Today we share 21 companies that might be interested in your invention ideas. People in the technology industry often say that product invention ideas are cheap. The cliché has been around for years, telling inventors to keep working on product ideas regardless of idea quality until they have a product ready to sell.
Ideas are expensive
A good idea is expensive because it’s rare. Even the most talented people in their respective fields only have a few unique ideas – most have none. The vast majority of ideas thrown around during brainstorming sessions are worthless. Good invention ideas require less effort, time, and money to materialize. A eureka moment requires in-depth knowledge of an existing problem, all the right circumstances, and the capacity to analyze possible solutions. It can take time to think about a current situation and conduct thorough research. You might encounter other brilliant ideas during the research process and unlock the potential for tremendous financial gain.
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Paid invention ideas
Many companies have dedicated website pages where you can submit invention ideas for product designs or concepts. Some claim to provide compensation for anyone who offers an excellent executable idea that possibly materializes into an actual product. The information regarding the payment method or how much the company will pay is unclear.
21 Companies that buy invention ideas
A handful of companies are upfront about their intention to buy your ideas. They will not pay for every submission but only for a select few that meet their design requirements and are good enough to put into production. Anyone can make money by providing the idea of a product. Several of the most popular companies that will buy new invention ideas include:
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New Soda
New Soda makes kitchen gadgets and accepts people’s ideas for new products. The business will take ideas from anybody and review each submission for technical feasibility and profitability. New Soda will pay royalties for every concept that materializes into an actual product.
Apart from submitting the idea in the first place, there is nothing to do on your part. New Soda will handle all the investment and subsequent development. It will first build a prototype and display the product at trade shows and exhibitions to see how investors and the general public react to the design. If the product is promising, the development continues with color options and packaging. Once mass-produced, New Soda sells the products through its network of sales agents. You earn a commission on every unit sold.
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Invention City
There is no restriction regarding the product category in Invention City. Anybody can submit an idea or concept drawing of any product design to the site. The company offers both free and paid submission forms. Paid submissions are done through the Brutally Honest Review process and cost $95 per idea. If you decide to use the free option, Invention City requires you to do self-evaluation processes with the Investigator tool. Brutally Honest Review options include feedback on the invention, a research report, and a 10-page suggestion for the next step.
The free submission form does not guarantee input, and if you aren’t contacted within five business days, the answer is a definitive NO. Invention City does not manufacture the product idea but offers a licensing deal with a typical royalty of up to 5% on every sold unit. A sub-licensing structure will pay the inventor between 20% and 60% of the revenue. According to the website, the company offers deals only to 1% of all submitted ideas, with a 10% success rate.
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Henkel
Henkel has three product categories: adhesive technologies, beauty care, and laundry & home care. Some of the most popular brands are TECHNOMELT, BONDERITE, Schwarzkopf, Dial, Persil, and Bref. Henkel offers a partnership program with inventors, unlike Invention City’s licensing deals. The company says it does not focus only on professionals but also on everyday innovators, students, and customers.
Patent holders can submit ideas for all product categories, and those without a granted patent can submit ideas for adhesive technology and home care innovation. As for the compensation rate for your ideas, the company does not explicitly mention the percentage of royalties or exact amount, but the website says the Henkel Innovation Partnership Program will reward you with a fair share of the value of the innovation.
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FastCap
Owned by Paul Akers, FastCap specializes in hardware and woodworking tools for professionals. Throughout its development since 1997, the company constantly looks for innovative ideas to improve the woodworking trade. Most of the FastCap products start as concepts submitted by contractors and cabinetmakers. The company typically gives 5% royalties for every idea presented and materialized. In some cases, inventors only accept 2%, for example, if their ideas require intensive development but sell for a small margin.
The percentage is calculated based on product prices sold to distributors rather than end-users. The royalties are paid monthly, so it can be a real passive income for the inventor. FastCap covers all the money and resources required for development. There is no need to have a patent for the idea before submission. FastCap is willing to help obtain a patent (both in your name and FastCap) if the company thinks it is necessary to protect intellectual property.
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Idea Buyer
A straightforward development company, Idea Buyer, does not manufacture and sell products, and Idea Buyer helps inventors materialize their ideas and concepts. Most of the products are sold by the company’s marketplace partners, including Amazon, Ace Hardware, Lowes, Home Depot, and Walmart.
The process is as follows:
- You submit ideas to Idea Buyer using the online form on the company’s official website. It is unclear if the company will review every submission, but they say a representative will contact you within 48 hours.
