Companies that pay for ideas
In this post, we will talk about companies that pay for ideas and companies that buy ideas (including invention ideas).
and, yes, you can make money with ideas. Just ideas 😉
So tell me,
Do you have an innovative idea for a product or technology but do not know how to make money from it?
We’ve got some excellent news for you.
Companies worldwide are continually seeking innovative ideas so that they can gain that edge over their competition.
Some companies buy ideas and inventions, and you continue to get royalties on an ongoing basis.
Others buy your invention and app ideas for a fixed sum.
Read on as we explore how you can make money from your ideas and which companies pay for ideas.
Note – This post may contain affiliate links. Please read disclosure policy
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Ways to make money from your ideas
1. Getting started with selling your idea
Research on your idea to confirm that it is, in fact, a new, innovative, and creative idea.
You must make sure that someone else has not had the same idea earlier.
For example, your idea could already be patented. You will not be able to sell your idea to a company if that is the case.
Do a Google search to find sites that list patents and confirm that your idea is original.
2. Contact companies that pay for ideas
Some companies directly advertise that they are looking for new ideas, and they will pay you cash if they like your idea and decide to use it.
Companies like Innocentive.com and ThinkGeek.com belong to this category. These are known companies that pay for ideas.
Many more such companies are willing to listen to your idea and will pay you for it. We will talk about it later in this post
3. Pitch your idea to any company that buy ideas
Most companies are willing to pay for an idea if it helps them to improve their business.
Companies continually need new ideas to improve themselves and stay in business.
If your idea can help a company achieve their goal faster or cheaper, they will definitely be interested in your idea.
3. Get a patent
According to Wikipedia, a patent is a form of intellectual property that gives its owner the legal right to exclude others from making, using, or selling an invention for a limited period of years in exchange for publishing an enabling public disclosure of the invention.
If you think your idea is worth patenting, you should go ahead. But ensure that there is no patent identical to your idea.
Getting a patent is not free. It can cost anywhere between $750 and $40,000 for a patent lawyer to process it for you.
4. Start your own company
If you have a great idea but do not want it to share it with others, you can consider starting your own business.
An idea can turn into a profitable business if you apply your knowledge well.
If you decide to follow this course, you should be ready for the risk. Most new businesses fail within the first three to five years.
Companies that pay for invention ideas
Several companies are willing to pay you for your ideas, especially invention ideas.
While we are not going to focus on companies that pay for invention ideas, but we are going to discuss companies that generally are interested in buying ideas.
You may have to contact and pitch your idea to several of them before finding the right buyer for your idea.
Here’s a list of companies that buy ideas.
1. Sharper image
Sharper image deals with the latest in toys, gadgets, and technology. This is one company that pay for invention ideas.
To stay ahead of the competition, they are always looking for new ideas.
This company has a team dedicated to sifting through the ideas sent to them by new inventors.
When you submit your idea here, you need to –
- Send them an email with a detailed description of your product.
- If you have developed a sample, send photos and videos of the sample.
- If the product has not been developed yet, send a mock-up drawing of the product.
- If you have already started manufacturing your product, send information about your sales numbers and where it has been sold.
The main focus of 3M is office supplies and electronics, though it also produces healthcare products.
It is no surprise that they are looking for new ideas as they are always coming out with new products.
The submission process for your idea is pretty simple. You need to visit their site and fill out a submission form.
The form asks for your contact information, your idea, and details concerning your granted or issued patent.
Once submitted, it is recorded for evaluation.
If you have a new idea in the area of laundry products, home care, cosmetics, and adhesives, Henkel is the company for you.
Henkel is a well-known company responsible for producing Right Guard deodorant and Dial soap.
They are always looking for ideas for new products, which is why they also operate the Henkel Partnership Program.
Through this program, they sponsor budding inventors and innovators in technology.
Click here to apply for the Henkel Innovative Partnership program.
4. Dorman Products, Inc.
Dorman Products Inc specializes in products linked to homeware, hardware, and automotive categories.
