Do you have an idea for a product or service but don’t know how to make it a reality? Or maybe you’ve created a prototype but don’t know where to start selling it. If so, you may be able to find help from one of the many companies that pay for ideas.
In this blog post, we’ll take a look at some of those companies that pay for ideas. We’ll also discuss the process of selling an idea and what you can expect to earn if your idea is accepted. So if you’re feeling inspired, keep reading!
Can you sell an idea to a company?
The short answer is, Yes, anyone can sell an idea to a company. There are a lot of companies that are always looking for new ideas and will pay to bring those ideas to life.
This system is where the company gets an idea they like, and you get paid for your idea. In some cases, the company may agree to pay more if they use your idea and profit from it.
Although it may seem like an easy way to make money, selling your idea can be a bit of a complicated process.
Let’s look at the steps involved when selling an idea to a company.
Step 1: Think of an innovative and unique idea.
Think of an idea that is not unique but practical. The idea you think might be profitable, so your first step is to determine if anyone else has already thought of it.
Step 2: Pitch your idea to companies
Check to see if someone else has already thought of the idea or if you’ve come up with an idea based on the feedback received. Also, make sure to create a compelling pitch deck that will increase your chances of getting noticed.
It gets tricky because if you haven’t done your research, you may fall into a trap. There are a lot of companies that will just take the idea and leave you out in the cold, so to speak.
Step 3: Sign a contract with the company to get started
There are a few different routes a person can take at this point. For example, you can either attempt to get a patent or can proceed by protecting your idea with a Non-Disclosure Agreement.
The patent route is not for everyone, and, depending on the idea, can be expensive. The next option is to sign a Non-Disclosure Agreement or NDA.
It is essential to contact the company you are sending an idea to and ask for a Non-Disclosure Agreement. Ensure that the company is serious about the idea and knows you can file for a patent if necessary.
Companies that pay for great ideas
Several companies have been created based on the fact that they pay for ideas. People submit ideas to them, and if the company likes what they see, they may work with the person on the idea.
The companies range from large corporations to smaller start-ups and offer different payment plans. Remember that you won’t get paid for ideas sometimes; you will just earn credit with the companies instead.
Here are some of the companies that you can submit ideas:
This company is a leader in innovation and technology. They pay people to submit ideas to them. For example, 3M is healthcare, electronics, and office supplies. They are always looking to expand their business. If you have any creative ideas that they can use, you can use this link to pitch them the new idea.
Dorman Products, Inc
This company is into the homeware, hardware, and automotive industry. This is one of the best companies that pay for ideas. One can submit any product idea and earn a reward.
If you think you have any innovative ideas, you can check the submission process using this link.
A big name in the personal care industry, this company is always looking for new product ideas. Its subsidiary companies include beauty care, home care, and adhesive technology. One can always pitch them their unique and innovative idea that fits their business model.
Sharper Image is known for its unique, innovative ideas. If you love toys and gadgets, this is the perfect place to submit your idea. Instead, they are into consumer goods and electronics and love to keep an open-door policy for people that want to pitch their innovative ideas.
Coastal Pet Products
As the name suggests, this company is in the pet care industry. They specifically pay for pet food and accessory idea. The company is constantly looking for innovative ways to keep its customers happy.
If you have an excellent pet-related idea, then this is the company you can pitch your million-dollar idea to.
Hyper Pet LLC
This pet product company is always looking for new ideas. They are in the pet toy business, and once they like your idea, they will work with you to bring it to life. This is one of the best companies that pay for ideas. You can check their website for the submission process of the ideas.
Jokari Home Solutions
Jokari home solutions specialize in kitchen gadgets, homewares, and related products. They are constantly looking for new product ideas to add to their arsenal.
If you have a great idea for anything kitchen-related, then this is the company that will pay you handsomely for the innovative idea. If you have a great idea that they can use, you can submit it with this link.
This company produces kitchen gadgets; they are always ready to pay good money for your innovative idea. So if you have created something new in the kitchen appliances industry, this is one of the best companies that buy ideas.
They have a dedicated team of employees who look at every new idea with open eyes.
Pro Performance Sports
If you have a passion for fitness and sports, this is the place where you can pitch all your creative ideas. Once they like your idea, they will work with you to reality.
This company specializes in sports equipment that athletes can use. If you have any excellent sports-related ideas, this is the place to submit them.
This company is into medical equipment. This is one of the best companies that pay for ideas that you can submit to. Anyone can submit their ideas, and if they pass their stringent screening process, they can get a handsome amount of money for their new product idea.
One of the companies that pay for ideas is Wilson. This company is in sporting goods, and you probably have seen their logo on tennis balls. They have a dynamic portal that allows you to submit your invention ideas.
The Idea submission process of Wilson is relatively easy; click on this link to read more about it.
Another big name in sporting goods, this company is in the sporting equipment business. Your idea can be a new type of sporting equipment or accessory to introduce to their customers.
They are always actively searching for new ideas; they are happy to welcome new product ideas. This is one of the best companies that pay for ideas. So if you think you have an innovative new product idea, pitch them and see just how good they are at compensating for new ideas.
You can use this link for your idea submissions.
Yet another sports company that pays for ideas, but this one is in the sports apparel business. This company actively searches for new product ideas to help its customers improve their performance levels.
