Quirky.com was launched in 2009 with a mission to make invention accessible to everyone. You could share your ideas with a community of over a million people and get involved in bringing the best ideas to market. They started hundreds of thousands of idea projects through the community, launched hundreds of products and paid over $10m in payments to the Community. BUT, they were working their way through $80m of Venture Capitol funding at a terrific rate
They also launched Partnerships with the likes of GE which also gave them a cash injection of $30m . To me, they were pioneers in Crowd-based innovation Management but when they closed their doors in 2015 it was a huge shame.
BUT, they’re back. They’ve re-invented themselves
Essentially, Quirky has decided to partner with open-innovation friendly companies that have the capacity to get to market and thrive there – essentially licensing as a business model.
Quirky will apparently take anywhere from a 5 percent to 10 percent cut when an invention is being sold directly to consumers and the inventor will earn a 3 percent royalty. When a third-party retailer sells the product, the inventor will earn 1.5 percent. This information is clearly stated on the company’s FAQ page.
While 1.5-3% doesn’t sound much, the inventors don’t need to spend a dollar, ever, to start making money off of their inventions.