They are mostly distributors of products and are always looking for new ideas to improve their product lineup.
You can contact them here if you have a great idea in these fields.
If you are already producing a product, you can send them a sample for review.
5. Jokari Home Solutions
Have you invented a new kitchen gadget or a home organization product? Consider selling your idea to Jokari Home Solutions.
The company is always looking for new ideas for products linked to homeware.
For information regarding how to contact them, you can visit their website.
6. Coastal Pet Products
If you are a pet lover and have a product idea that can make life better for pets, this is the company for you.
Coastal Pet Products is dedicated to providing the best and the latest pet care products to consumers.
Contact them here if you have an idea for unique collars, leads, crates, feeding systems, and more.
BD is a medical technology company that is keen to learn new ways to advance the world of health by improving medical discovery, diagnostics, and the delivery of care.
If you have an idea in these fields, you can submit your idea to a BD unit.
For this, visit their website and print the Consideration of Suggestion document to review the terms carefully.
If you agree, you can sign the Acceptance of Terms page and return it by mail to the Office for New Product Suggestions mentioned here.
8. Hearlihy &Company
Hearlihy & Company deals with high-quality educational supplies.
Their products range from drafting tools, architectural modeling kits, and hands-on activities designed to complement and enrich any middle-level and high school technology curriculum.
If you have an invention or idea that falls in this category, you can submit your idea to this company.
Wilson is a well-known sports company.
You would have seen their familiar W logo on many products like rackets and tennis balls.
The company believes in game-changing innovation in sports and is always on the lookout for new and great ideas.
If you have a new idea for a sports product, you can go to the Wilson Idea Portal and submit your idea for consideration.
The submissions are reviewed periodically, and the company will contact you if they like your idea.
10. Wild Planet Entertainment
Wild Planet Entertainment develops and manufactures toys that encourage children to be creative.
Some of its best-known toys include Spy Gear line, Spy Video ATV, pirate toys (A Pirate’s Life), pool toys (Outdoor Antics), creature construction kits (Skeleflex), and flashlights that transform into toys (Liteformz).
Wild Planet Entertainment manufactures products that are safe, durable, and fun for kids.
If your idea fits well into Wild Planet’s range, you can contact them and ask them about the submission process.
Rico specializes in sports equipment for the NFL, NBA, NHL, and MLB.
They are on the lookout for product ideas that may be of interest to their business.
The product ideas should include protectable intellectual property, in the form of a granted patent or trademark or published patent application or published trademark application.
You can visit the New Product Submission page on their website for more information.
Coleman deals with outdoor recreational products.
They produce camping gear, including sleeping bags, lanterns, stoves, coolers, and electric LED lights.
If you have an idea for an outdoor recreational product, you can contact Coleman here and pitch your idea to them.
Escalade is a sporting goods manufacturer and distributor.
They specialize in basketball goals, archery, indoor and outdoor game recreation, and fitness products.
Escalade is a leader in residential in-ground basketball goals, table tennis tables, and archery bows.
This company is looking for ways to bring new ideas to the market and seek that expertise developed by passionate users of sporting goods and outdoor recreation products.
So, if your unique idea is linked to a product or service related to sports, you can share it with Escalade here.
14. Builders Inventions
If you are a tradesman and have an invention or innovation for the construction industry, this is the company for you.
Builders Inventions specializes in innovative contractor tools, inventions, and products for building on job sites.
If you have an idea for a product that can help builders on the job site, you can contact Builders Inventions on their website.
15. Pro Performance Sports
If you have an idea for an invention in the field of sports training, then Pro Performance Sports is the company to contact.
This company is known for its sports training products and is always on the lookout for products that can make the workout more comfortable or more fun.
Print a copy of their submission form and submit as directed on their website.
16. Under Armour
Under Armour is one of the world’s leading developer, marketer, and distributor of performance apparel, footwear, and accessories.
If you have an idea for a new product in this field, Under Armour is keen to collaborate with you to create your product.
Visit their website to learn about how you can submit your idea here.
