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Are you someone with a creative mind and an innovative spirit, always coming up with new ideas and inventions? Did you know companies out there will pay you for your ideas? Whether you have a brilliant app concept or an invention that could change the game in the kitchen, you can explore plenty of avenues to turn your ideas into money.
This post will provide a comprehensive guide on getting paid for your ideas and inventions. I will cover a range of different resources and platforms where you can submit your ideas, as well as provide you with some valuable tips and advice on how to maximize your earnings.
Whether you are a seasoned entrepreneur or just starting out, this guide is designed to help you make the most of your creativity and turn your ideas into a source of income. So, get ready to dive in and discover the world of idea monetization!
A quick note before we get started…
Many companies offer channels through which you can submit your innovative ideas online or via contact numbers. However, the compensation for such ideas is often unclear. While some companies may explicitly mention the payment process and the amount they offer, others may not provide any information.
To help you navigate this complex landscape, I have compiled a list of companies in two separate sections.
The first section includes companies with well-defined payment policies explicitly stating that they pay for accepted ideas.
The second section includes companies that accept idea submissions but do not mention the payment process. Although these companies may still offer compensation, they are not transparent about it.
With this list, you can easily identify the companies that compensate you for your ideas and decide where to submit your concepts.
Let’s dive into the list!
Companies that pay you for Ideas & Inventions
If you’re someone who’s brimming with ideas and inventions, you’ll be pleased to know that there are companies out there that are willing to pay you for them!
These businesses are quite open about their goal of finding new and innovative ideas that can help them develop exciting products across various industries, from homeware to automotive and beyond. It’s a great opportunity for individuals to monetize their creativity and potentially earn significant money in the process.
So, if you’re interested in exploring this avenue, here are 7 such companies that you could approach to sell your ideas to and potentially make a profit.
1. Quirky
Quirky is an innovative website that connects inventors, product designers, and large manufacturing companies. The platform offers a wealth of information, resources, and tools that can help you turn your idea into a real product. I highly recommend checking out the website, as it is packed with valuable information that can help you bring your invention to life.
Every month, Quirky selects new and unique ideas submitted by inventors and turns them into fully realized products. If your product idea is chosen, Quirky will handle everything from the manufacturing to the marketing and sales. You will receive a percentage of the profits each time someone buys your invention.
Submitting your idea to Quirky is easy. All you have to do is visit their website and fill out the submission form. From there, their team of experts will review your idea, and if it meets their criteria, they will work with you to bring it to life.
2. New Soda
Do you have an innovative idea for a kitchen gadget but don’t have the resources to bring it to life? New Soda is a company that specializes in producing kitchen gadgets, might be the answer you’re looking for. The best part is that the company pays you royalties for your inventions, allowing you to earn a commission on every unit sold.
To submit your idea, head to the New Soda website and fill out the idea submission form. You can include any drawings or concepts that you have, as well as your contact details. The company’s design team will then review your idea, and if they think it has potential, they will invest in getting your product made.
Once the prototype and design for your product are complete, the company will test the design before putting it into production. Then, they will work with you to agree on the final packaging and color options. Next, they will showcase your product at exhibitions and trade shows, allowing international buyers to see it. The company will also contact its network of sales agents who can sell your idea to stores across the world.
If your idea is successful and your product starts selling, you’ll earn a commission on every unit sold. However, if your idea is unsuccessful, the company will let you know.
New Soda is looking for ideas from everyone, including designers, inventors, moms, grandfathers, and even kids. So, if you have a great idea for a kitchen gadget, don’t hesitate to submit it to New Soda. Who knows, it could be the next big thing!
3. Invention City
Invention City is an organization that provides inventors with opportunities to license their inventions. You can easily submit your invention idea by using the free submission form available on their website. However, you can pay $95 for the service if you want someone to review your idea. Once you submit your idea, Invention City will review it and contact you if they are interested.
It is worth noting that if you do not receive any feedback from Invention City within five business days, they are uninterested in your idea. So, it’s important to be patient and wait for their response.
