Yes, you can really get paid for your ideas and there are companies that pay for ideas, whether it is innovative or inventive ideas.
This article explains how it all works, how you can get started and the best companies that are currently paying for ideas.
How Getting Paid For Ideas Work
If you have a unique idea about a product or service, have you considered making money from it?
Some companies will pay you for sharing an idea that would lead to a new product.
They will help you develop the idea, improve the design, and commercialize it.
You can partner with them and earn royalties whenever that product sells in the marketplace.
Each company has a stated procedure you must follow before submitting your idea.
If you comply with the procedure then your idea would be turned into a real product and sold.
13 Best Companies That Really Pay for Ideas
Below are some of the very best companies out there that pay for good ideas:
1. Idea Buyer
Idea Buyer is a company that helps launch new product ideas. It has been in business since 2007 and it is part of 3X Inc. 5000 Company.
This company has been featured in many top media companies like Inc. Magazine, Entrepreneur, CNBC, and Bloomberg.
If you have an idea that can be helpful for product development then you can sign up for Idea Buyer.
This company will develop the idea into a product, and sell it.
They partner with popular brands or retailers where the products are sold.
The partners of this brand include Walmart, Amazon, Cabela’s, Buy Buy Baby, Macy’s, Ace Hardware, Home Depot, Lowes, Dick’s Sporting Goods, Bass Pro, and more
At Idea Buyer, you can submit your idea for review. After evaluation, your product may be selected for a chance to win an exclusive partnership that will turn their idea into a product or service.
Yes, the main focus is turning your project into a business.
They will make you an offer. If the offer is accepted, you’ll contribute one-third of the costs and we’ll engage our full team to launch it to market.
Click here to check out Idea Buyer and start getting rewarded with cash for your ideas.
2. Chef’s Planet
Chef’s Planet is a platform where cooks can share new ideas to make cooking fun and easier.
This company is set up to
Chef’s Planet is an ‘inventor’ friendly company. They are always on the lookout for cooks with innovative ideas.
Also, you are expected to sign have the right tools for the job, and to sign a non-disclosure agreement (NDA’s) when working with them.
So, if you have a product idea, drawing, or working prototype that you would like Chef’s Planet to consider.
Click here to check out Chef’s Planet and get paid for your ideas.
Also See: How to Get Paid to Be an Audience Member & Best Paying Companies!
3. New Soda
New Soda is a company that will pay you money for your ideas. This company manufactures kitchen gadgets.
If you have a great idea that this company can use for its inventions then you should submit them for pay.
New Soda wants ideas from just anyone. You can submit ideas as an inventor, a designer, mum, granddad, or even a kid.
New Soda will turn the ideas submitted into a product. If the product sells, then you will receive royalties.
When submitting an idea with New Soda, you have to use the idea submission form on the website.
Also, you are expected to send any drawings or concepts with the idea.
Your contact details are needed as well.
New Soda’s design team will review your submitted ideas and contact you to further explore it.
If the idea is not successful, the team will also let you know.
New Soda will take your successful ideas to make a product. This would then be exhibited at trade shows and places where their sales agents can sell it across the world.
You will earn a commission once your product starts selling. The commission is based on the unit that is sold.
Click here to check out New Soda to submit your new idea and get paid.
4. Mustang Survival
Mustang Survival is a company that makes water rescue equipment.
Their products are used by water rescue professionals in the military, recreation industry, commercial marine, etc.
This company is always pushing for the best products and they are looking for new ideas to improve their products.
If you have new ideas you want to share then you can consider making money from this company.
Mustang Survival works with only patent-protected inventors’ ideas and inventions, so, make sure your idea is patent-protected before presenting it for review.
To submit your idea with Mustang Survival, you are expected to sign their New Product Disclosure Form.
You should also make a detailed written description of your invention.
The company also wants you to include photographs or drawings.
Click here to check out Mustang Survival to submit your ideas and get paid.
Also See: How and Where You Can Get Paid To Drink Beer.
