toward marketing of the search in order to reach as many Inventors as possible.

What makes ENM a “trusted partner”?

There are 6 key reasons why inventors can trust Edison Nation Medical with their healthcare invention ideas:

i. History of Supporting Inventors. Edison Nation Medical is part of a family of brands – including Edison Nation, Everyday Edisons, and Enventys – that have supported individual inventors since 2001. Collectively, we have filed more than 700 patent applications, reviewed more than 100,000 invention ideas, and been involved in the commercialization of hundreds of inventor ideas.

Our CEO, Louis Foreman, is a staunch advocate for individual inventors and open innovation. In 2008, United States Secretary of Commerce, Carlos M. Gutierrez, appointed Louis to serve on the Patent Public Advisory Committee (PPAC) of the United States Patent and Trademark Office (USPTO). The Committee was created by Congress to advise the Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office on matters relating to the policies, goals, performance, budget, and user fees of the patent operation.

In 2011, Louis was called upon multiple times to brief the House and Senate Judiciary Committees on legislation related to the US Patent system and its impact on independent inventors.

Louis’ commitment to supporting and protecting the rights of individual inventors and encouraging entrepreneurship permeates throughout our entire family of brands.

ii. Deep Industry Expertise. Invention ideas are often derailed by lack of funds, time, expertise and access to the right contacts. Our strategic partnership with Carolinas HealthCare System, an organization with 43 hospitals, 950+ points of care, and more than 60,000 employees, along with our robust connections within the healthcare and medical device industries ensure that your inventions get in front of the right experts for review and potential commercialization and provide a greater likelihood of commercialization success for your invention ideas.

iii. Aligned Incentives. We share all licensing royalties or revenues with the inventor who submitted the idea to us. As such, our incentives are perfectly aligned – we don’t win if you don’t win.

iv. Safe, Secure, Simple. Our online submission process is 100% confidential, secure, and easy to use. Joining takes only seconds and we accept ideas at any stage of development, from back-of-the-envelope sketches to fully prototyped and patented inventions.

v. Low-Risk. If your idea is selected for commercialization, we will design and prototype the idea, secure all IP and patent filings, and deploy our licensing experts to negotiate the fairest, most lucrative licensing contract possible – all at ZERO cost to you as the inventor. And if we are able to successfully commercialize your idea, we share all licensing royalties or revenues with you.

Furthermore, if we decline to pursue your idea for any reason or we are not successful in commercializing it, we will return all intellectual property to you along with any patents, designs or prototypes we might have created in the process of working with you.

vi. No big idea yet? That’s okay. Our blogs, whitepapers and newsletters provide the latest news and information about healthcare innovation to inspire you. We provide a safe place to connect with others who share a passion for making a meaningful impact on patient care and healthcare delivery.

How many winners does Edison Nation Medical choose?

There are no “winners” in our business. We carefully evaluate every idea submitted and will work to commercialize every idea we find that successfully pass through our evaluation process and shows great promise, whether that be 10 ideas or 10,000. We refer to these as “Big Ideas” or “Inventor Successes”, rather than winners.

Do you help every inventor commercialize his or her idea?

We are honored when inventors turn to us for assistance in commercializing their invention idea and we take our responsibilities very seriously. As much as we would love to support every inventor equally, in order for Edison Nation Medical to continue to be viable, we must focus our resources on ideas for which we are confident our expertise will add the most value. Ideas that we opt not to pursue often times simply don’t fit with our particular business model, but are often still worthy of pursuing through other means, since there are multiple avenues for bringing a healthcare idea to life, Edison Nation Medical being just one of those.

What is the timeframe for bringing a medical product to market through Edison Nation Medical?

The timeframe to bring any medical product to market varies drastically due to the regulatory environment pervasive in healthcare. In a best case scenario, Edison Nation Medical is able to review, fast-track, and license an idea within 9-12 months but even then, it might take many more months before the manufacturer is able to manufacture, market and distribute the product for use within a healthcare setting. For innovation ideas that require more significant review, clinical testing, and/or FDA approval, this process can take many years before the invention will reach the market and start to generate revenue.The Edison Nation Medical team works as efficiently as possible, but we are very careful not to eliminate any ideas prematurely. If a particular idea happens not to be a good fit for one specialty in healthcare, for example, it may well be a perfect fit for another specialty. And since it’s in our best interest and the best interest of our Inventor to identify every possible use for an invention idea, we err on the side of doing a very thorough evaluation rather than simply trying to move fast.

What service(s) does Edison Nation Medical offer inventors?

The only “service” Edison Nation Medical provides Inventors is a full evaluation of your healthcare innovation idea for a one-time submission fee of $25. If we agree your idea has strong medical efficacy, intellectual property and market potential, our business development and licensing experts will work to commercialize it and then share in the revenue stream with you – all at zero cost to you! The $25 submission fee is the only expense you will ever incur with us – we pay 100% of all patent, design, prototype and other expenses related to bringing your idea to life, if we agree your idea has strong commercial potential. We do not any other services to our inventors, however, Inventors interested in attempting to commercialize their idea themselves can obtain fee-for-service design, prototyping and patent assistance from our sister company, Enventys.

