You could be holding a product in your hand, and then bam! – a million-dollar idea drops. You’ve just figured out that one thing that could’ve made the product much better than it currently is. This happens to some people, a couple of times.
But what do you do since you are not into that line of business? Simple! You sell them to companies that pay for ideas. Yes, such companies exist.
Many companies are faced with really tough competition, and most times, they are desperately in need of that unique idea to turn the spotlight on them. Do you have a real idea about a product or service? It could make all the difference for a willing company, and bring you some cool cash. Read this post to know the companies that pay for ideas and how you can protect your right to the idea.
But before we dive in deep, how much can you really make from selling ideas to companies that pay for them?
Getting Paid For Your Ideas
Companies pay varying amounts for ideas. It could be from $100 to an unlimited amount. The amount you will earn depends on the company you are selling to, and the uniqueness of your idea.
If you are to earn for each unit of products produced and sold from your idea, you could get anything between $0.10 to $10 per unit. The exact amount depends on the agreed percentage and selling price of the product made from your idea.
Now that we’ve established how selling your ideas and inventions can be profitable, let’s take a look at some companies that are willing to pay for them.
Companies That Pay For Ideas And Inventions
1. Idea buyer
Idea Buyer is into launching new product ideas. They sell their products in Cabela’s, Walmart, Macy’s Bass Pro, Buy Buy Baby, Lowes, Amazon, Ace Hardware, etc.
This company receives ideas from people and offers them a partnership. They will then take these ideas to the market with their potential stores to be easy for significant producers to find.
Instead of developing your ideas alone as other everyday inventors, you stand a chance to earn more by partnering with a mega-company that facilitates the sale of your idea.
If you are interested, you can just submit your idea and wait to be selected. If you are selected, you will do a joint venture with Idea Buyer, and they will launch your product to the market.
To apply for the program, submit your idea here. They will contact you within 24 to 48 hours of doing so.
Of the many products in the market, Henkel is responsible for producing Persil detergent, Dial soap, Schwarzkopf hair dye, and the rest, but this is not all. They have subsidiary companies that deal with laundry, beauty care, and adhesive technologies.
This company runs a program called the ‘Henkel Innovation Partnership Program’. It receives ideas in the above-listed areas, patents, and other intellectual properties to better its business model and products.
It does not have to be an intellectual property for a brand new product, even those to help them improve what is currently in the market is highly welcome.
This program is not solely for professional external innovators; they open their hands to students and even their regular customers like you.
You can find out more about their procedure and requirement here.
Inventors both old and new have a chance of meeting major manufacturers with Quirky. This website is into pairing inventors with big manufacturing companies and product designers.
Each month, this company pays for ideas and transforms them into real products. You can submit your invention to Quirky, and if they like it, they will make and sell it, and pay you when someone buys the invention.
To start, submit an idea.
4. Invention City
As an inventor, you can get a licensing deal from Invention City. You can get a free submission form from the site, but if you need a person to review your idea, you will pay $95.
If the company likes your idea, they will contact you. If five days pass and you do not hear from them, know that they are not interested in the concept.
The submission process should not be complicated for you (it should take about 20 minutes) if you understand the invention process’s basic involvements.
Invention City gives licensing deals to some ideas, and from these license deals, the inventor will earn royalties on sales. The invention city makes these royalty sales which fall within a range of 1% to 5%. When the sales are made, the inventor will receive between 20% and 60% of the revenue.
But so you know, only about 1% of the inventions submitted to Invention City receive deals. So as an inventor, you have just a 10% chance of getting a license and sales for your invention.
But if you believe your idea can compete successfully, go for it! Submit your idea here.
5. New Soda
If you have an idea for making new or improving the existing kitchen gadgets, submit your idea to New Soda.
This company is into the production of kitchen gadgets, and they pay inventors royalties for their inventions.
When this company receives an idea they like, they will invest and make it into something tangible. If people like the outcome of the idea (now product), you will earn royalties for the sales.
You do not need to have some high-class qualifications to submit your ideas to New Soda. They accept ideas from kids to grandmas, designers, and even experienced inventors.
To submit your idea, use the site to get an idea submission form, fill it with your idea, and attach to it your contact details and any illustrations and drawings you may have.
They will contact you if they like the idea. If they don’t, you will still hear from them.
But if your idea is chosen, the company’s production team will make a prototype for testing and then the final product.
They will then take these products to exhibitions and trade fairs shows where they will meet international buyers and other network sales agents who may be willing to sell your products worldwide.
When this happens, you will earn a commission for every piece that is sold. It all starts with submitting your idea.
Almost everyone has a product from Unilever in their homes. They are one of the biggest producing companies worldwide and are widely known for brands like Rexona, Dove, Ben & Jerry’s, Vaseline, Omo, and the rest.
This company is mostly interested in personal care, food, and hygiene-related products.
If you have an idea relating to the areas mentioned above that can help the company advance, take advantage of the Open Innovation program.
This program allows you to partner with Unilever as a start-up, designer, established supplier, individual inventor, academic, or just a person with a good idea.
Find out more about their Open Innovation and how to be a part of it.
Are you a cabinet maker or contractor with an outstanding idea? Submit it to FastCap, and it can become your wealth maker tomorrow.
However, it must be good enough to bring you even close to that dream. According to FastCap, only 1% of the ideas they receive are worth being taken to the market, and only 0.1% of them are fit for a ‘home run.’
Most of the selling ideas receive 5% royalty, but those that had to undergo more intensive development before coming out as the desired product may have as low as 2%. Also, this percentage is based on the actual price distributors buy the item from FastCap.
