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The Entrepreneurship Community

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Mason Lee
Mason Lee

Companies That Buy Invention Ideas

Companies are constantly looking for the next big idea that will revitalize or completely transform the current consumer market. Often, these ideas come from independent inventors or creators. However, if you have a new idea that you feel has the potential to be successful, you might have considered selling this innovative idea to a developer or manufacturer.

companies that buy invention ideas

Idea Buyer is a product development company that will help you bring your idea to the market. Idea Buyer accepts product ideas in any category. If they feel the idea has potential, they will assist you in developing the concept and presenting it to producers and possible partner stores.

Fila receive a vast number of new product ideas and designs every day. However, many of these go unchecked or unused. Fila states explicitly on its website that they only consider patented ideas. They do this to prevent any confusion around compensation, and it also serves to protect the creator further. If you have a patented idea, you can send this to Fila via mail.

Applied Medical is also committed to developing new, innovative products that can positively impact the work of healthcare professionals and, in turn, the lives and wellbeing of their patients. They welcome new product or enhancement ideas for their current product range. You can submit your ideas through the company website.

If you have a product idea that falls within the pet-care or animal-care categories, you might consider submitting this for consideration to Miller Manufacturing. This large-scale company provides high-quality products in its field. You can submit product ideas via email.

If you have an invention idea that falls within the automotive category, Dorman Products might be interested in hearing from you. Simply fill out the idea form on the Dorman Products website, and a team member will review your submission.

Ford Foundation is an organization committed to tackling global inequality and facilitating new initiatives that will serve to reduce poverty. They accept ideas for new initiatives or programs that fit their mission. You can submit suggestions through their website.

Flippa is the largest global company that facilitates the sale of apps, websites, and companies. If you have fully-developed business ideas that you wish to sell, Flippa has a massive range of potential buyers on its platform. Apps sell on the site anywhere from a couple of hundred dollars to upwards of $100,000, so this could be a great place to sell your app or small business.

Having your idea patent-protected means that the invention cannot be made, used, distributed, imported, or sold commercially by any parties without your formal consent. Once your idea is patent-protected, you are its sole owner and have exclusive rights to any developments.

With such an over-saturated consumer market, you must conduct adequate market research before approaching companies with your creative ideas. This means there will be less time wasted for both you and them on ideas that have potentially already been developed and used.

Your ideas are precious, and producers know this, so they might try to take advantage and include clauses that diminish your rights to compensation or ownership. The only way to prevent this is by reading the small print and flagging any issues.

Once you have considered each of these points, you should be well-prepared to approach companies or developers with your innovative ideas while maintaining a realistic outlook and adequately protecting yourself and your ideas.

Today we share 21 companies that might be interested in your invention ideas. People in the technology industry often say that product invention ideas are cheap. The cliché has been around for years, telling inventors to keep working on product ideas regardless of idea quality until they have a product ready to sell.

Many companies have dedicated website pages where you can submit invention ideas for product designs or concepts. Some claim to provide compensation for anyone who offers an excellent executable idea that possibly materializes into an actual product. The information regarding the payment method or how much the company will pay is unclear.

A handful of companies are upfront about their intention to buy your ideas. They will not pay for every submission but only for a select few that meet their design requirements and are good enough to put into production. Anyone can make money by providing the idea of a product. Several of the most popular companies that will buy new invention ideas include:

Quirky, one of the first to have started the business model, is often mentioned as a company that pays for product ideas from everyday inventors. It is so popular that people instantly believe the program is still open, but things have changed lately. Even the official website address listed in Wikipedia leads to nowhere.

Based in New Jersey, BD develops and sells medical devices. Anybody can submit new product invention ideas to the company through an online submission form. You may attach a text document or PDF with a maximum size of 10MB, so it might be enough to present a rough sketch of your design. BD advises against submitting anything confidential. When the design is selected, the company is willing to sign a confidentiality agreement.

As the name says, the company sells survival gear and equipment. Mustang Survival allows new idea submissions but prefers an already patented invention. For non-patent product ideas, there is a separate disclosure form provided. The proposal may include a drawing or photograph.

Many people cite 3M as a company that pays for product ideas, and however, the terms and conditions in the submission form say the opposite. If you have to submit a concept to 3M, make sure you have obtained a patent beforehand.

Desirable new invention ideas are rare and challenging to create. Many companies have dedicated web pages where you can submit product ideas and concepts. Idea submissions may be public or confidential and have various compensation structures (i.e., licensing arrangements, partnerships, etc.). However, the payment method or how much the company will pay is not always straightforward.

BD is in the medical technology field and is open to new ideas. If you would like to submit your idea to a BD unit, you can do so, however, they ask that you download the documents found via the link below and then mail it in as long as you agree to their terms. At this moment, they cannot accept any prototypes nor can they accept confidential information.

Escalade is a smaller company focusing in the sporting goods and outdoor recreation market. As they know partnering is a basis for success, they are always looking for ways to bring new ideas to the market. If you want to share your ideas with them, you can do so via their unsolicited idea submission policy. Aside from submitting an invention idea, they are also interested in exploring through mergers, joint ventures and partnerships of sorts.

Sharper Image works with the Camelot Venture Group, which is a private investment group, that often looks for invention ideas submitted by the public. They primarily focus on technology-based gadgets. You can check out their website to see what they sell to give you a better idea.

Above, I tried to include many of the more popular companies and provide a quick snippet. However, there were many more companies that this. So, to save myself time, I included the many companies I found and broke them down by category below. If any are of interest, follow the link for more details.

If you happen to find a manufacturer that is interested in your invention, there are usually two options. You can sell your invention idea, or you can outright sell the invention itself for one large lump sum as compensation for your idea.

The second option is to enter a licensing agreement. You would collect royalties each time your product is sold. If you choose this option, you need to carefully inspect the offer to ensure that are no clauses that keep the company from holding onto the invention for the length of the contract, which allows you to leave the contract if they make little to no effort to manufacture and sell the product.

Inventors often sell their product ideas to bigger companies, however some decide to go through the patent process in order to get a more sustainable income revenue in the long term. For someone who has no idea about how the patent process works, it is better to seek legal advice than potentially expose yourself to lawsuits that might cost thousands of dollars. We suggest consulting with a licensed attorney as their services inherently implies privacy under the attorney client relationship. On the other hand, if you were to discuss your invention ideas with partners, other people, or someone who is not working as an attorney on your behalf, they would be able to steal your inventions unless an NDA was signed and you would have no legal standing in court.

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.

When people have a good idea or invention, they often patent it before they start selling it. A patent is useful because it grants exclusive rights for the inventor to sell that specific invention or idea. This legal protection keeps inventors from being ripped off by copy-cat inventions.

If you do want to license your idea, you will need to be good at making pitches and selling. Licensing starts by approaching a business with a great sales pitch. If you are not great at discussing your ideas, you can print out marketing materials that sell your idea for you. Afterward, all you have to do is share these materials with the businesses you are interested in working with.

If your idea is a workable invention that can be put to use, you may be able to sell it directly with a little online help. There are submission companies that will help you sell your invention. These companies will either provide services that help you sell your idea or allow you to sell the invention directly to consumers over the internet. Invention submission companies often operate by charging a fee to the inventor in exchange for helping sell that invention. Online marketplaces, in comparison, sell your invention to consumers and stores for you. 041b061a72


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