“Everyone has great ideas, but not everyone wants to start a company” -Louis Foreman
According to Louis Foreman, CEO of Edison Nation Medical (ENM), everyone has great ideas, but not everyone wants to start a company. In fact, he says only 11% of working people are entrepreneurs. The other 89%, for a variety of reasons, are risk averse—perhaps they have 5 kids to put through college or they don’t want to (or can’t) quit their jobs.
ENM was formed as a collaboration between Carolinas Healthcare System and Edison Nation, a product developer and online social community for inventors. The idea, according to the ENM website, is “to stimulate innovations in healthcare delivery and improvements in patient care.” People with good ideas to improve healthcare can bring them to ENM in any form—scribbled on the proverbial napkin or prototyped and patented. ENMs sweet spot is to fine tune the product and bring it to market.
Louis says the business arrangement is a 50-50 split of licensing royalties between the inventor and ENM – perhaps not that bad considering how much dilution takes place over the course of an entrepreneurial company’s early life—not to mention lost wages and capital investments by the entrepreneur into the company.
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Learn more about ENM and see a couple of examples of products they helped hone.