Seasoned entrepreneurs know there’s a big difference between a great idea in the mind and a successful product in the hand. Here to bridge that gap is Quirky, a service that uses a collaborative process to actualize killer ideas that might otherwise go to waste.
Anyone can submit their business plan and sketches to Quirky for USD 99, with the aim of being selected as the idea of the week. If it is, it will be listed on Quirky’s website, where a number of ‘influencers’ can vote and advise on the product’s development. The cream of the crop are then put into production and sent to market, at which point the person with the original idea gets 12% of the top line revenue. 70% goes into Quirky’s kitty (this also funds production), with some funds left over to reward the influencers who helped make the product a success.
The site still has value for those whose ideas aren’t selected, as the USD 99 supplies the wannabe entrepreneur with a market evaluation and details of the community’s response. And anyone can sign up as an influencer and make a few bucks based on their feedback, if an idea goes into production.
Asking idea-holders to pay a submission fee adds a useful element of self-selection, motivating people to submit only their best ideas and think them through before throwing them out into the either. And the selection process is one to observe and learn from, especially if you’re interested in tapping the wisdom of the crowds.
Photo by Quirky.