Is Edison Nation Medical an invention promotion company?

Edison Nation Medical is not an invention promotion company. We do not sell invention services such as patenting, design, prototyping, or sales/marketing to inventors. Rather, each Inventor who chooses to work with us pays only $25 to submit his or her idea for evaluation (this is all an Inventor will ever pay us).

What is the relationship between Edison Nation Medical and Carolinas HealthCare System?

Edison Nation has been in the business of innovation for more than 12 years and delivers a trusted business model for pairing independent inventors with manufacturers seeking new products. Simultaneously, innovation has become increasingly important as Carolinas HealthCare System seeks to uncover opportunities for optimizing patient care, enhancing quality and reducing costs. Because of the shared passion and focus on healthcare innovation, Carolinas HealthCare System and Edison Nation joined together in July 2012 to form Edison Nation Medical, LLC, a joint venture to stimulate innovations in healthcare delivery and improvements in patient care.

In addition to making a financial investment to help launch Edison Nation Medical, Carolinas HealthCare System continues to serve as a crucial operation partner, providing much needed access to more than 300 medical specialists on a regular basis, access to the more than 60,000 employees on an as-needed basis, and access to the organization’ Materials Management and Purchasing associates who help in evaluating the market potential of any acute care product ideas submitted to us.

2. SUBMITTING AN IDEA

How fully developed does my idea need to be before I submit it?

Your idea can be as simple as a back-of-the-envelope sketch or be fully patented, designed, prototyped and already generating sales. We are able to review ideas across this entire spectrum.

Does Edison Nation Medical also accept idea submissions from businesses or university tech transfer offices that have innovative healthcare ideas?

Absolutely! We welcome the opportunity to collaborate with universities, small business, or organizations that have interesting healthcare innovations they are hoping to commercialize and these types of relationships makes up a large portion of our current commercialization efforts today.

i.    For more information about how we work with Universities, click here.

ii. For more information about how we work with hospitals and healthcare systems, click here.

iii. For more information about how we work with professional and patient groups, click here.

How do I submit an idea to Edison Nation Medical?

You can submit your healthcare idea for consideration in one of two ways:

i.  Open Search. 365 days a year, we run an open search into which any healthcare idea, regardless of its area of focus, can be submitted.  For the current open search, click here.

ii. Targeted Searches. We regularly run targeted searches, which are often sponsored by a particular manufacturer or healthcare organization, and which focus on a particular area or pain point within healthcare.

A full list of all our current searches can be found here. Simply follow the steps within a particular search for submitting your idea.

Do I have to submit online or can I just email you my idea?

We do not accept unsolicited submissions outside of our system. We can only ensure the confidentiality and protection of your intellectual property if you submit your idea to us via our online submission portal.

Any drawings, pictures, videos, or other intellectual property may be scanned and sent into our website via the submission process.

What is the cost for submitting an idea?

Signing up at Edison Nation Medical is free of charge. Each idea you submit costs only $25, which helps to cover a very small portion of the administrative expenses we incur in reviewing each idea.

How do I submit an existing idea to a new search?

Ideas that have been submitted to one search may be submitted to another relevant search. You will need to resubmit the information in order to tailor your submission so that the answers address the specific search criteria and the $25 submission fee applies to each search.

Can I submit an idea from anywhere in the world?

Yes. Edison Nation Medical is a global company and accepts ideas from inventors all around the world. In fact, inventors outside the United States often find Edison Nation Medical to be a valuable resource for accessing US-based medical device manufacturers and healthcare systems that are otherwise very tricky for foreigners to access. Innovation has no boundaries and neither do we.

What happens to my idea once I submit it to ENM?

As soon as you enter your idea into our system, our evaluation team gets to work reviewing your submission from a medical efficacy, intellectual property and market potential perspective. We review ideas on a rolling basis (even for Targeted Searches that have a specified end date). To learn more about our extensive proprietary evaluation process, please click here.

If I work for a university or a healthcare system can I still submit my idea to you?

The answer to this question depends entirely on your university or employer’s intellectual property (IP) policy. Some have very stringent IP rules that you may have agreed to contractually when you became an employee and others have much looser rules or no rules at all. In some cases, even though your employer may technically own the IP to your healthcare invention, they may still permit you to submit your idea to Edison Nation Medical for a number of reasons.

Our recommendation is that you check with HR department within your university or employer prior to submitting an idea to fully understand your rights and obligations related to the intellectual property of your idea.

What are the legal terms involved in submitting my idea to you?

  1.  Individual Inventor: click here.
  2. University or Healthcare System Tech Transfer Office: click here.

Do I need to assign my intellectual property over to Edison Nation Medical? Why is this a requirement in certain cases?

Our requirement for assigning intellectual property over to Edison Nation Medical varies depending on whether you are an individual inventor or a technology transfer office. In some cases, such as with the Individual Inventor, we require the Inventor to assign the intellectual property to Edison Nation Medical upon submitting an idea. By doing so, we are then able to take all necessary steps to successfully commercialize the idea, including negotiating a licensing agreement and protecting the intellectual property against infringers.