If you have a great idea along these lines, then pitching them will greatly benefit your future earning potential.
One can always sell ideas to them by contacting the company through this link.
They are market leaders in sports equipment but are looking for new product ideas to get the upper hand in the competition. If you have a creative idea, this is one of many companies that buy ideas from people.
They always look for creative and original ideas in footwear, hunting gear, and outdoor accessories.
Anyone can submit their invention ideas using this link.
If you have a great idea to help eco-products save the environment, they are always open to accepting them. This company is responsible for all kinds of innovative and original product ideas for reducing the negative impact on the environment.
They produce single-use environmentally friendly products that do not harm the environment.
One can pitch their ideas to them by following this link.
Play with a Purpose
Play with a purpose produces toys for children. They manufacture physical activity toys to help children strengthen their physiques and stay healthy. They are always looking for new product ideas from children, so if you have a child-specific idea, this company buys ideas.
Play with a purpose is one of the best companies that buy ideas and pay handsomely for them after production begins.
Please click here to read how one can pitch their idea to them.
As the name suggests, this company specializes in buying ideas from people. If you have a few patented ideas in the development stage, then pitching them will be a great idea.
They are not limited to any one type of idea, so your product can be anything from a toy to a new sports accessory.
Idea buyers accept ideas that are original and innovative at the same time. However, you can always submit your idea using their idea submission form.
Although it is a niche market, Mustang Survival caters to professionals in water rescue, military personnel, and commercial and industrial mariners. This company buys ideas related to their niche; if you have an invention idea that can make a difference in their lives, pitch them and see how quickly you get rewarded. They have a dedicated webpage to submit your idea.
The original idea submission form is available here.
In the household products industry, Unilever is one of the biggest. Unilever purchases ideas that are related to household products. It is one of the best companies that pay for ideas, so you should not miss the opportunity if you have a great idea.
They believe in rewarding people who submit their ideas, so anyone can pitch their idea to them and receive a good amount of money in return.
Please follow the link provided here to submit your idea.
Spin Master is a global leader in the kid’s entertainment industry; some of their most popular products worldwide include Paw Patrol, Air Hogs, Bakugan, and Hatchimals. They cater to kids with such a wide range of products. If you have a business idea and want to make more money, this is one of the best companies that buy ideas.
You can contact them here to pitch your new idea.
Digital business, app, and web development companies
Mobile App Fund
Mobile App Fund’s business revolves around new app ideas. They have a dedicated page for pitching them, so pitch it here if you have an idea that can turn into a mobile app.
Mobile App Fund has a series of tests that an idea has to pass before accepting them and starting production. However, you will be rewarded handsomely for your original and innovative business idea once that happens. Once the app idea is accepted and developed, they release the app on the Apple store and Google play store.
This company specializes in mobile app development. This is one of the best companies that pay for innovative ideas because they always want to buy new app ideas.
Contact them immediately if you have a new app idea that can make a difference.
Supercell is a market leader in developing mobile games, They are always looking for new game ideas, but their employees must pass a series of tests before they begin production.
You can always make money online; all you have to do is submit your idea and let Supercell turn it into a profitable business.
Flippa is the largest online platform to sell your apps, website, and digital companies. They are the best place to sell your idea because the platform is easy to use and has a vast customer base that can help you get more traffic.
You can always sell your new website or app that has started making money online. The websites are usually sold by a profit margin of 24 times the revenue.
Flippa has a vast range of potential buyers that can pay you good money for your big idea.
Another big name for selling app ideas and websites is Empireflippers. This company pays a good amount of money to sell new app ideas and sell its website to this company.
This is a great way to make money online. You don’t have to deal with any physical products or prototypes.
If you have any innovative app idea, this is the company you should try pitching the idea to. They offer reasonable compensation in return for buying app ideas. FundedApps will pay you 25% of all profits if your app becomes marketed.
All of the companies mentioned above fall under the category of website or app development.
GungHo Online is a big name in the gaming industry; they produce mobile apps, especially gaming apps. So if you think your incredible idea will fit their niche, you can make a good amount of extra money by offering your app idea to them.
This is one of the best companies that pay for ideas; you should pitch your app idea to them.
Tips on selling your ideas
- Selling an idea is all about presenting your idea in the best manner possible. So you need to make sure that you keep your idea safe and secure before offering it to any of these companies.
- Once you have a proper business plan, you should pitch your app idea to each company. You can also cross-promote your app idea to other companies if it falls under the niche of more than one company.
- Make sure that you have a proper business plan laid out before pitching your idea to these companies.
- Try asking for a test run of the app you want them to develop before giving them the rights to your idea.
- Once you receive a positive response, you can begin a conversation about how much money they are willing to pay for your idea.
It depends on a variety of factors. For example, the company, the product, and even the individual pitching the idea will affect how much money you receive for your idea.
Each company will have its own set of guidelines for receiving concept rights. Contact the company you would like to pitch your idea to and ask about their policy before proceeding further.
Once the idea is developed and released to the public, your product will start making money. The company you sell the app idea to will pay a certain percentage of its revenue to the original developer.
Make sure to protect your idea before pitching it. You can do that by placing a non-disclosure agreement on your document or just keeping it in your head and making sure no one hears about it.