The submission process can take approximately 20 minutes, and it’s recommended that you have a basic understanding of the invention process. Invention City may offer you a licensing deal, meaning they will pay you royalties on the sales of your invention. The typical royalty rate ranges from 1% to 5%.
Moreover, Invention City offers revenue sharing on sub-licensing, with typical ranges between 20% and 60% for the inventor. According to the organization, they accept approximately 1% of the inventions submitted and have a success rate of around 10% in getting inventions licensed and sold.
If you have a great invention, consider submitting it to Invention City. Who knows, it might be the next big thing! You can submit your idea on their website.
4. Henkel
Henkel is a well-known German company that produces a wide range of products like Schwarzkopf hair dye and Persil detergent. The company operates in three industries, which include Adhesive Technologies, Beauty Care, and Laundry.
With its Henkel Innovation Partnership Program, the company is looking for product ideas that can help its business models and products better. The program is open to professional external innovators, students, and customers like you.
If you are a patent holder with a granted patent, a published patented application, or a registered and published utility model or design, you could collaborate with the company. Henkel is particularly interested in patented ideas for products, processes, and designs that relate to its three business areas. So if you have invented something that fits the criteria, you can submit it to the company.
Henkel is looking for technical solutions to its formulation, packaging, or process challenges, and it may work with you if your idea meets its requirements. The company promises to “reward you with a fair share of what the innovation is worth” if it decides to collaborate with you.
So, if you have a groundbreaking idea to help Henkel improve its products, business models, or processes, don’t hesitate to submit it to the company.
5. Cal-Van Tools
Are you an inventor with a great tool idea but not sure how to bring it to market? Consider submitting your idea to Cal-Van Tools. This company offers a royalty program that compensates inventors for their unique product ideas. If you have a tool idea that you believe could revolutionize the industry, this could be the perfect opportunity for you.
The process is simple—just visit the company’s website and fill out the submission form. This user-friendly form guides you through providing all the necessary details about your product. Don’t let your idea go to waste—submit it to Cal-Van Tools today and get paid for your innovation!
6. FastCap
FastCap specializes in providing innovative, high-quality products for the woodworking trade. The company prides itself on sourcing most of its ideas from cabinetmakers and contractors. It has been found that around one out of every 100 ideas is good enough to take to market and fulfill a need in the marketplace. Moreover, one out of every 1,000 ideas is considered a “home run” in the industry.
FastCap allows innovators and woodworking enthusiasts to submit their ideas for consideration. The company pays between 2% and 5% royalties on innovative, new ideas for the woodworking trade. The actual royalty percentage is determined based on the product’s sale price that FastCap sells the product to a distributor for. While the majority of the royalties are 5%, some products require intensive development and sell for smaller margins, dictating a smaller royalty percentage.
One of the best things about FastCap’s royalty system is that you don’t need a patent to submit your idea. If your idea is accepted, you can expect to receive monthly royalty payments based on the sale of the product. You can visit their website for more details about the submission process and how to submit your idea.
7. Idea Buyer
Idea Buyer is a reputable company that specializes in helping aspiring entrepreneurs launch their innovative product ideas. The company has a proven track record of success in partnering with inventors to bring their products to market.
Idea Buyer is proud to have partnered with some of the biggest retailers in the country, including Cabela’s, Walmart, Buy Buy Baby, Macy’s, Bass Pro, Lowe’s, Home Depot, Ace Hardware, Dick’s Sporting Goods, and Amazon. These partnerships have allowed Idea Buyer to help inventors sell their products in major retail stores across the country.
If you have an innovative product idea that you would like to launch, Idea Buyer can help you make it a reality. You can submit your product idea to apply for the program, and if selected, Idea Buyer will make you an offer to do a joint venture to launch your idea to the market.
The application process is simple and straightforward. Once you submit your product idea, Idea Buyer will review it and get back to you within 24 to 48 hours. If your idea is selected, you will have the opportunity to work with the company’s experienced team of professionals to bring your product to market and start earning revenue.