We make every attempt to successfully license each idea submitted to us, but we will return your intellectual property to you — including any patent applications or issued patents and any unused samples or prototypes we have created at our own expense — if any of the following occur:

i.  After conducting a full evaluation of your product idea, we opt not to pursue it for any reason;

ii. We attempt to commercialize your idea, but are unsuccessful in finding a manufacturer to license the IP within 12 months after the full evaluation of your idea is completed;

iii. We are successful in licensing your idea, but are unable to generate licensing royalties for you of $100,000 within 5 years from the date at which the licensing agreement was executed.

Prior to submitting your idea to us, we recommend you review the Inventor Agreement that pertains to your situation to understand the details about how Edison Nation Medical handles the assignment of Intellectual Property:

  1. Individual Inventor: click here.
  2. University or Healthcare System Tech Transfer Office: click here.

Who will be responsible for protecting the intellectual property of my idea if I submit it to you?

If your idea is selected for commercialization, Edison Nation Medical will work to secure and fund any additional intellectual property and patents necessary to protect your idea. Furthermore, at our expense, we will take legal action against any individuals or companies attempting to infringe on the intellectual property of any product idea we are attempting to or have already successfully commercialized.

What if I have already shared my idea with other people?

Without knowing the details of what you have shared and with whom, we cannot provide a definitive answer. Our recommendation is for you to submit your idea via our confidential online portal and provide details when prompted during the submission process. We will then be able to determine whether your idea is still patentable.

If my idea doesn’t match one of the searches ENM is running, can I still submit it?

Absolutely! You are able to submit any healthcare innovation idea via our Open Search 365 days a year, even if it doesn’t meet the criteria of any of our current searches.

Do I need a patent or a prototype of my idea before I submit to Edison Nation Medical?

No, one of the unique benefits of working with Edison Nation Medical is that we are able to review ideas at any stage of development, from back-of-the-envelope sketches to products that are currently being manufactured and sold, but which are looking for access to bigger health systems.

Can I take my idea out of consideration once it has been submitted?

Yes. If your idea is not selected — or at any time up until your idea reaches Stage 7 (“Finalist”) — you can withdraw your idea from consideration and pursue it independently. Once your idea reaches Stage 7, you are bound by the Inventor Agreement and cannot withdraw at will. Prior to submitting your idea to us, we recommend you review the Inventor Agreement that pertains to your situation to understand the details:

  1. Individual Inventor: click here to download and review our Inventor Agreement.
  2. University or Healthcare System Tech Transfer Office: click here for more information.

To remove your idea from consideration, please email us at Questions@EdisonNationMedical.com.

How do I edit an existing (or saved) submission?

Click here to view all of your ideas and submissions and click “edit” next to the idea you would like to edit.

Where can I send a prototype of my product for your review process?

We ask that inventors NOT send prototypes of their invention ideas to us until requested to do so. We will notify you if and when we are interested in seeing any prototypes you might have created.

Is there a limit to the number of ideas I can submit?

No, there is no limit. You may submit as many ideas as you’d like. Likewise, there is no limit to the number of ideas Edison Nation Medical may choose to pursue for licensing and development. If you submit ten ideas and we agree that all ten are brilliant, we will work diligently to successfully commercialize all of them.

Who is allowed to submit ideas? Is there an age requirement to participate?

Inventors, businesses, and universities from around the world are invited to submit a healthcare idea to us for full evaluation. However, you must be at least 18 years of age to submit an idea. Innovators under 18 can submit their ideas through a parent or legal guardian.

Will you sign an NDA before I submit my idea?

No, we do not sign separate NDA. The reason we don’t is that the Medical Inventor Agreement that every Inventor agrees to upon submitting an idea to Edison Nation Medical includes provisions for protecting the confidentiality of the Inventor’s intellectual property. Specifically, the contract states that Edison Nation Medical shall treat every Innovation as confidential and not disclose the Innovation to any third party, with the exception of us disclosing an Innovation to a third party that has executed a confidentiality agreement with Edison Nation Medical for the purpose of considering the commercialization of the Innovation.

For more information about our confidentiality provisions, please see Section 12.1 in our Medical Inventor Agreement.

Can I submit my idea for consideration to other companies at the same time that I submit to Edison Nation Medical?

Our team invests considerable time and financial resources at our own expense in the process of evaluating each idea submitted to us. For this reason, we respectfully request that Inventors not submit their idea to other companies simultaneously. That said if you wish to pursue other means of commercializing your idea, you are able to remove it from consideration at any point up until Stage 7 of our evaluation process.

If and when your submission becomes a Finalist and is deemed to be in the Finalist Phase (Stage 7), you may not, per our Medical Inventor Agreement, submit your Innovation for consideration or evaluation by any product submission company, or the like, nor any entertainment company. Nor can you explore other avenues for commercializing the Innovation or any part of it without our prior written consent.