Oxo is a manufacturer of kitchen utensils, office supplies, and homewares such as storage items and cleaning tools.
Their product development team is continually looking for innovative ideas to develop new products.
Visit their website to find out how you can submit your idea.
18. Spin Master
Spin Master is a children’s entertainment company that has been designing, developing, manufacturing, and marketing toys since 1994.
The company takes great pride in its partnerships and associations with inventors around the world.
Some of the spin master toys from inventors include Air Hogs, Girl Crush Tattoo Maker, Wiggles Guitar, and Hershey’s Chocolate Maker.
If you too, would like to submit your concept to Spin Master, click on their Inventors’ Page and fill the form.
Unilever is a British-Dutch multinational consumer goods company.
Several brands such as Rexona, Dove, Omo, and Ben and Jerry’s belong to this company.
The company encourages people with ideas for practical innovations that can help them meet their challenges.
They have a whole list of challenges and wants on their website ranging from tough stain removal to prebiotics for microbiome control.
You can submit a technical solution via their Open Innovation portal.
20. Mustang survival
Mustang Survival has been designing and manufacturing lifesaving solutions for 45 years.
It provides protective equipment for water rescue professionals, military elites, and commercial mariners.
They are always looking for new ideas for their products.
If you have an invention that you think can be part of their product and solutions, you can send your idea to Mustang Survival’s website.
21. Hyper Pet LLC
Hyper Pet offers unique interactive toys for your pets. It also provides pet collars, leashes, and harnesses.
The company is keen to work with people with new ideas.
If you have a unique and innovative idea in this field, you can contact Hyper Pet LLC.
22. Idea Buyer
Idea Buyer is a company that partners to help launch great new product ideas.
Idea Buyer claims to have sold products in stores like Cabela’s, Walmart, Buy Buy Baby, Macy’s, Bass Pro, Lowes, Home Depot, Ace Hardware, Dick’s Sporting Goods, and Amazon.
Idea buyer helps you develop your idea and bring it to the market with a potential partner store.
You can visit their website to learn about how to submit your idea.
23. Play with a Purpose
Play with a Purpose is a leader in physical activity for young children.
From independent play equipment like slides, trikes, and swing sets to books and puppets, they deal with it all.
If you have a prototype, a drawing, or an original idea that could benefit them, Play with a Purpose will be keen to partner with you.
You can visit their website and fill out a form to contact them.
Eco-Products is challenging people everywhere to rethink single-use products.
This company is continuously working to develop and improve our materials, products, and process.
If you have an innovative idea for producing new products, materials, packaging, waste diversion, and similar applications, Eco-Products wants to hear from you.
Visit the Eco-Products website to submit your idea.
These are all the companies that pay for ideas.
Ways to make money from app ideas
The mobile app industry has grown tremendously in the last few years.
Some companies are always looking out for apps or app ideas that they can market to the public.
Apps generally sell for $500 to $5000, though you may sometimes find that companies are willing to shell out $50,000 for an exceptional app idea.
If you think you have an app idea that has great potential, there are two ways in which you can make money.
Either you can develop the app yourself or you can pitch your idea to companies so that they invest in your idea.
Refine your app idea – Take Your App Idea From Concept to Detailed Plan
A good app idea is just the beginning.
It is always advisable to refine your app idea before you try to make money off it.
Think of the market niche your app is meant for.
If there are other similar apps in the market, you must work to make your app better than theirs.
It would be best if you also thought about whether your app will attract buyers and investors.
Get sufficient investment to make money from you app idea
Turning an app idea into an app takes money.
Relevant: Apps that make money.
If you do not have sufficient money, it may become tough to develop your app.
Here are some ways to gather adequate working capital for your app –
1. Angel investors – Angel investors are individuals or small groups that invest their capital in start-up ideas.
2. Start-up Accelerators – These are private companies that invest in start-up ideas.
3. Crowdfunding – Crowdfunding involves attracting a large number of small investors to fund your start-up idea.
Monetize you app idea and make money
Once you have developed your app, you can monetize it in several different ways.