Companies that take Idea Submissions
In this section, I will discuss additional websites where you can submit your ideas. However, it’s worth noting that these sites are rather ambiguous about payments and don’t explicitly mention whether they will compensate you for your ideas.
Nevertheless, I have included them because even though the sites don’t mention payment, it doesn’t mean that they won’t compensate you. Therefore, before submitting your ideas, I recommend you go through the fine print and familiarize yourself with the site’s terms and conditions.
Additionally, it’s crucial to take measures to safeguard your business ideas. I have provided some tips concerning this matter in the tips and FAQs section below, so make sure to check it out.
8. Under Armour
Under Armour is a well-known clothing brand known for producing high-quality sportswear and casual athletic apparel. If you have an idea that could improve the company’s products, whether related to clothing, footwear, or wearable technology, you might be interested in their submission process.
Under Armour has a detailed guide for submitting your ideas, which includes a list of categories that they are interested in. Some examples of these categories include general apparel, women’s specific apparel, youth-specific apparel, footwear, hunting/fishing gear, and wearable technology.
To submit your idea, you only need to register on their website and share your concept with the company. Every submission is reviewed in the order in which it was received, with a typical review time of 4 to 6 weeks. The company encourages anyone with an idea to participate in the submission process, as they always look for fresh and innovative ideas to improve their products.
9. Dorman Products
Dorman Products is a well-known company that specializes in manufacturing products for the automotive industry. It has a unique way of generating new product ideas – by inviting people like you to submit their ideas.
Whether you have a brand new concept or an improvement for an existing Dorman product category, you can easily share it with the company by filling out a form on their website.
The process is straightforward and hassle-free. Once you submit your idea, Dorman Products may express interest in working with you to bring your idea to life.
While the company doesn’t specify the exact payment amount for the ideas, it is a great opportunity for anyone looking to get their foot in the door of the automotive industry. So, if you have a brilliant idea for a product, don’t hesitate to submit it to Dorman Products today!
10. BD
BD is a well-known medical device company that values new ideas and innovations. If you want to submit an idea to the company, you can do so by following a few simple steps. However, please note that BD currently does not accept email submissions for ideas.
To submit your idea, you will need to print out the Consideration of Suggestions document and mail it to the company. If you are unable to print the document, you can request a copy from BD. Once you have sent your idea, the company will evaluate it and contact you directly if it decides to pursue a more detailed analysis.
It is important to keep in mind that if BD declines your idea, you will not receive the results of the evaluation. The evaluation process typically takes around 4 to 6 weeks, so please be patient while the company reviews your submission.
If you have any further questions or concerns about submitting your idea to BD, you can visit their website and click on the “Submit Your Idea” link for more information.
11. Jokari
Jokari is a company that specializes in producing various products, from kitchen gadgets to storage and organization solutions. Due to its diverse product range, Jokari is always on the lookout for new and innovative ideas from people like you.
If you have an idea or invention that you think could be the next big thing in houseware, then Jokari would love to hear from you. Fortunately, the company has made it easy for you to get in touch and share your idea. You can contact Jokari via phone, email, or the contact form on their website. Once you reach out to them, the company will explain the process to you in detail, and guide you on how to take your idea from concept to reality.
12. Wilson Sporting Goods
Wilson Sporting Goods is a global sports equipment company that has been in business for over a century. If you have a great idea for a new product or innovation that you think would be a great fit for the company, you can easily submit it online through their website. This is a very convenient option, as it allows you to submit your idea from the comfort of your own home or office.
To submit your idea, you’ll need to complete a simple form with some basic details about yourself and your idea. Once you’ve submitted your form, the company will review your submission periodically. The review process can take some time, as they receive many submissions, but they will be sure to get back to you once they have completed their review.
Submitting your idea to Wilson Sporting Goods is a great opportunity to get your product or innovation in front of a major player in the sports equipment industry. So if you have an idea that you think could make a real impact, be sure to submit it online today!