What should I do if I came up with my idea using input from some of my colleagues?

Every colleague(s) who contributed to the idea in a material way should be listed as an Inventor. You will be prompted to answer questions related to this during the idea submission process.

What if other people already know about my idea?

In some cases, if you have shared your idea publically, securing a patent on the idea may prove difficult but there is no way for us to give a definitive answer without knowing more details. The best thing to do is for you to submit your idea and answer the questions related to public disclosure in our submission process. Your answers will give our evaluation team the information necessary to make an appropriate determination.

My idea is really small and silly – are you sure you want to hear it?

Absolutely!! Your small or “silly” idea might solve a pain point for thousands of other healthcare workers or patients around the world, but we’ll never know unless the idea gets out of your head.

If I submit my idea to ENM does that mean that Carolinas HealthCare System will own it?

No, Carolinas HealthCare System will never have any rights to your idea despite being a strategic partner of ours.

3. OUR EVALUATION PROCESS

Who actually evaluates each idea submitted to Edison Nation Medical?

The decision-making process for medical devices is highly complex and subject to many constraints (e.g., physician’s choice, vendor pricing, and regulatory requirements). Group decision-making is necessary, because it provides expertise and achieves goals that are beyond the range of one single individual. For this reason, the Edison Nation Medical Evaluation Team relies heavily on our strong partnership with Carolinas HealthCare System to tap into their 60,000+ associates for input.

In addition to making a financial investment to help launch Edison Nation Medical, Carolinas HealthCare System continues to serve as a crucial operation partner, providing important access to more than 300 medical specialists on a regular basis who assist with evaluating the medical efficacy of each idea (starting with Dr. Jean Wright, who serves a dual role as VP Innovation for Carolinas HealthCare System and Chief Medical Expert for Edison Nation Medical); access to the more than 60,000 employees on an as-needed basis to provide additional insights; and access to the Carolinas HealthCare System’s Materials Management and Purchasing associates who help in evaluating the market potential of any acute care product ideas submitted to us.

How does the Edison Nation Medical evaluation and commercialization process work?

Given the high degree of complexity involved in evaluating and commercializing acute care, durable medical/home care, and retail consumer healthcare innovations, we have developed a multi-step process for how each idea is handled:

Stage 1: Submission Received

Our Evaluation team confirms that the Inventor’s idea, along with any patent and product sketch information, if applicable, was securely and successfully received.

NOTE: We need to automate reminders to inventors if they don’t provide a product sketch or don’t provide patent number and priority date when they claim they have patent and/or prompt inventor to attach patent document/filing receipt as soon as they check the “patented” box.

Typical timing for communicating to Inventor: Within 48 hours

Stage 2: Pre-Screen

Confirm that the submission meets any minimum requirements necessary, including:

1. Idea is medical in nature

2. Idea relates to a device, technology or app

3. Idea is not related to process improvement, cultural change, new program or service line development

4. If submitted in response to a particular search, idea meets minimum criteria of that search

Typical Timing: Within 30 days

Stage 3: Initial Feasibility Review (includes Intellectual Property, Medical, Technical and Market assessment)

Stage 4: Intermediate Feasibility Review (includes Intellectual Property, Medical, Technical and Market  assessment)

Stage 5: Advanced Feasibility Review (includes Intellectual Property, Medical, Technical and Market assessment)

Within Feasibility Stages 3 – 5, the bulk of the idea evaluation occurs. These highly-iterative stages involves more than 100 experts at times and, in our years of experience, addresses the four most important aspects determining an idea’s commercial potential:

  1. Intellectual Property Position, including:
    1. Uniqueness of the innovation idea
    2. Patentability of the idea
  2. Medical Efficacy, including
    1. Potential application(s) of the innovation & clinical feasibility
    2. Clinical efficacy
    3. Current standard of care the innovation would enhance or disrupt
  3. Technical Efficacy, including
    1. Ability to design effectively and manufacture within acceptable cost parameters
    2. Ease of use by the end-uses
  4. Commercialization Assessment, including
    1. Combined market size for all potential applications
    2. Cost reduction and/or improved patient satisfaction benefits
    3. Current or foreseeable competition
    4. Channel(s) of distribution
    5. Regulatory pathway
    6. Reimbursement requirements & opportunities
    7. Customer validation
    8. Potential purchase order

Timing: 1-9 months, depending on complexity of the idea

      Stage 6: In-Depth Commercialization Assessment

We have strong partnerships with leading acute care provider systems, durable medical equipment companies, and consumer healthcare retailers. As such, we are able to gather feedback on each Stage 6 invention idea from the appropriate partner depending on which distribution channel is relevant. During this stage, we gain deeper insights into the true commercial potential for an idea by gathering this “voice of the customer” feedback and, when appropriate, even securing a first purchase orders.

Timing: 3-6 months

Stage 7: Finalists

Idea submissions that progress to Stage 7 are considered “Finalists” and are passed to our Business Development team, who begin proactive outreach to our community of Innovation Partners, including leading global medical manufacturers and other commercialization organizations that would license our Inventors’ ideas. Ideas submitted as part of a sponsored search are presented to our Search Sponsor for consideration at this stage.

