Infomercial king A.J. Khubani does not like to play the role of dream destroyer (ahem, Simon Cowell), but he has little choice at the company’s bi-monthly “inventors days” where would-be entrepreneurs pitch what they hope will be the next Snuggie or Pocket Fisherman in an American Idol-style competition.

Khubani, the 49-year-old CEO of TeleBrands (the company that brings you all of those ‘As Seen On TV’ products), has a keen eye for spotting a blockbuster product. He learned from one of the greatest pitchmen on television, the late Billy Mays, and he has scored some big hits including the Ped Egg, a foot callous scraper that has become the company’s best-selling product ever and the Windshield Wonder car window cleaner. But he doesn’t always get it right. Much to Khubani’s dismay, he passed on the Snuggie, the blanket with sleeves that has engendered an almost cult-like following.

Khubani’s late-night commercials are ubiquitous, but that doesn’t mean good inventions are ubiquitous, too. In fact, so many inventors were seeking advice from Khubani that he decided to hold auditions at the company’s Fairfield, N.J. headquarters. During these “inventors days,” he looks to his wife and children for advice, but often the final decision is his alone.

Among Khubani’s criteria for a winning product is that it must solve a common problem and be cheap to mass produce. The Ped Egg, for example, is small and simple in design, and since everyone has feet, the potential audience is vast.

While practicality and cost are important, so is the “wow factor.” A product needs to grab the imagination of the viewer and make them want it badly enough that they are willing to stop what they are doing, pick up the phone and order it. The product also needs to stick out on the shelves of one of TeleBrands’ retail partners including Wal-Mart Inc. (WMT) and Sears Holdings Corp. (SHLD).

Khubani is not easy to impress, however. During a recent inventors day he had no immediate interest in a TearLess Onion Chopper and Zip Tube refillable lotion containers. Sometimes, though, Khubani changes his mind about products he may not have liked initially. One inventor thought he had the ultimate barbecue tool that would replace tongs, spatulas, forks, fish baskets and kebab sticks. Khubani was quoted in the New York Times as asking the barbecue expert “what’s the problem with a spatula?”

But when a product resonates with Khubani, there’s a sparkle in his eye. He is particularly excited about “the Bouncer”, a silicon “bikini” that protects digital camers should they accidentally get dropped. Test marketing of “The Bouncer” will begin in January. If all goes well, it will launch on TV in March and arrive in retail stores by May.

“This is something that we can make millions of very quickly,” says Khubani.

But that doesn’t mean Khubani can rest on his laurels. The products he sells tend to flare up, then flame out. “These products are somewhat faddish,” he says.