For every idea it accepts, Bandai will pay a minimum advance of $2,500, and for every idea submitted, the company will donate a toy to Toys for Tots.
Edison Nation's website also carries out custom product searches for companies looking for new inventions. This is the first search the firm has carried out for Bandai, said Edison Nation CEO Louis Foreman.
Bandai's search says: "If your idea could potentially usher in the next innovative toy craze...or leverage one of Bandai's existing brands, this search is for you."
Bandai is looking for toys it can build on various platforms from video games to mobile apps to trading cards as well as a physical toy.
It is seeking "innovations in role-play, such as the next generation of laser tag and/or competitive action role-play that isn't your run-of-the-mill hide-and-go-seek game.
"Think innovative executions and play patterns for traditional pre-school activities such as shape sorting, peek-a-boo, color match..."
Click here for further details of how to enter a product.
You can watch the clip of the TV search on YouTube here