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AI vs. Everyday Edisons

Postby SparkBugg » Mon Jan 15, 2007 7:10 pm

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Last week, I thought of a commercially viable invention, and this weekend, I created a prototype that I now have up and running.

Now, for the sake of argument, let's say the invention is legit and a contender. I live in DC.

So my question for you experts is this: should I pitch to Everyday Edisons, which is having auditions here next weekend, or should I wait for the AI auditions? Primarily, what is the smarter financial move (if, hypothetically, I won)? What would you do?

Thanks much in advance for any thoughts. I plan to print out the legal stuff for both shows tomorrow at work, and then read them, so I will be researching this myself, as well.

In gratitude,

Matt (aka. SparkBugg)
Check out my blog of Ideas at www.sparkbugg.com!

Postby 5rocks » Tue Jan 16, 2007 8:23 am

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The first season of AI offered the "winner" $1 million and 25% royalties on earnings. The million is only an advance. Once the product is on the market, the first million dollars goes to ABC. After that, the inventor gets 25% of profit, not earnings which is a big difference. A lot of this was not specifically spelled out until the top 50 inventors received the huge contract packet the night before flying out to Hollywood for the finals. Finalists 2 through 12 were to receive the same royalty payout as the winner Janusz, only if ABC decided to market their product. Also, ABC gets worldwide perpetual rights to your product for something like 7 years if they choose. I may be off a little on the time frame. So.......although the FAQ's say that at no time ABC owns the rights to your patent, they still have exclusive rights to the product's distribution. I hope this helps.

Pat
www.thetakeaseat.com

Thanks!

Postby SparkBugg » Tue Jan 16, 2007 11:09 am

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Thanks for the info! I guess I have to read more of the fine print. It is a leap of faith. And it sounds like you can speak from experience (I loved the Take-a-seat!).

A potential bird in the hand, or two in the bush, it seems.

Best,

SparkBugg
Check out my blog of Ideas at www.sparkbugg.com!

Postby suzynunu » Tue Jan 16, 2007 2:21 pm

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5rocks wrote:The first season of AI offered the "winner" $1 million and 25% royalties on earnings. The million is only an advance. Once the product is on the market, the first million dollars goes to ABC. After that, the inventor gets 25% of profit, not earnings which is a big difference. A lot of this was not specifically spelled out until the top 50 inventors received the huge contract packet the night before flying out to Hollywood for the finals. Finalists 2 through 12 were to receive the same royalty payout as the winner Janusz, only if ABC decided to market their product. Also, ABC gets worldwide perpetual rights to your product for something like 7 years if they choose. I may be off a little on the time frame. So.......although the FAQ's say that at no time ABC owns the rights to your patent, they still have exclusive rights to the product's distribution. I hope this helps.

Pat
www.thetakeaseat.com


Hi, I am contemplating this same thing, and your post brings me to another question. If you audition for AI, and get through to the final 50, what if you decide NOT to go? Can you back out before signing the new contract? Or do they "have you at hello?" Thanks for any additional insight. Suzy

Postby 5rocks » Wed Jan 17, 2007 10:20 am

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Susynunu, :)
If you make it to the final 50 and decide that you do not want to continue, then just simply stay home. Others did last year. We contemplated it after receiving our final contract the night before flying to Hollywood the second time. Our lawyer told us that if we don't win the Million dollars, hopefully we will finish out of the top 12. When I asked him why, he said that it should give us the most exposure with the least amount of attachment to ABC. Well, that didn't necessarily happen with us. We came to show a real product and not discuss sad stories. I didn't audition to spill my guts to America. I wanted to introduce a cool tailgating product. Unfortunately, that didn't get us the airtime we were looking for. I began to realize they were looking for something other than what I was offering when they interviewed me for 10 minutes to talk about my hearing loss and what I would do if someday I couldn't hear the voices of my children. Entering a contest like this is definitely a personal decision. If you do audition, have fun, be yourself and enjoy the ride. It will always be a memorable experience.

Pat

www.thetakeaseat.com

I auditioned at Everyday Edisons (EE)

Postby SparkBugg » Mon Jan 22, 2007 9:34 pm

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Pat,

Thanks for your info. Your thoughts made AI more tempting than EE, so I was originally planning on waiting for AI. However, I decided last minute to audition for EE, and am really glad I did.

I still don't know what would be more lucrative, EE or AI, but the experience at the EE auditions was great. 800 folks tried out in DC, which was more than I expected. The event was well run, and the people were terrific. They seemed interested in the inventions, and not necessarily looking for melodramatic human interest stories that would be good for prime-time.

Turns out EE is not a competition show, but more like a documentary. The chosen few (about 10) would all get their inventions made, with details about the process along the way. Sounds like the perfect show for inventors to watch.

Though my invention did make it to the final round and is being considered for the show, I am super excited to watch the show (even if I am not in it!).

You can read more about my experience at www.MetaBugg.com

Bottom line: if any of you inventors are along the West Coast, consider trying out for EE in San Diego, on Feb 24th.

Best,

SparkBugg
Check out my blog of Ideas at www.sparkbugg.com!

Postby Michelle » Wed Jan 24, 2007 7:55 am

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Hi Spark Nugg:

I liked your postings. We have over 5000 visitors a day, and on really good days up to 40,000. They are not all inventors but a few thousand to hundred a day are so I think you may have been getting some boost to your readership from our site. If you look at just this discussion, we've gotten almost 340 reads on this conversation alone.

So, perhaps we're helping?

Michelle

Big Thanks!

Postby SparkBugg » Wed Jan 24, 2007 8:49 am

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I truly think AISpot is helping, and this is my dream audience: creative people who love new ideas.

So I am very grateful, especially to you for finding me and inviting me here. It seems like you are very active and productive on this site, and the Spot is lucky to have you.

I am thinking about submitting an article to you for consideration for the Spot's blog. A couple of ideas include: brainstorming and how to organize the creative process; and why some people (like me, some in here, and others on sites like HalfBakery.com ) expose their great business ideas to the public. I will be in touch soon.

Thanks again,

SparkBugg
Check out my blog of Ideas at www.sparkbugg.com!

Postby Michelle » Thu Jan 25, 2007 9:55 pm

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We would love to get your contributions for our reader. Thanks for the nice words.

I will look for them, feel free to drop me an email in our contact box.

Thanks,

Michelle

Are EE's terms negotiable?

Postby Shayle » Fri Feb 09, 2007 10:17 am

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Here's my dilemna. I have a product and business plan that could easily land a $50M acquisition for an OEM product in the Auto Mfg industry after the retail and licensing cash-cow (I know, we ALL believe that :D) .

At 95% interest, one winner could literally finance EE's next 20 years of programming INCLUDING the funding of resources to launch all of their products for those shows.

Tough pill to swallow having hashed out the potential returns as a Corp.

Has anyone attempted to negotiate better terms with BB's legal dept? If so, how'd that work out for you?

Thanks,
Shayle
Shayle@BuyHeadsUp.com
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