Inventing a new product can be a difficult task for any entrepreneur. There are so many bases to cover when pushing your idea through that often times your invention is swept under the rug due to lack of knowledge about what you should do next. Getting your invention created and product on the shelf can be a grueling process without assistance. Louis Foreman, founder of Edison Nation, created a place where all of what an inventor needed would be under one roof. We sat down with Louis to learn more about Edison Nation and how the business was started.
What’s your background?
For as long as I can remember, I’ve always had entrepreneurial aspirations. When I was a child, I was a for-hire snow shoveler in the Chicago suburb in which I was raised. I founded my first company in my fraternity room when I was a sophomore at the University of Illinois, studying economics. I enjoy creating things, whether it’s a new start up or a patented invention. I’ve helped to create nine successful startups and am the inventor on 10 U.S. patents.
Why did you start your business?
Edison Nation is part of a family of brands located here in the Innovation Factory in Charlotte, North Carolina.
In 2001, I created Enventys because I identified a need within the product design and development space. Essentially, I wanted to assemble all of the talent and resources one would need to develop an idea into a real product under one roof. For many innovators and companies, you’d have to individually hire an industrial designer, a prototyping expert, a marketing expert, and further to see your idea fully realized. At Enventys, this talent is all working as one team, ready and able to work with each client project. We’ve worked with a variety of companies ranging from Britax to Bank of America and Newell Rubbermaid.
Along the way, I’ve encountered so many imaginative, creative people who have ideas for new products, but lack the time or resources to really do anything with that idea.
The inspiration for Everyday Edisons came from our wish to help and educate these individuals. With the success of the TV show came the need for EdisonNation.com, a website dedicated to capturing great new ideas anytime, anywhere and from anyone.
How did you come up with your business name?
Edison Nation draws its name from Thomas Edison, one of this country’s finest innovators. Edison Nation was founded to offer the most go-to-market solutions to take product ideas to market. As Thomas Edison once said, “The value of an idea lies in the using of it,” and we couldn’t agree more. Our logo is inspired by Edison’s signature, and we’re the first and only organization granted the right to use it by the Edison Innovation Foundation.
What impact do you think your business is having on inventors?
I think we’re having a very positive impact on independent innovators. An idea on its own has very little value. Innovators need a trusted partner to help capture that idea and its value. We’re proud of our innovator community and the relationship we’ve built with each member. As a company, our team works by the same guiding promise to our community: to provide anyone’s idea the most opportunities to reach its greatest potential.
What has been your favorite invention on the site?
Now, you can’t expect me to choose a favorite, can you? We see so many great ideas and meet such great innovators. I could never pick just one.
What advice would you give to every day inventors?
I would tell aspiring inventors to do their research. Before you pursue an idea and go through the expenses of development, intellectual property protection, manufacturing and more, you have to really understand your market. What problem does your invention solve? Why should the consumer trade in what they are currently buying to choose your product? Talk with people and get counsel from those outside of your friends and family.