Quirky is one of the best companies that pay people for their new ideas.
It prides itself on helping everyday people with brilliant ideas to turn them into real products.
The site reveals that “Quirky makes inventing and selling products possible by pairing inventors with product designers and big manufacturing companies that can bring their ideas to life.”
So, if you have a brilliant product idea then you can submit it to this company and let them help you design and manufactured it.
Quirky partners with inventors and designers or big manufacturers.
You can fill out their idea submission form for an opportunity to turn it into a real product.
If your idea is picked amongst others submitted every month then it would be turned into real products.
The product will go through a different process of further design, development, prototyping, testing, manufacturing, and distribution.
Then, Quirky will sell this product through their partner stores like Best Buy, Home Depot, etc.
Each time someone buys your product, you will receive payment.
With this company, you’ll receive a 1.5% royalty on the wholesale price of your invention when it sells.
Click here to check out Quirky and start getting paid to submit your ideas.
6. Invention City
Invention City is a company that helps independent inventors confirm, develop, protect, license, manufacture, and market new product ideas.
If you have a great product idea then you can contact this company to make money with it.
Invention City has been around since 1986 and has developed and commercialized many products that have been successfully sold at famous brands and retailers around the world.
Amongst the partners of Invention City, you will find companies popular brands and retailers like Walmart, Sears, CVS, Costco, The Home Depot, Ace, Walgreens, Office Depot, and Auto Zone.
Others include Kmart, Winn Dixie, Amazon, and True Value, etc.
You can submit your ideas with Invention City today and start making money.
If this company is interested in your idea, you will be contacted within 5 business days.
The submission process may take about 20 minutes.
If the invention and submission process is new to you, then the submission process would be longer.
If your idea is accepted, the Invention City team may offer you a licensing deal.
This is structured in a way that allows you to get royalties on the sales.
You may get from 20% to 60% royalties on each sale of your product.
FastCap is a company that can help people bring their ideas to reality.
This company gets a majority of its ideas from cabinetmakers, wood makers, and contractors.
So, if you have good ideas on cabinet making then you share them with FastCap and bring them to fruition.
The idea would be developed and sold in the marketplace.
The best part is that you will get paid well when the product is sold
According to the website,
“FastCap pays 2% to 5% royalty on innovative, new ideas for the woodworking trades.
While the majority of the royalties are 5%, some products require intensive development and sell for smaller margins, and dictate a smaller royalty.
The average product costs between $50,000 and $100,000 to bring to market.
This royalty is extremely generous because FastCap takes 100% of all the risk and all the development costs…”
“The 2% to 5% is based on the actual sale price that FastCap sells the product to a distributor.
The distributor would then put their markup on the product and sell the product to a professional woodworker or tradesperson.
The royalty is based on what FastCap sells the product for, not what the distributor sells the product for.”
FastCap pays your royalties monthly.
Click here to check out FastCap to start getting paid to share cabinet and wood-making ideas.
BD is a global medical technology company that is advancing the world of health by improving medical discovery, diagnostics, and the delivery of care.
The site also reveals that:
“This company provides innovative solutions that help advance medical research and genomics, enhance the diagnosis of infectious disease and cancer, improve medication management, promote infection prevention, equip surgical and interventional procedures and support the management of diabetes.”
You can submit your fresh idea and help improve the medical industry.
According to this website,
“If you would like to submit your idea to a BD unit, print the Consideration of Suggestions document, review the terms carefully, and if you agree, sign the ‘Acceptance of Terms’ page and return it by mail to the Office of New Product Suggestions at the address listed in the document along with no confidential information regarding your idea.”
Click here to check out BD and and start getting rewarded and paid for your new ideas.
Other companies that you can get paid for include:
9. Builders Inventions
11. Cal-Van Tools
13. Under Armour
As you have seen from reading this article, it’s indeed possible to make money with your ideas.
Some of the best companies where you will get paid for your ideas have been revealed above.