The premise is simple, Quirky gives new and would-be inventors the opportunity to post their product ideas and get community votes and feedback. If the idea is selected, it is then posted back to the community for designing, naming, and tag-lining. Once this process is complete, it is off to the martket for sale. First online, requiring a certain number to be sold, and then to the shelves of Bed Bath and Beyond for even more exposure and subsequent sales.
I have used the Quirky service for the past 5 weeks, and besides being a real cool site to browse, it is quite simply addictive. Having the opportunity to help name a product, or design how it will look is amazingly empowering. Granted, none of my ideas have yet to be accepted, I remain hopeful that one day it will happen and I will see my idea on a real product.
So how do you make money? There are a number of ways that Quirky allows you to make money for your contributions. Submit, vote, and contribute. Each one will give you what Quirky calls influence, and the more influence you have the more money you make off of each product. The % share varies, but for those who have an idea selected they can make between 5-8 cents per dollar of total product revenue. Fairly standard for any licensing agreement. Some inventors on the site have already made upwards of $35,000.
So is this a legitimate site, or just another internet scam? Let's look at the pros and cons.
- You make real money for creating and helping influence products
- Free to sign up and vote
- It is a lot of fun to vote
- You get the opportunity to submit an idea, and make lots of money if it hits store shelves
- You get feedback on your ideas from the community forum
- You can connect with other like-minded entrepreneurs of all ages
- It costs $10 every time you submit an idea
- Without having an idea go to market, your influence probably wont make a whole lot of money
- It can be very addictive, which stops you from doing other things
- Quirky products that get selected need to retail under $150
Overall, it costs very little to submit an idea, and the payoff if the idea is selected will make you a whole lot of cash. In my opinion, there is no downside to signing up and trying out the service. Just have fun with it and enjoy seeing all those great ideas floating around.
Visit Quirky Social Product Development for all the details.
Have you tried the service? Submit your comments in the space below.