Timing: Varies, but typically 6-12 months

Stage 8: Idea Commercialization

The Edison Nation family has strong experience in negotiating agreements for the licensing or sale of innovation ideas. We have deep knowledge of market terms and conditions and we have strong economic incentive to obtain the best terms possible in the market. In this stage, our business development team handles all aspects of negotiations related to the licensing or sale of an Inventor’s idea while keeping our Inventors informed of the progress and outcome.

Timing: 3-6 months

What criteria are used to determine whether an idea is good or not?

In our years of experience evaluating and commercializing healthcare innovations across acute care, home care and retail healthcare, we’ve identified 15 key criteria that must be examined carefully. One of the key advantages of working with Edison Nation Medical to commercialize your healthcare innovation idea is that we have world-class expertise (in-house and through our strategic partnership with Carolinas HealthCare System) in all of these areas:

i. Intellectual Property Position, including

Uniqueness of the innovation idea

Patentability of the idea

ii. Medical Efficacy, including

Potential application(s) of the innovation & clinical feasibility

Clinical efficacy

Current standard of care the innovation would enhance or disrupt

iii. Technical Efficacy, including

Ability to design effectively and manufacture within acceptable cost parameters

Ease of use by the end-user

iv. Commercialization Assessment, including

Combined market size for all potential applications

Cost reduction and/or improved patient satisfaction benefits

Current or foreseeable competition

Channel(s) of distribution

Regulatory pathway

Reimbursement requirements & opportunities

Customer validation

Potential purchase order

What makes Edison Nation Medical a “world-class expert” in evaluating and commercializing healthcare innovation ideas?

Our years of experience evaluating and commercializing healthcare innovations across acute care, home care and retail healthcare, has taught us the critical factors necessary for successfully bringing a healthcare idea to life. We have assembled a team — both in-house and through our strategic partnership with Carolinas HealthCare System — that provides us exceptional expertise in each of these areas:

i. Intellectual Property

Our CEO, Louis Foreman, is a leading expert in intellectual property, particularly as it pertains to individual inventors. In 2008, United States Secretary of Commerce, Carlos M. Gutierrez, appointed Louis to serve on the Patent Public Advisory Committee (PPAC) of the United States Patent and Trademark Office (USPTO). The Committee was created by Congress to advise the Under Secretary of Commerce for Intellectual Property and Director of the United States Patent and Trademark Office on matters relating to the policies, goals, performance, budget, and user fees of the patent operation. Louis’ term on PPAC ends December 2014.

In addition, Louis has been called upon multiple times to brief the House and Senate Judiciary Committees on legislation related to the US Patent system and its impact on independent inventors.

ii. Clinical Efficacy

In addition to making a financial investment to help launch Edison Nation Medical, Carolinas HealthCare System continues to serve as a crucial operation partner, providing important access to more than 300 medical specialists on a regular basis who assist with evaluating the medical efficacy of each idea (starting with Dr. Jean Wright, who serves a dual role as VP Innovation for Carolinas HealthCare System and Chief Medical Expert for Edison Nation Medical). We also have access to the more than 60,000 Carolinas HealthCare System employees on an as-needed basis to provide additional insights.

iii. Technical Efficacy

Within our 25,000 sq ft innovation headquarters in Charlotte, North Carolina, we have extensive product development capabilities, including a staff of 25 (?) industrial designers, rapid prototyping equipment and expertise, 3D printers, and expansive design space. Having these capabilities in-house allows us to evaluate the technical feasibility of any idea submitted to us as well as to turn back-of-the-envelope inventor sketches into CAD drawings or even 3D printed prototypes very quickly, easily and cost effectively.

iv. Commercialization Assessment

In addition to the years of experience our Business Development team has in assessing and commercializing healthcare innovations, we also have easy access to the Carolinas HealthCare System’s Materials Management and Purchasing associates, who help in evaluating the market potential of any acute care product ideas submitted to us.

Carolinas HealthCare System is one of the largest public health system in the US, managing 43 hospitals, 950+ points of care, and 11+ million patient interactions every year. The sheer size of the organization and volume of products used annually provides their Materials Management team exceptional data and insights regarding regulatory and reimbursement issues, system “pain points”, price and margin sensitivities, and potential order volumes.

Most importantly, though, is that through this relationship, we are able to gather true “voice of the customer” feedback regarding an innovation idea and, at times, even secure an initial purchase order from Carolinas HealthCare System that we can then take into our licensing negotiations with manufacturers. This is a critical advantage that most individual inventors and small start-ups cannot match!

How do I find out the current status of my idea?

Each person who submits an idea can follow its progress through our eight-stage screening process by watching his/her Edison Nation Medical dashboard. Log in to view your dashboard here.

How long will it take ENM to review my ideas?

Our internal evaluation process for ideas begins the moment an idea is submitted into our system and can take anywhere from one month to a year, depending on the complexity and of the idea and how far it gets into our evaluation process.