- If the idea is selected, the Idea Buyer comes up with an offer for a joint venture. You will be involved throughout the prototyping and manufacturing process based on the explanation.
- Discussion about money matters happens here. The real collaboration begins once you accept the offer.
Every submission is confidential. Idea Buyer has been around since 2007 and claims to have helped launch more than 2000 products into the market thus far.
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Nokia
You can submit ideas for inventions to Nokia in two ways: general and privileged. The only difference is that general submission does not guarantee the ideas’ confidentiality. Once an idea is selected, it will go through the privileged route anyway, where the inventor and the company sign a confidentiality agreement. You can choose the elite course from the outset if you receive a special invitation from Nokia to register or send a request for promotion after the registration.
You also receive a detailed report of the design. Nokia allows you to select financial rewards as well. It is unclear how much you can get, but the company promises to pay anywhere from €10,000 to €75,000 to transfer the IP rights. The reward will be smaller if you wish to retain the IP under your name, but Nokia covers the cost of the patenting process.
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The Quirky Case
Quirky, one of the first to have started the business model, is often mentioned as a company that pays for product ideas from everyday inventors. It is so popular that people instantly believe the program is still open, but things have changed lately. Even the official website address listed in Wikipedia leads to nowhere.
In September 2015, Quirky filed for Chapter 11 bankruptcy. All its assets, including the Wink smart home platform, were sold. It remains unclear whether or not Quirky is operational today. Some sources say the company remains in existence but has abandoned the old model of manufacturing public-submitted ideas. Instead, Quirky now employs a licensing model with such business partners as Vanderbilt Home Collections, HSN, Shopify, Viatek, and Atomi.
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Companies that accept idea submissions
The companies listed below accept idea submissions, although it is unclear how the inventors will be compensated or if there is any reward.
Bosch
Currently, Bosch accepts ideas and design submissions in four product categories: automation, professional tools, DIY tools, and ECU. Through the Bosch Open Innovation Partnerships, the company is looking for a potential partner to develop new product designs. All submissions are reviewed during the initial assessment phase, which may take up to two weeks until you receive feedback.
Assuming the company is interested in the idea and willing to establish a partnership, the concept is forwarded to the in-house product development team for further evaluation. Any inventor who reaches this stage of development in Bosch is already a business partner, and the company provides a personal advisor to guide the inventor through product development. Again, Bosch does not mention compensation, but it is likely part of the partnership deal.
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Under Armour
A famous clothing brand, Under Armour, has a straightforward submission form where you provide personal details and descriptions for the product ideas. There are four product categories for which submission is allowed, including Apparel, Digital, Footwear, and Accessories. It does not accept ideas from outside the United States.
Dorman Products
If you think you have a better automotive repair solution than the existing ones already on the market, submit your idea to Dorman Products. Inventors can pitch the idea through either the online form or the new product hotline. The website does not explain further how each submission will be handled.
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BD
Based in New Jersey, BD develops and sells medical devices. Anybody can submit new product invention ideas to the company through an online submission form. You may attach a text document or PDF with a maximum size of 10MB, so it might be enough to present a rough sketch of your design. BD advises against submitting anything confidential. When the design is selected, the company is willing to sign a confidentiality agreement.
Jokari
According to Jokari’s website, the company has helped inventors develop and introduce some of the best-selling products over its 50 years of operation. They made various products, from handyman gadgets to storage solutions. All ideas submitted will go through a third-party company known as “Davidson,” which handles all confidentiality matters and idea process management. Jokari advises against submitting details about the invention. The inventor only has to offer general personal information, and the company will get back to you.
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Wilson Sporting Goods
The volleyball called Wilson in the Cast Away film is named after the manufacturer, Wilson sporting goods. Although the company accepts idea submissions, its Terms and Conditions have clarified that they focus on the internal research team. Also, Wilson only agrees with an idea already embodied in a utility patent.
Escalade
Another sporting goods company that accepts ideas from the general public, Escalade, urges inventors to take preliminary steps to protect their ideas before submission. Obtaining patent protection is the most effective way to do it. The submission form is pretty comprehensive, requiring you to provide information about your product’s existing markets, patent links, media links, and descriptions.
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Allstar Innovations
More than two dozen Allstar Innovations product categories are open for idea submissions. Home improvement, personal care, storage solutions, household cleaners, kitchen gadgets, and novelty items are among them. The submission form takes you through a step-by-step process, from choosing the product category to providing details about the product.
