CHARLOTTE, NC (WBTV) - We've all had that moment where we're watching something on TV or walking through a store and we see the kind of product that seems so simple to have created.
You know it's inventor is making big bucks from it's sales and you say to yourself, "why didn't I think of that?".
"We know that only 11% of the population are entrepreneurs. The other 89% are risk averse and that doesn't mean they don't have good ideas they just don't take the risk to make the ideas reality," said Louis Foreman, CEO of Edison Nation.
His company, based in Charlotte, helps everyday inventors bring their ideas to market. Inventors like Margaret Pryor who has roughly 40 ideas circulating within Edison Nation right now with the hope one will be chose by a company willing to sell it.
"When I started coming up with ideas I didn't know what to do with them. Patenting was expensive and it stopped me in my tracks every time," Pryor, a stay-at-home mom, said.
Now Edison Nation is working with the catalog company Skymall to help other inventors make some money off of their ideas in a new contest.
Would-be inventors submit their ideas, Skymall decides which of them it thinks might actually sell, and Edison Nation puts up the money to make it happen.
There is a $25 fee to enter. The winners will receive $2,500 and a percentage of the sales. Their product will appear in the Skymall catalog.
The deadline to enter the contest is Monday, January 9, 2012. For more information on the rules and how to enter, click here.