The Edison Nation Medical Evaluation Team works as efficiently as possible, but we are very careful not to eliminate any ideas prematurely. If a particular idea happens not to be a good fit for one specialty in healthcare, for example, it may well be a perfect fit for another specialty. And since it’s in our best interest and the best interest of our Inventors to identify every possible use for an invention idea, we err on the side of doing a very thorough evaluation rather than simply trying to move fast.

Once I submit my idea, how do I know if my idea was selected?

As soon as you submit your idea, it will appear on your dashboard. As your idea progresses through each step of our patent-pending review process, you will be notified on your dashboard.

How do I access my dashboard?

In order to protect the confidentiality of your idea, you must be logged in to Edison Nation Medical in order to view your dashboard. Log in to view your dashboard now.

What does a green check mark mean? Does that mean my idea passed that stage?

A green check mark on your dashboard means your idea has successfully progressed onto the next stage of the review process.

What does the red X mean on my dashboard?

The red X means your idea has not been selected to move forward in the review process. If your idea is not selected, the rights to your idea automatically revert to you. Simply click “Remove” next to your idea in the Your Ideas section of your Innovation Search database.

Alternatively, your idea might be a better fit for a different search we are currently running or might run in the future – especially if your idea made it to Stage 7. So you might consider leaving your idea in the database and submitting it to another search.

If my idea is not accepted, will ENM tell me the reason why?

As much as we would love to provide individual feedback to every inventor, we are unable to do so due to the volume of submissions we receive and the time involved in fully evaluating every idea. When an inventor’s idea does not move forward in our evaluation process, he or she is able to reference our Evaluation Stages to understand the issue that kept the idea from proceeding. The inventor can then determine whether or not to continue to invest additional time and resources in commercializing the idea by other means on his own.

Keep in mind that ideas we opt not to pursue often times simply don’t fit with our particular business model, but may still be worthy of pursuing through other means. There are multiple avenues for bringing a healthcare idea to life, Edison Nation Medical being just one of those.

If my idea is not selected, will I get my money back?

No. The submission fee covers a portion of administrative costs associated with evaluating your idea and is nonrefundable.

If my idea is not selected, will I get my idea back?

Edison Nation Medical does not retain intellectual property that we do not plan to commercialize and so, if we choose not to proceed with your idea at any point, all intellectual property will revert back to you. In addition, we will provide you with any patents, designs, or prototypes we may have secured or created in the process of evaluating your idea. There is nothing you will need to pay in order to have all of these returned to you.

4. INVENTOR REVENUE

What are the chances my idea will be commercialized?

The likelihood of any medical idea being successfully commercialized is dependent on many complex factors:

i. The quality of the idea and the uniqueness of the intellectual property

ii. The clinical efficacy of the idea

iii. The technical efficacy of the idea and the complexity and cost of manufacturing

iv. The current standard of care, size of market, degree of entrenched competition for the idea

v. Regulatory hurdles and reimbursement opportunities that might hinder or help the idea in achieving success

Without knowing the details of your idea it’s impossible for us to predict the likelihood that we will be able to assist in successfully commercializing it. The best course of action is for you to submit your idea into our system so our Evaluation Team can begin reviewing it.

 

What is the royalty rate my idea will receive? Who negotiates this?

Within the medical device industry, royalty rates vary widely depending on the type of product, the anticipated sales and margins, and the degree of exclusivity provided to the licensing company. A general rule of thumb, however, is for royalty rates to range from 5-15 percent.

If we agree that your idea holds great promise, our business development team will reach out to leading medical device manufactures around the world to negotiate a licensing agreement. Given that we share all licensing royalties with the Inventor, it’s in our best interest to proactively negotiate the most lucrative and fair agreement possible on behalf of our Inventor.

Is there a different royalty rate for inventions further down the development pipeline?

The more developed, tested and proven an idea is, the less risk a medical device manufacturer needs to assume when licensing the idea. Therefore, it’s common to be able to negotiate a higher licensing rate in these cases.

5. PARTNERSHIPS

Is Carolinas HealthCare System an exclusive healthcare system partner of ENM?

No. They were our first healthcare system partner and their support was instrumental in launching our company, but since that time we have also formed a formal partnership with Mt Sinai Health System (NY, NY) and have a number of informal relationships with numerous other healthcare systems and hospitals.

Our model of healthcare innovation is very attractive to healthcare organizations, as it provides a pathway through which the organization can enable its physicians and employees to contribute innovative ideas for improving patient care. If you know of a healthcare system or hospital that may be interested in learning more about partnering with Edison Nation Medical, please contact us at Partnerships@EdisonNationMedical.com.

What types of companies does ENM partner with?

The nature of open innovation is that great ideas can come from anywhere and, likewise, the term “great idea” can have many different meanings depending on the perspective within healthcare. For this reason, our business model resonates with a very wide variety of healthcare-related organizations ranging from hospitals to professional/patient advocacy non-profits to medical device manufacturers to brands with large databases of potential healthcare inventors.