13. Escalade
Escalade is a company that specializes in creating innovative products for the sporting goods and outdoor recreation markets. The company is always looking for fresh and exciting ideas from users of these products and encourages you to share your thoughts and suggestions with them.
You can get in touch with Escalade via email or phone, and the company will be more than happy to hear from you. If you have a unique concept or an interesting idea that you think would be a great addition to their product line, all you have to do is visit their website and follow the instructions on submitting your proposal. Escalade values your input and is committed to listening to its customers to create products that meet their needs and exceed their expectations.
14. Eco-Products
Eco-Products is a brand that specializes in producing a wide range of food and drinks related items such as plates, cups, utensils, and food containers with the aim of being eco-friendly.
The company’s dedication to sustainability is evident in the materials it uses for its products, as they are made from renewable resources like corn, sugarcane, and bamboo. Eco-Products is committed to reducing the impact of single-use products on the environment and encourages people to rethink their usage.
In line with this goal, the company has created a platform for people to submit their ideas and suggestions for eco-friendly products through a form on its website. By doing so, Eco-Products hopes to continue innovating and providing sustainable alternatives to everyday products.
15. Play with a Purpose
Play with a Purpose is a company specializing in active play toys aimed at helping kids be more active, whether in the playroom, classroom, or outdoors. The company’s products are designed to help kids improve their fine motor skills, balance, climbing, jumping, and tossing and catching mechanics, all while having fun and being active.
If you have a working prototype, a drawing, or an original idea that you think would be a good fit for Play with a Purpose, the company may be interested in partnering with you. To learn more about the company’s product development process and how to submit your idea, you’ll need to contact Product Development. You can do this by phone or by using the contact form on the company’s website.
Play with a Purpose takes product development seriously, and the company is committed to bringing innovative and engaging products to market. If you’re passionate about helping kids be more active and have a great idea for a toy or game that fits with the company’s mission, don’t hesitate to reach out and see if there’s an opportunity for collaboration. You can find more information on the company’s website.
16. Unilever
Unilever is a multinational consumer goods corporation that operates numerous well-known brands, including Dove, Ben & Jerry’s, and Vaseline. You may be surprised to know that most of us have at least one product made by Unilever in our homes. The company primarily focuses on producing food, hygiene, and personal care products that are used by millions of people worldwide.
If you are an inventor or designer with a new product or technology that could potentially help Unilever to grow its business, then you might be interested in working with the company through Open Innovation. This program offers an opportunity for Unilever to partner with a wide range of individuals, including established suppliers, start-ups, academics, designers, and individual inventors who have practical and innovative solutions that can assist the company in meeting its challenges.
Unilever welcomes a diverse range of ideas and innovations that can potentially help the company to grow and improve its operations. If you have a unique idea that can align with Unilever’s core values and mission, you can submit your proposal to the company and learn more about the process on Unilever’s website. Unilever is committed to ensuring that all submissions are treated fairly and with respect, so if you have a great idea, don’t hesitate to share it with them.
17. Mustang Survival
Mustang Survival is a company that specializes in producing high-quality water rescue equipment. If you have an innovative idea for a new product that could be useful in this field, Mustang Survival welcomes your input. The company is always looking for fresh ideas that can help it improve its offerings and better serve its customers.
If you have a patented or patent-protected invention, Mustang Survival would be particularly interested in hearing from you. The company values and respects intellectual property rights and is committed to working with inventors who have taken the necessary steps to protect their ideas.
However, even if your invention is not yet patented, Mustang Survival is still willing to consider it. To submit your idea, you will need to complete and sign a New Product Disclosure Form, which can be found on the company’s website.
You should also provide a detailed written description of your invention, including any photographs or drawings that can help illustrate your idea. The more information you can provide, the better Mustang Survival will be able to evaluate your proposal and determine whether it is a good fit for the company’s needs.