- You can sell your app on a variety of different platforms.
The user will buy the app or pay for the subscription.
The platform will take a percentage of the money you make through your app.
- You can offer your app for free on different platforms.
You can withhold some of your app features and make them available on the paid version.
- You can also make money by advertising for other vendors on your app.
Companies that buy app ideas
If you don’t want to get into the hassle of developing your app idea, you can sell your app idea to a company.
Here are some companies that may be interested in your app idea–
Google is continually developing new apps and may be interested in your idea if it is original and unique.
You can approach Google and pitch your app idea to them.
If you have an excellent idea for an app, you can contact Apple directly. Getting your app idea bought by Apple is definitely worth the try.
This company is well known for its popular game Candy Crush.
If you think you have an idea for a mobile game that can be the next big thing, contact King.
Supercell is known for developing some of the best mobile game apps, including the Clash of the Clans app. Supercell is based in Finland and welcomes the submission of new app ideas.
Visit their website to submit your app idea.
5. Mobile App Fund
Mobile App Fund is a company that is looking for app ideas that can be used in everyday life and apps that help businesses to grow.
If you have a unique app idea, you can visit the Mobile App Fund website and submit it directly.
If your app idea passes a series of tests and reviews, the company will fund its design, development, deployment, and marketing and share the profits with you.
They offer up to $1 million per app for development, distribution, and marketing.
6. GungHo Online
GungHo is a Japanese company that is well known for its gaming apps.
If you have an app idea that fits in with their vision, you can contact GungHo Online to submit your app idea.
FundedApps is a product of Offficial – a UK-based investment funding company in the mobile sector.
It lets you submit your app ideas and earn money from them without doing any development work yourself.
Once you submit a title and description for your idea, your submission will be reviewed by a team.
If the team thinks your idea is viable, they will present it to an investment board.
If it gets the green light to be built, you immediately earn £250 for your idea. Once the app’s on sale, you’ll get a 25% cut of net revenue.
IdeaPros wants to be a strategic partner for entrepreneurs who have great app ideas.
They help people build, launch, and distribute apps.
You can submit your ideas on their website. They will evaluate your idea and let you know whether your idea will work or not.
ArtJoker Digital is a software development company that offers mobile and web application development services.
They are always looking for new ideas for apps. If you have an excellent idea for an app, they will buy your app idea.
Companies that pay for ideas through online marketplaces
Flippa is in the business of buying and selling apps.
It has the lowest fee for sellers and no additional fees for buyers.
This company helps to connect app creators with app buyers.
Fliptopia is the marketplace to buy and sell full and exclusive rights to apps. You can post to sell your app here.
Advertising here will give you access to more potential buyers.
Some common questions about app ideas
How much can I earn from my idea?
The amount of money you can earn from a product or an app idea can range from $100 to millions.
If you can collect royalties every time your product is sold, you can earn much more.
The companies that buy ideas can pay you in different ways.
These include –
- A company may buy your idea for a set amount.
- You may get a percentage of the profit earned on your product.
- You may get a royalty. Every time your product is sold, you will get a set amount. This is the most lucrative way to sell your idea.
How can I ensure that a company will not steal my idea?
To ensure that the company does not steal your idea, you must make sure that the company you are dealing with is legit.
Read the terms and conditions for submitting your idea carefully before you sign anything.
These terms and conditions for submitting your idea will likely go into the various legal protections that are in place for you as the inventor.
Many companies will not agree to sign a non-disclosure agreement even if you ask for it.
Sometimes these companies may already be developing an idea similar to yours.
Can I start an invention with no money?
Not all ideas need money.
Often, all you need is a description or a drawing of what the finished product will look like.
The companies that buy ideas do not ask for any money to consider your idea.
Final thoughts on companies that pay for ideas
If you have a unique idea for a product or an app, you can choose from the various companies mentioned above to sell your idea.
There are lot of legit companies that buy ideas from you.
Remember to protect your idea to ensure that others do not steal it.
Always read the terms and conditions properly before you submit your idea.