If you believe your organization might benefit from partnering with Edison Nation Medical, we urge you to reach out to us so that we can share more information about how our business model might complement your own innovation efforts.

Why would a medical device manufacturer come to Edison Nation Medical for innovation ideas?

Edison Nation Medical’s open innovation model provides medical manufacturers and professional healthcare organizations the opportunity to tap into the brainpower and creativity of individuals around the world in order to complement their own R&D teams’ efforts in solving some of today’s biggest healthcare challenges.

Furthermore, we are able to act as a buffer for these companies, protecting them against “intellectual property contamination” issues, which result when an Inventor inadvertently submits an idea that is very similar to one their in-house R&D team is already pursuing.

During each sponsored search, we aggregate ideas from individual inventors, businesses, universities and healthcare systems around the world. Our team of medical, intellectual property, and commercialization experts then evaluate every idea based on criteria set by the sponsoring company as well as our own internal metrics for success. At the conclusion of a search, we present the best and brightest ideas to our sponsoring partner, who then has first right-of-refusal to license any concepts that meet their needs.

How do I get more information about partnering with ENM?

Please send an email to Questions@EdisonNationMedical.com. Include your name, contact information and the organization you represent along with a brief description of your interest in partnering. Your email will be channeled to the appropriate person on our team who will get back to you promptly.

6. ACCOUNT QUESTIONS

Why do I need to create an account?

By creating an Edison Nation Medical account you are able to submit your ideas through our secure, confidential online inventor portal. In order to fully protect the intellectual property of your idea, we are unable to accept ideas that come to us outside of this submission process.

Is there any reason to create an account with Edison Nation Medical if I don’t have an idea to submit yet?

By creating an Edison Nation Medical account, you’ll be ready when inspiration strikes and you’re ready to submit an invention idea.

You’ll also receive regular updates from Edison Nation Medical with brand news, new innovation search updates, and inventor tips and success stories.

How do I sign up for an account?

Creating an account is simple, quick and free. Visit our log-in/sign-up page at app.edisonnationmedical.com/login.

How do I log in to my existing account?

If you have already created an account with Edison Nation Medical, click here to log in.

How do I access my dashboard?

In order to protect the confidentiality of your idea, you must be logged in to Edison Nation Medical in order to view your dashboard. Log in to view your dashboard now.

Forgot your log in information or password?

Click here if you have forgotten your password. If you have forgotten your username, you may also use your email address. If you have forgotten both your username and email address, please email our support site to request assistance.

How do I cancel my account?

You may cancel your account or change your membership status by visiting My Account.

7.ABOUT US

What is Edison Nation Medical?

Edison Nation Medical is a healthcare innovation marketplace with deep expertise in open innovation, product development, and healthcare. Born out of collaboration with Carolinas HealthCare System (one of the largest public health systems in the United States), Edison Nation Medical’s mission is to create more effective, more efficient and safer healthcare through open innovation. We make this a reality by providing a clear and easy pathway through which anyone — physicians, nurses, entrepreneurs, even patients and caregivers — can submit a healthcare invention idea for full evaluation and potential commercialization and by helping inventors to break through the traditional barriers of healthcare innovation. We accept ideas ranging from acute care to durable medical equipment (DME) to consumer healthcare products sold through retail.

Joining Edison Nation Medical is free and ideas submitted to our confidential and secure online portal are vetted through an in-depth review process led by our team of medical, product development and legal experts. Our end goal is to commercialize each qualified product idea and, when we are successful, we share licensing royalties with the inventor and celebrate together.

Edison Nation Medical innovation headquarters is in Charlotte, NC with satellite offices in San Francisco and New York City.

How did the Edison Nation and Carolinas HealthCare System collaboration come about?

In July 2012, Carolinas HealthCare System and Edison Nation formed Edison Nation Medical, LLC, a joint venture to stimulate innovations in healthcare delivery and improvements in patient care. This unique and creative marketplace for physicians, nurses, patients, caregivers, and entrepreneurs throughout the country, to submit their best ideas to further medical innovation and technology, thus transforming the future of patient care.

“The collaborative relationship between Carolinas HealthCare System and Edison Nation was fundamentally built on a shared vision that, working together, these two organizations can have a lasting impact on the future of healthcare,” said Michael C. Tarwater, chief executive officer, Carolinas HealthCare System. “By encouraging those who personally deliver care to patients—and even patients themselves—to become innovators in improving both the care and the patient experience, we believe we can stimulate more meaningful ideas that truly result in real, tangible innovation. Carolinas HealthCare System believes that by blending our comprehensive clinical expertise and our core strengths in innovative thought with Edison Nation’s creative execution abilities, together we can transform healthcare.”

What is the relationship between Edison Nation Medical and Edison Nation, Enventys, and Everyday Edisons?

Edison Nation Medical is part of a family of brands – including Edison Nation, Everyday Edisons, and Enventys – that have supported inventors and successfully commercialized ideas since 2001. Collectively, we have filed more than 700 patent applications, reviewed tens of thousands of invention ideas, and been involved in the commercialization of hundreds of inventor ideas.