8. Cal-Van tools
Just like the name, Cal-Van tools receive tool ideas from the public through their royalty program and pay them for it.
The good thing about this company that pays for ideas is that it has a straightforward application method. You just get the idea submission form on the website and submit it through the same. Then wait to be contacted.
Do you have any tool related idea? Submit it to Cal-Van tools here.
9. Sharper Image
Sharper Image is a technology-related company that pays for ideas and is into gadgets, toys, and other kinds of technology. However, they have a severe need for new ideas to help them keep up with the competition.
To satisfy this need, they receive ideas from the public and ask that those submitting should attach the product description, mock-up drawings (if the product is yet to be developed), or photos (if the product has been designed).
You can submit your idea to them even if you have started selling it (but not officially to another company). That means that they can accept the product ideas that are already being sold on Etsy, eBay, or your personal store.
But before they accept this kind of product, you will give them information on the number of products you sold, where you sold them and the amount you recovered from selling them.
Click here to find out more about their idea submission process.
10. Hyper Pet LLC
This firm is worth $66.75 billion yearly, deals with the sales of toys and other accessories, and is willing to work with people with new ideas.
Since this company has the popularity, there is a chance of having a financial turnaround if your idea is accepted and made into a product to be sold by them.
If you have an idea that can be interesting to them, contact the Hyper Pet LLC to learn more.
This sport related company that pays for ideas produces equipment for the NBA, NFL, NHL, and MLB.
They are open to receive ideas for new products that could better their brand. However, they have a set of criteria for new product ideas.
12. Wilson Sporting goods
Like the name, this company is also into sporting goods, and it is one of the biggest companies that pay for ideas. It has the sign ‘W’ on all its sporting products, and your potential product could be the next with that sign.
Do you have an innovation you will like to share with Wilson? Send it to them to review. They will go through it and contact you when they are done.
Follow this page to submit your idea.
13. Mustang Survival
This company, being a major producer of water rescue equipment, is interested in working with people with patent protected or patented ideas.
They also review ideas from people without patents, but you will need to give them a written description of your innovation alongside a New Product Disclosure Form.
Seeing that their work is safety-related, they are very skeptical about the ideas they take. But if you have a new and tangible idea, send it across to them. However, you need to read more about their idea submission here.
Still a major producer and distributor of sporting goods like archery, darts, table tennis, and more, they are open to taking a new product idea from the public.
The site even agrees that most of their products come from outstanding innovators in the marketplace.
If you want to become one of these ‘outstanding innovators’, submit your idea to them. Find all the details you need about submitting your idea on this page.
15. Dorman Products, Inc
Dorman is into the production of automotive, homeware, and hardware products, and is always open to new ideas from people like you.
This company pays for ideas for brand new products or the ones they already have.
To submit your idea, fill a form on their website and wait for them to contact you. However, there is no detail on the amount the company pays for ideas.
16. Becton, Dickinson and Company (BD)
This company is into the production of medical devices and is currently accepting new ideas.
You can submit your idea by sending it through mail alongside the form that shows you have accepted their terms and conditions.
You can download the form and get their mailing address for new product ideas here. The company will contact you if they want to process your product.
However, if they do not like your idea, you may not hear from them at all. Get started here.
17. Jokari home solution
Do you have ideas for kitchen gadgets and other homewares? You could earn some money from Jokari Home Solutions. This is one of the most active companies that pay for ideas, and they accept ideas all the time.
Contact the Jokari team through this page and express your interest in giving your idea. They will contact you back and tell you how to go through the idea submission process.
18. Play with a Purpose
This company is interested in the production of kids play items, especially those that get them (kids) moving.
They are open to new ideas, and if you are working on a prototype, feel free to send it to them.
Eco-Products target the production of eco-friendly foods and drink-related items like utensils, cups, plates, etc.
They are open to new ideas on producing better eco-friendly products since, according to them, people do not really accept the ‘single-use product’ idea.
If you have an idea that fits into their business model, submit it here.
20. The Coca-Cola Company
I was shocked to know that the Coca-Cola Company is one of the companies that pay for ideas; yes, it is.
Though there are no details about this, you can contact them through their contact form and submit your idea. On that form, you will learn more about the process.
Use this link to submit your idea.
21. Spin Master
Spin master deals specifically with toys, and they are always in need of new ideas.
According to them, their Hershey’s Chocolate Maker came from one of the ideas they received from the public.
Do you think you can do the same or something better? Send them your idea. You will find all the information you need here.
How To Make Good Money From Selling Your Ideas
It is very common to see people throw away their superb ideas for a very meager amount. Do you have a killer idea? Then it could be worth so much. Follow these tips to get fair pay for it.
- Never bypass the fine prints
It is not all companies that pay for ideas. So, since every company has its terms for idea submission, ensure you read before submitting to know what you are getting into.
This will help you know those that will pay you if it is accepted, or keep the idea confidential if it is not.
- Get a patent
If you have a firm conviction about your idea, it is high time you protected your right to it.
Getting a patent increases your chance of making money from your invention and gives you a 20-year exclusive property right for your invention. This means that people will not use or sell your invention without your permission.
You can find out more about the different intellectual property rights protections accepted by the United States law.
- Only send them to the important companies
It doesn’t matter if you have the best idea in the world, it won’t fetch you a dime if you do not send it to where it is needed.
When developing an idea, make out time to learn about the category it fits into and send it to the corresponding company.
The Bottom Line
Meeting companies that buy ideas may not be as easy as doing some other side hustles. It would require some work, but the payoff is definitely worth it in the end.
If you have killer ideas that you think would be beneficial to these companies or you have great inventions to sell, contact these companies that pay for ideas in our list above and send in your concepts. Good luck!!!
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