Quirky shuts its doors

quirky bankruptThis is a great shame. In case you are not aware of Quirky, they were a community company whose mission was 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 and it’s a real shame they couldn’t sustain their business model. It will be really interesting to find out, which I am sure we will eventually, what led to their bankruptcy but it looks, from the outside looking in, that although they had a vibrant crowd of people offering ideas they were spending their cash on a legion of staff – designers, engineers, product development and testing guys and marketeers all of whom are expensive!