Web 2.0 Internet-based process mass-invents new product concepts

(openPR) - An American company, Edison Innovations, Inc., has developed a new Internet-enabled method to identify what products people would buy, if the products only existed. The company identifies latent needs and develops product concepts for manufacturers.

Until now, determining the success of a new product has been difficult, with nearly 90% of new consumer products failing to achieve financial goals.

Edison's approach uses the Internet to sense the pains and frustrations of people, which it uses to develop and market products to meet those needs.

CEO of Edison, Larry MacDonald, said, "we have overcome the biggest obstacle to new product development success, which is picking the right product to develop. Too many companies depend on someones idea, instead of sensing the market's appetite and need. We listen for the sucking sound in the market."

MacDonald claims that by filtering thousands of frustrations, his process pinpoints those with the greatest market potential and demand. "Ideas, as the starting point for new products, lead to disaster in most cases. Over 98% of all patents fail to earn back their cost," he explained.

By eliminating the product concepts with no real demand, MacDonald says the resulting products have a far greater expectancy of success, approaching 90%.

Edison works only with companies committed to innovation seeking new products to expand their lines. Companies without representation in the United States employ Edison to identify market gaps that are not yet visible and create concepts to satisfy the market. "We find that European companies want eyes in the California market to help them find opportunities," said MacDonald.

Edison is compensated on a royalty basis for their work. Their offices are just north of Silicon Valley, in the wine country of California in a small town named Kenwood, near Glen Ellen, where famed author Jack London wrote his adventure books.

L. A. MacDonald, CEO
Edison Innovations, Inc.
www.edisoninnovations.com

Edison Innovations, Inc. was inspired by the work of world-famous Thomas Edison, who decided early in his career to never invent a product for which there was not an existing need and market.

Larry MacDonald created his patent-pending process after spending many years analyzing the reasons behind the failure of thousands of inventions and ideas. It is based on the best practices of the most successful companies in consumer product development.

The company uses the Internet to connect virtual communities of experts and users to conduct market research and develop products with large market potential.