18. The Coca-Cola Company
Are you aware that the Coca-Cola Company has a provision for individuals to submit their ideas?
Yes, it’s true!
If you have a unique idea that you think could be of interest to the company, you can submit it through their website using a contact form. Once you submit your idea, their team will review it, and if it aligns with their objectives, they will get in touch with you to discuss the next steps in the process. While the company doesn’t provide many details on the submission process, it’s an excellent opportunity to share your ideas with one of the world’s most recognizable brands.
19. Hershey’s
If you’re looking to submit an idea to a big brand, Hershey’s is one company that accepts idea submissions. However, before you go ahead and submit your idea, there are a few things you should know. Hershey’s has an idea submission form on their website, but the details are quite vague. The first step is to enter your birthday, and once that’s done, you’ll need to agree to their terms and conditions.
It’s worth noting that one of the T&Cs states that “I understand and agree that The Hershey Company is not required to, and may not, compensate me for using my idea.” This means that there’s a risk that you won’t get paid for your idea if Hershey’s decides to use it.
As a result, it’s important to keep this in mind before submitting your idea. While Hershey’s is a reputable company, the lack of compensation may be a deal-breaker for some people. So, if you’re okay with potentially not being paid for your idea, then Hershey’s may be a good fit for you. However, if you’re looking for a company that’s more likely to compensate you for your idea, you may want to consider other options.
20. Sharper Image
The Sharper Image is a company that has been in the business of creating innovative and exciting toys, gadgets, and other tech products for a long time. They are always on the lookout for new and creative ideas to add to their extensive product line. If you have a new toy idea, a gadget concept, or an idea for a new tech item, you could get paid for it!
The company has a dedicated team of technicians who are responsible for receiving and reviewing new product ideas that are submitted by potential inventors. To pitch your idea, you will need to send them an email that includes a detailed description of your idea, along with clear pictures or a video of your new invention.
If you’re interested in submitting your idea, be sure to include as much detail as possible in your pitch. Describe your product’s features, functions, and benefits, and explain why it would be a great addition to the Sharper Image lineup. And, don’t forget to pitch your idea to this email address: productideas@sharperimageonline.com.
21. Bosch
Bosch is a leading global technology and services company always on the lookout for fresh ideas and innovative designs to incorporate into their products. They have four main product categories: automation, professional tools, DIY tools, and ECU, and welcome submissions in any of these categories through Bosch Open Innovation Partnerships.
If you have a product concept you’d like to submit, you can expect an initial assessment phase that takes up to two weeks before receiving feedback. During this period, Bosch’s team of experts will review your idea and assess its viability. If your submission passes this initial evaluation, the company may express interest in establishing a partnership with you to develop the idea further.
At this point, your submission will be forwarded to Bosch’s in-house product development team for further evaluation. If they’re impressed with your concept, you’ll be considered a business partner and have access to a personal advisor who will guide you through the development process.
Although Bosch doesn’t mention compensation upfront, it’s likely that a mutually beneficial partnership arrangement will be negotiated. Therefore, if you have a unique and innovative idea that fits within one of Bosch’s product categories, don’t hesitate to submit your concept for review.
22. Hyde Tools
Hyde Tools, known for its extensive range of handyman products, understands the importance of seeking innovative ideas from various sources. To facilitate this process, the company has an idea submission form that encourages individuals to share their creative ideas.
The submission process is similar to the multi-step verification process employed by Allstar Innovations, which ensures that the most viable ideas are selected. This approach enables Hyde Tools to stay ahead of the competition and continue to provide high-quality products that meet the needs of their customers.
23. 3M
On our list of companies that pay for ideas, 3M appears last. While some sources suggest that 3M does pay for new ideas, I have found that its submission policy indicates otherwise. Although 3M offers a wide range of products across various categories such as electronics, automotive, and healthcare, it may not be the best option for individuals seeking compensation for their ideas.
