Sexxxy Beast wrote:I was reading the FAQ on their website it states that they will OWN the invention and I'll just get payments? Whats going on here???????
Q: I read in the Agreement that if my idea is chosen, I will receive payments based on the sale of my product. How does this work?
A: If your idea is chosen, you will be given the opportunity to enter into an Agreement that provides annual payments for up to 20 years, contingent upon sales of a commercial product that embodies your idea. The payments are based on (1) sales of products that incorporate the idea, even if no patent ever issues, (2) sales of products that are covered by a patent, and (3) royalties that are received under any patent. Please see the Assignment and Annuity Agreement for specific details.
Q: Who owns my idea?
A: When a participant presents his/her idea to the panel of judges, that participant has contractually agreed in the “Participant Agreement” to assign all rights and title related to the idea to a product development company affiliated with the show if that participant's idea is selected for commercialization on the show. In exchange, the show will cover all costs associated in the commercialization of the product and the participant may receive payments for up to 20 years in accordance with the Assignment and Annuity Agreement. If the idea is not selected for the show, then all rights remain with you, the inventor.
Q: If an agreement is entered into, who owns the invention after 20 years?
A: Patents only last 20 years. Once that time has expired, the idea becomes public, meaning anyone can sell it. Everyday Edisons will pay the inventor an annuity for 20 years, which equals the life of the patent.
The answer is YES they actually make ATLEAST half of what the inventor makes!!! Ive been digging around on their site, they do make it very hard to geto the info...
If they make the product then you get 7.5% royalties off the net wholesale price If they license it, the inventor gets 40-50%. Its basically like they get a slice of pie and share at most half with you (the pie being the profits).
They DO assign the invention to them, and they DO not allow you to get control back unless they don't want your idea or don't pay you $100,000 in 5 years. But even then they are permanent licensees of your idea and can also license it out to as many people as they wan within 20 years. Basically if your idea isn't hot now but becomes hot in the future, or they are unable to make money but then you make it work they would then also be able to make copies.
Thats all bad BUT I have to agree with the fact that all you have to do is come up with the idea and they will do all the work, and alot of inventors cannot get as far as they can get with the idea so potentially they can make something out of your idea when you wouldn't be able too. So really its for ideas that you the inventor couldnt make happen yourself.