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. 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 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. Watch the video to learn more about ENM and to see a couple of examples of products they helped hone.
This video is under BY-ND creative commons.