While 3M does accept unsolicited ideas, it is important to note that submitting your idea means that it automatically becomes the property of 3M. As per their submission policy, there is no compensation of any kind owed to the person who submitted the idea. Therefore, if you are looking for a way to profit from your ideas, it may be best to explore other options instead of submitting to 3M.
Companies that buy Ideas for Apps
Got a cool app idea? You can turn it into cash! Check out these companies that pay for mobile app ideas:
You can also earn money from app ideas by reaching out to companies that develop apps. Additionally, if you aim to sell your ideas to tech giants like Google, Apple, and others who might not have a specific department for purchasing ideas, this approach is your optimal choice.
Here are a few companies you could consider contacting with your app ideas:
Sell your Website or App Ideas directly
Selling your app ideas directly to interested entrepreneurs and investors can be a lucrative venture. Online marketplaces provide a convenient platform for this purpose.
Whether it’s a new app concept or a valuable domain name, these marketplaces simplify the process of finding potential buyers. Here are some marketplaces for selling domain names, websites, and app ideas:
More companies that buy Inventions
Below are additional companies that compensate for new ideas and inventions:
- Ford
- Colgate-Palmolive
- General Motors
- Rico
- Hasbro
- Nokia
- Syngenta
- Bayer
- New Balance
- Nike
- Spectrum Brands
- Spin Master
- Starbucks
- PepsiCo
- Oxo
- Zing
- Supercell
- Nautilus, Inc.
- Hillman Group
- Garden Weasel
- All Star Innovations
- General Mills
- Oak Patch Gifts
- Coastal Pet Products
- Coleman
There are numerous renowned brands in the world that are open to accepting new product ideas from people. The list of such brands is quite extensive and contains some of the biggest names in the industry.
However, it is important to note that even if a particular brand is not on this list, it doesn’t necessarily mean they are not open to accepting new product ideas from individuals. In fact, many companies are always on the lookout for fresh and innovative ideas that can help them stay ahead of the competition.
Therefore, if you have a great idea for a product, it is recommended that you email the relevant company and inquire if they are open to receiving new ideas.
How to make money selling your Ideas: Tips
Here are some tips and advice on how to sell your ideas.
Read the fine print
It’s important to note that every company has its own set of terms and conditions when it comes to idea submissions. It’s highly recommended that one reads the fine print carefully to understand the specifics of the company’s policy.
Some companies may refuse to pay for unsolicited ideas, while others may not guarantee confidentiality for submitted ideas. In some cases, a company may not be willing to sign a non-disclosure agreement, which may compromise the confidentiality of your idea. Additionally, some companies may not compensate contributors for their ideas, despite using them in their products or services.
Therefore, it’s essential to take the time to understand the fine print so that you can have a clear understanding of what to expect throughout the process.
Get a patent if the idea is a good one
If you have a unique invention or concept that you believe can be profitable, you might want to consider patenting it. Obtaining a patent gives you exclusive property rights to your invention for 20 years, which can help you prevent others from making, using, or selling it without your permission. This can significantly increase your chances of making money from your idea, especially if a company is interested in it.
Patents are an important form of intellectual property protection that are recognized by U.S. law. In addition to patents, there are other types of intellectual property rights protections, such as copyrights, trademarks, and licenses. Each of these protections has its own set of rules and requirements, and it’s important to understand them before deciding which one is best for your situation.
If you want to learn more about the different forms of intellectual property protection available, you can read an informative article here.
As you may know, many investors and entrepreneurs on popular TV shows like “Shark Tank” often ask about patents when evaluating potential business ideas. This is because patents are a crucial tool for protecting the rights of inventors and ensuring that they can profit from their ideas. So if you have a great invention or concept, it’s definitely worth considering getting a patent to protect your rights and maximize your chances of success.
Only submit ideas to relevant companies
When you have a product idea, it’s important to do your research before reaching out to companies. Sending your idea to every company on your list is not an effective strategy because it’s unlikely that all of them will be interested in your concept.
