Indeed, Khubani told "20/20," only one out of every 10 products presented to his company is chosen for testing. And out of every 10 that are tested, typically just one is successful. So in the end, about 1 percent of products pitched to Telebrand actually make the cut.
"The odds are not that great. ... We make it look easy, I think, because we run so many products. But we test a lot. We test-market hundreds of products before we end up with the ones that we market," he said.
So before you think you've got the next big thing, Khubani suggests following some basic steps. First, he says, do some research.
"I can't tell you how many times people walk in, and I'll say, 'Well, have you looked it up online?' And they'll say no ... and I'll Google it ... and there is 10 others being sold already. So that's not worth anything," he said.
Once you have an original idea, go to www.uspto.gov and file a Provisional Patent Application to protect your idea.
Then sketch out your invention and create your own prototype, "without spending a lot of money," Khubani said.
"It doesn't have to be a professional prototype for us to be interested," he said.
Khubani stressed that no matter what, the invention has to be a "really good idea," and if he can't understand a product in the first 10 seconds of a presentation, it is a failure.
"I think people have got to get it right away," he said.
To pitch your idea to Khubani's company, send TeleBrands an email at InventorsDay@TeleBrands.com, with all the details of your invention.
Khubani is confident in the future of his 28-year-old business.
"We really have figured out what works," he said. "And for us, it's just doing more of the same. We are launching more products than ever before ... at least one new product every single month," he said. "We have expanded internationally as well. ... [We're] now in over 100 countries around the world."
Watch the full story on "20/20" on Friday at 10 p.m. ET.