Our parent company, Edison Nation, is a Charlotte-based product developer and online social community for inventors. Edison Nation works with major retailers and manufacturers, such as Clorox, Fisher-Price, Colgate and Bed Bath & Beyond®, to be a catalyst for finding new products for these partners to develop and sell. Edison Nation products have been carried in more than 25,000 stores and more than 13 million units have been sold in the U.S. and abroad.

Our CEO, Louis Foreman, was involved in the conception of each of our brands and continues to be very involved in the strategic vision and operations of each brand today.

Where is ENM located?

Edison Nation Medical’s 25,000 square foot innovation headquarters is located in Charlotte, North Carolina. This facility houses the majority of our team along with our industrial designers, prototyping and 3D printing equipment and our “sister” companies, Edison Nation, Enventys and Everyday Edisons. We also have satellite locations in San Francisco, CA and New York, NY.

When was ENM started?

Edison Nation Medical launched in July 2012.

8. EDISON NATION MEDICAL vs EDISON NATION

What is the relationship between Edison Nation and Edison Nation Medical?

Edison Nation and Edison Nation Medical are “sister” companies within the same family of brands with Edison Nation focusing on non-healthcare innovation ideas and Edison Nation Medical focusing on healthcare. While there are differences in how each brand operates and executes on our respective visions, both companies share a common passion for using open innovation to uncover disruptive innovation ideas. Similarly, both companies are committed to helping individual inventors and start-ups to break down the traditional barrier that often keep great ideas from coming to life.

Our two companies are both headquartered in our 25,000 square foot renovated textile factory in Charlotte, North Carolina (along with our other “sister brands”, Everyday Edisons and Enventys). This close proximity enables efficient cross-pollination of creativity and resources across our teams.

If I have submitted an idea on Edison Nation before, should I keep submitting ideas there?

Edison Nation is our inventor community for non-healthcare related products, while Edison Nation Medical is dedicated solely to commercializing healthcare products. If your ideas are healthcare related, submit to Edison Nation Medical. If they are more general in nature, submit to Edison Nation. If you are not sure where to submit, feel free to contact us at 704-369-7301.

Please note that our healthcare searches no longer appear on Edison Nation’s website. To submit your healthcare idea, please submit it through the Edison Nation Medical website.

Do I track my ideas differently depending on the website I used to submit them?

Yes. You will need to track your ideas on the website you used to submit each respective idea. For example, if you are an Edison Nation member and submit a medical idea through EdisonNation.com, you will need to track it on EdisonNation.com, even though it is a medical idea.

If I am an Edison Nation Medical general member and come up with a consumer product idea that I want to submit, do I need to become an Edison Nation member as well?

“To submit a medical idea, you must log into EdisonNationMedical.com and submit your idea to one of our current searches. If you would like to submit a consumer healthcare idea, you are welcome to submit an idea to the Consumer Healthcare Search on EdisonNation.com.”

If I am an Edison Nation general member and come up with a medical product idea that I want to submit, do I need to become an Edison Nation Medical member as well?

If you are an existing Edison Nation member, you may submit your medical idea through EdisonNation.com. Simply look for the medical search descriptions alongside the general product searches on the homepage.

If I am an Edison Nation Medical Insider member and come up with a general consumer product that I want to submit, do I also need to become an Edison Nation Insider member?

No, you do not. If you are an Edison Nation Medical Insider, that membership extends to Edison Nation and vice versa. You only need one Insider membership.

9. INSIDER PROGRAM

Does ENM have an Insider Licensing Program like Edison Nation?

No, we have found that the Insider Licensing Program model does not work well for medical innovation. Commercializing healthcare innovations is very different than non-healthcare products and having a patent is only one of many hurdles an inventor must overcome in order to bring their healthcare idea to life. In order to ensure that we use our limited resources carefully, we are unable to represent any idea that has not successfully gone through our full evaluation process.

10. DOCUMENTATION CHECKLIST

When submitting an idea to Edison Nation Medical, you will be asked for the following information:

  • Your contact information
  • To read and accept the Medical Innovator Agreement
  • Background information about your invention idea, including:

•   Title

•   Detailed description

•   What is innovative about your submission

•   What problem or issue the product or technology solves

•   Target user

•   Target customer

•   Price/value

•   Competitors or potential competitors

•   Competitive advantage

•   Stages of the design process completed (if any):

•   Industrial Design

•   Engineering

•   Prototyping

•   Branding

•   Packaging

•   Manufacturing

•   Intellectual Property questions, including:

•   Patent(s) issued or pending

•   Patent searches performed

•   Idea origins, timeline, circumstances

•   Disclosures to others

•   Contributors

•   Website & other venues where invention has been featured

•   Patent attorney, if referred

•   Supporting Documents

•   [Upload files, videos, sketches]

11. DASHBOARD

How do I find my Dashboard?

To find your dashboard, click Login found at the top right corner of your screen. This will direct you to log in and locate your Dashboard.