To avoid wasting your time and theirs, it’s essential to first determine which category your product idea falls into. If you have an idea for a kitchen gadget, for example, you wouldn’t want to pitch it to an automotive company. Once you’ve identified the relevant category, you can then conduct research to find companies that operate in that space.
Finally, evaluate each company to determine which ones are the best fit for your idea. By taking these steps, you can ensure that you’re targeting the right companies and increasing your chances of success.
Can you really make money from ideas?
Making money through selling ideas and inventions can be a challenging task. Not all companies are willing to pay for ideas, and some may even refuse to compensate you for your contributions. Additionally, obtaining a patent for your idea can be an expensive endeavor.
However, if you strongly believe in your invention, it may be worthwhile to pursue a patent. This way, you can protect your idea from being stolen and potentially earn money from it via licensing or selling.
On the other hand, there are companies that are willing to buy ideas and inventions, and some may even offer royalties for your contributions. So, while it may not be the easiest path to making money, there are opportunities out there for those willing to invest time and effort into their ideas.
Can you sell an idea without a patent?
It is possible to present your idea to a company for potential collaboration or purchase, even if you do not have a patent. However, it is important to keep in mind that without legal protection, the company may be able to use your idea without your permission. Therefore, it is advisable to have the company sign a non-disclosure agreement (NDA) before discussing your idea.
An NDA serves as a legal contract that prohibits the company from sharing your idea with anyone else or using it for its own purposes without your consent. This way, you can protect your intellectual property and have peace of mind knowing that your idea is safe and secure.
How much can I get paid for an idea?
The amount of money you can make by selling an idea can vary greatly and depends on several factors. One crucial factor is the company you are pitching your idea to. Different companies have varying budgets and may be willing to pay more or less for your concept. Additionally, the perceived value of your idea can also play a significant role in how much you can earn. If the company sees your idea as highly valuable and marketable, they may be willing to pay more for it.
The amount of money you can make from selling an idea can range from less than $100 to tens of thousands of dollars, or even millions in some cases. It all depends on the quality of your idea, the company’s willingness to invest, and negotiation skills. While it’s rare to make millions from an idea, it’s definitely possible to earn a substantial amount of money if you have a unique and valuable concept.
How can I get money for my ideas?
When you pitch your ideas to companies, there are a few different payment models that they may offer to compensate you for your creative concepts. One option is to receive a set amount upfront for your idea. Another possibility is to take a percentage of any profits that are generated from your concept.
A third option is to get paid a fixed amount for each item or unit that is sold, which could be a specific dollar amount per item (such as $0.20) or a set rate per thousand items sold (such as $20). Ultimately, the payment model that you choose will depend on your goals and priorities, as well as the terms and conditions that the company is willing to offer.
How much do inventors make on royalties?
When it comes to earning royalties on your invention, there are a few factors that will determine how much money you make. The first is the company that you’re working with. Some companies offer higher royalty rates than others, so it’s important to do your research and find a company that will offer you a fair deal.
Another factor to consider is how many units of your invention are sold. The more units that are sold, the more money you’ll make in royalties. This is why it’s important to create a product that is in demand and has a broad market appeal.
Finally, the percentage of royalties that you receive will also impact how much money you make. The percentage can vary depending on the company and the product, so it’s important to negotiate a fair deal that will compensate you for your hard work.
To give you an idea of how much money you could make with royalties, let’s look at an example from Quirky. If your product idea is selected by Quirky and you receive a 1.5% royalty on the wholesale price of your invention, you would earn $0.30 for every unit sold at a wholesale price of $20. If a retailer purchases 100,000 units of your invention, you could earn $30,000 in royalties. It’s important to note that you will typically receive payment four times per year for the sales of the previous quarter.
Overall, royalties are a lucrative way to sell your invention and can generate significant income over time. However, it’s important to do your research and negotiate a fair deal to ensure that you are compensated appropriately for your hard work and creativity.
How do you pitch an idea to a company without it being stolen?
