Entrepreneurs often aspire to see their products on the shelves of major retail chains. Now, a unique contest presented by Edison Nation might just be the ticket to realizing that dream. Here’s how you can seize this opportunity to showcase your product to big box stores.
The “Made in America” Contest
Edison Nation, a consumer-product development company stemming from the PBS-TV show Everyday Edisons, is hosting a “Made in America” contest until Aug. 29. For a fee of $25, entrepreneurs can submit their product ideas for consideration. The contest aims to promote U.S.-based manufacturing and is supported by partners like Bed Bath & Beyond and PepBoys, who are eager to discover new products for their shelves.
What’s at Stake
Selected winners not only receive recognition but also gain access to the National Institute of Standards and Technology’s Manufacturing Extension Partnership, which assists in finding suitable American manufacturing facilities. Additionally, winners receive a $2,500 advance against future royalties. However, it’s essential to note that Edison Nation claims a 50-50 split of royalties on products they help develop, which may impact future revenue.
Exploring Other Opportunities
While the “Made in America” contest is one avenue, Edison Nation hosts various other contests in collaboration with partners like Irwin Tools and As Seen on TV. These contests cover a range of product categories, including pets, mobile apps, and medical products. Regardless of the contest, the 50-50 royalty split remains consistent.
Considerations for Entrepreneurs
Participating in contests like those offered by Edison Nation can undoubtedly provide exposure to major retailers. However, entrepreneurs must weigh the potential benefits against the substantial royalty share required by the company. Careful consideration is necessary to determine if this opportunity aligns with their business goals and priorities.
Conclusion
Contests like the “Made in America” initiative present promising opportunities for entrepreneurs to showcase their products to prominent retailers. By evaluating the terms and potential benefits, entrepreneurs can make informed decisions about whether to participate in such contests and pursue avenues to get their products into big chains.
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