Play with a Purpose
A toy company, Play with a purpose, allows you to submit ideas through the “Contact Us” page on their website. Make sure you choose the right category from the dropdown subject options in the form.
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Unilever
The idea submission in Unilever is quite clever. Instead of allowing anyone to submit a random idea, the company gives a list of specific challenges for your product to address, including climate action, a waste-free world, protection and regeneration of nature, positive nutrition, future of work, raising living standards, health & wellbeing, and equity diversity & inclusion.
Mustang Survival
As the name says, the company sells survival gear and equipment. Mustang Survival allows new idea submissions but prefers an already patented invention. For non-patent product ideas, there is a separate disclosure form provided. The proposal may include a drawing or photograph.
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The Coca-Cola Company
There isn’t much detail on the Coca-Cola Company’s idea submission page apart from general considerations about confidentiality and patent number reference, if you have any. The company does not even mention the product categories or the review process.
Hershey’s
In terms of product category, Hershey’s invention idea submission model is much more open than others. The company allows you to submit not only a concept of a product but also packaging and advertising ideas. You can even offer new recipes or flavors for existing products.
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3M
Many people cite 3M as a company that pays for product ideas, and however, the terms and conditions in the submission form say the opposite. If you have to submit a concept to 3M, make sure you have obtained a patent beforehand.
Hyde Tools
With a long list of handyman products, it makes sense for Hyde Tools to search for ideas from anywhere. The idea submission form is similar to Allstar Innovations’ multi-step verification process.
How Cad Crowd can assist
Desirable new invention ideas are rare and challenging to create. Many companies have dedicated web pages where you can submit product ideas and concepts. Idea submissions may be public or confidential and have various compensation structures (i.e., licensing arrangements, partnerships, etc.). However, the payment method or how much the company will pay is not always straightforward.
Cad Crowd assists entrepreneurs and small businesses with new product design and developing new inventions by connecting them with top-of-the-line freelance designers. If you need assistance, contact us now!
I have a few ideas that I would really like to showcase once given the opportunity, they are still in the start-up stage. They are mostly based on the need for efficient security in businesses, residents and families.
I have an invention and a handmade prototype. I want to sell my idea?
Please look into this Inventive Idea, I am battling to accomplish an Invention of Free Energy with 70% casting aluminum pipes and pelton wheels to generate power output from 10KVA, 15KVA,25KVA to 500KVA. For individual homes and Industries,
Hello, my name is Jameel. I have a great idea to serve humanity in the future.
i have designed and developed high energy hand operated long industrial Gas lighter/Igniter .it is used to ignite deep gas burners/ key hole gas burners.,[length 3 feet to 10 feet].i want to sale my idea
Inventor’s research reveals a high-torque, small-diameter wind power system.
I am an Indian inventor. For a long time, I am continuing personal research about a new kind of wind power generation system. Recently, while searching net, I have found out that the necessary machinery is already available in market. In short, the machine now can be built easily.
I have completed the CAD drawing and done some ANSYS simulation testing. As per the latest simulation, where the RPM was set at 3600, the torque was around 1.52 for a machine of 35 cm diameter, and the input wind velocity was set to be six m/s. This is a promising result for me, and no wind turbine of that tiny diameter anywhere around the world can generate such torque at this RPM.
Kindly tell me whether this invention can be sold at this phase.
This is really helpful information. I have few inventions but no capital or knowledge to put them in market.
Did you ever get any help. I also have a few ideas.
Thank you so much for this information I have a product that I would love to sell outright however a partnership is not farfetched. I think about getting with a company to mass produce for a low price, then the problem becomes how to get in the mainstream market.
Thank you so much, I am really searching for this information. Because I have a lot of inventive ideas but no capital to apply, it really helps inventors!
Hey, Just wanted to followup from your comment 5 months ago. Who did you choose and how is the process going?
Hey there are so many crooks. They tell you sweet story. And take away your information. And never show back. I am trying to do my invention myself. Thank you.
Have you worked or reached out to one of these company’s previously then?
Hi Bane
I just call on bosch.com .they just sent me a phone number to call i did call and recording said call back some time letter . there is Apex tools asking for submith . I did submith on the form six months ago they never contected me . What i said that they are all crook . what they do they wait for your patent date go expired or inventor to be dead . Be cair full my friend . God bless you .