If you have an innovative idea that you believe is worth protecting, you may want to consider getting it patented. Patenting your idea gives you the legal right to prevent others from making, using, or selling it without your permission. Although non-disclosure agreements (NDAs) can provide some protection, they may not always be effective in preventing idea theft.
A patent, on the other hand, is a legally binding document that provides you with strong protection against infringement. Therefore, if you want to ensure your idea is safe and secure, getting it patented is the best way to go.
Where can I submit invention ideas for royalties?
It’s important to keep in mind that the payment model offered by companies for your idea may vary depending on their policies. Some companies may offer a one-time payment for your idea while others may offer royalties. If you’re considering submitting your idea to any of the companies mentioned earlier, it’s highly recommended that you read the terms and conditions thoroughly to ensure that you’re aware of the payment model that applies to your idea.
Several companies listed above, such as Invention City, Quirky, New Soda, Cal-Van City, and FastCap, offer royalties as a payment option. However, it’s important to understand that not all companies may offer royalties.
If you’re interested in submitting your idea to any of the companies listed above or any other company for that matter, it’s highly recommended that you discuss the payment model with the company before moving forward with your idea. This will help you understand whether royalties are available as a payment option and what you can expect in terms of payment.
How much does it cost to patent an idea?
If you’ve invented something that you believe is unique and can be profitable, you might consider obtaining a patent to protect your rights. However, it’s important to understand that getting a patent can be a costly and time-consuming process. The cost of obtaining a patent can range from $5,000 to $7,000 or more, depending on various factors such as the complexity of the invention and the type of patent you’re seeking.
Before deciding whether or not to get a patent, it’s advisable to conduct thorough research to determine if your invention is truly unique and if it has commercial potential. You may also want to consult with a patent attorney or agent who can guide you through the process and help you determine if a patent is the right choice for you.
What is a poor man’s patent?
If you are an inventor, you may be wondering how you can protect your idea without spending a lot of money on a patent. One alternative that you may have heard of is called a “poor man’s patent.” This method is based on the idea that if you can prove that you had your invention before anyone else, then you can establish the date of invention and protect your idea.
To use this method, you would write a detailed description of your invention and mail it to yourself in a sealed envelope via certified mail or some other type of proof-of-delivery mail. The idea is that the sealed envelope and its contents could be used as evidence in court to establish the date that the invention was in your possession.
However, it’s important to note that a poor man’s patent is not the same as a real patent. While it may help to establish a date of invention, it does not provide the same level of protection as a patent. In fact, it may not be admissible in court, depending on the circumstances.
If you are serious about protecting your invention, it’s always best to consult with a patent attorney who can help you navigate the patent application process. A patent attorney can help you determine whether your invention is eligible for patent protection, and can guide you through the application process to make sure that your patent is strong and enforceable.
How can I invent something with no money?
If you have a great invention idea but lack the funds to bring it to fruition, don’t worry. There are various companies that can help you cover the cost of prototypes and other expenses. Some of these companies are specifically designed to support inventors and entrepreneurs, while others may offer financial assistance as a part of their services.
All you need to get started is a clear and compelling description of your invention idea, along with some drawings or sketches that illustrate what the final product might look like. If you have a prototype or a working model, that’s even better.
Once you have these basic elements in place, you can start reaching out to potential partners or investors who can help you turn your vision into a reality. With a little bit of research and persistence, you can find the resources and support you need to bring your invention to market and make a positive impact on the world.
The bottom line
If you’re looking to monetize your ideas, you should be prepared to put in some effort and dedication. However, the payoff can be quite rewarding. Companies that buy ideas can offer significant payouts for concepts that they decide to use.
If this is an avenue you’d like to explore, take a look at the list of companies that purchase ideas that we’ve compiled.
It’s essential to read the fine print and safeguard your ideas when submitting them to companies. This means you’ll need to be vigilant about protecting your intellectual property and avoid disclosing any confidential information. With a bit of caution and hard work, you could turn your idea into a profitable asset.