Author: Maria Alfano-Huggins
You lived a long life and you watched inventions come and go, yet you have never seen that one thing that has been in the back of your mind for many years come to life.
Now is the time to get the idea out of the recesses of your brain and put it out into the world. But how do you do that? There are many reputable companies that are looking for you and your ideas and will pay (some) handsomely for them.
You had this idea floating around in your brain for years but life got in the way. There was never enough time to turn that idea into a reality. Now that you are retired you have some extra time on your hands so why not get paid for your inventive ideas?
24 Companies That Will Pay For Your Inventive Ideas
People like you are what help major companies around the world progress in their businesses. You give them an understanding of what their customers are looking for. Don’t be afraid to share your amazing inventive ideas and secure yourself a nice payday in turn.
Where Can You Give Your Inventive Ideas
Check out this list of companies that will pay for your inventive ideas…some of which you know v-e-r-y well! Give your ideas to the best of the best organizations.
Technology Inventions
1. Google Play – If you have an idea for an awesome app for an android device, this would be the place to pitch your idea. Even if the idea is just that, an idea, Google has the resources to make it come to life.
2. Apple Apps – just like Google, Apple loves new apps for their iPhones, iPads, and Mac computers. You can upload your ready-to-use app to the Apple Store and start making money. Or, approach Apple with the idea and they just may be able to help you build it.
3. King – You would have to have been living under a rock for the last 5-10 years if you never heard of Candy Crush before. This online gaming company is looking for the next big thing in games. Do you have an idea that will knock their socks off?
4. Sharper Image – a company for tech gadgets. Do you have the next kickstand for cell phones? Reach out to them with your technology gizmo. They will be happy to hear from you. They will require you to provide the following:
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A description of your product, what it does, how it works, what it’s used for
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Photos of the product if it is already in production
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Drawings or a mock-up of the idea if not yet in production
If you already started selling your product be sure to let them know the following:
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How many have you sold
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Where you sold them
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The retail price of your item
Beauty Ideas
5. Henkel – everyone knows Dial soaps and Right Guard deodorants. Well, Henkel is the manufacturer of these products. They are always looking for fresh new ideas.
6. Unilever – is the maker of everything from food to beauty to household goods. Submit your idea to Unilever for a chance of a lifetime to become the next great product like these made by Unilever:
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Ben & Jerry’s ice cream and Hellman’s mayo, Knorr soups
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Seventh Generation laundry soaps
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Olly vitamins for women
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Vaseline
Home Goods Inventive Ideas
7. Jokari Home Solutions – in case you haven’t guessed, this company makes home products that are not only time and money savers, but are also a lot of fun. Send them your idea online using this form.
8. New Soda – another top-notch home products company that is always looking for cool new products to update the home. They have a simple 6-step process:
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Send them your idea
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They review it for viability
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They will create the sample (aka prototype)
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Together you work on the packaging design
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They show it at all the trade shows
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You make a commission (aka royalty) on every sale
Inventive Ideas In Automotive
9. Dorman Products – are you looking for ways to promote or sell your automotive ideas? Dorman is the industry leader in ways to make car repairs easier. Pitch them your idea using their secure online product idea form.
Pet Innovations
10. Cosmic Pet – Fido and FeeFee have been your loyal companion for many years and you just know that your ideas will be loved by other pet parents. Check out Cosmic Pet and tell them about your idea.
11. Coastal Pet Products – because the quality of your pet’s life is super important to you, it must be super important to other animal lovers. Well…you’re right. If you have an idea that can make the life of your beloved pet better, then let Coastal Pet Products know about it using their online submission form.
Sports Inventions
12. Wilson – The most iconic name in sports is Wilson. Probably the most famous movie line of all time is “Wilson, I made fire!” from the movie Cast Away. That volleyball saved Chuck Noland’s life. Do you have an idea that will help Wilson sell more sporting goods products? Perhaps you have invented an item that will allow 50-somethings the ability to be more active…
After going through their very strict and intense terms and conditions, you will be able to submit your idea to them using this form.
13. Under Armour – is a sports apparel company. If you have ideas on better fabrics or designs to make athletes better, faster, and stronger, they want to hear from you. The initial submission is free!
14. Escalade – what do tennis and archery have in common? Escalade. This company will pay for your ideas related to either sport. Submissions can be made online.
15. Rico – sports trinkets, gadgets, and novelty items are the name of the game (pun intended) at Rico. Follow their submission guidelines found here to get your idea accepted.
New In Toys & Games
16. Play With A Purpose – this company wants to get children outside and away from technology. Play time should be free of digital devices. If you have an idea for fun activities (indoors or out), then reach out to this company online. Prototypes and ideas are welcome.
17. Spin Master – Hatchimals made quite the splash a few years ago. No one expected they would take off like they did – especially not Spin Master. Do you have the next Hatchimal idea in your back pocket? It won’t make you any money unless you share it. Spin Master is open to new ideas. Email them at inventorrelations@spinmaster.com. Be prepared to sign an NDA before contacting them.
Delicious Food & Beverage Ideas
18. Coca-Cola – oh yes, I said it. Coca-Cola wants inventors like you to give them ideas. The granddaddy of them all is open to ideas for sustainability, better beverage containers, or unique beverages. Follow their strict rules and submit your idea here (https://www.coca-colacompany.com/contact-us/submit-an-idea).
19. Chef’s Planet – if you love to cook and love to share your love of cooking with others, you need to explore Chef’s Planet. They are always on the lookout for new and inventive ways to get people cooking again! Check them out here.
20. Crown – supplies the food industry with all kinds of containers, closures, and packaging. If you have an idea that will make opening a zipper bag more senior-friendly or a spray can less dangerous, then Crown is the place to go with your idea. This global company has a quick response time of approximately 30 days. Submissions are made online using this link.
Other Inventive Ideas
If your idea is in its infancy or you need help to launch it, then these sites below are awesome. Many of them have products in Walmart, Target, Lowes, Costco, and many more big-name retailers.
21. Idea Buyers
22. Idea Pros
23. Invention City
24. Quirky
How To Sell An Idea To A Company
Each of the above companies has its own submission requirements. How you pitch your idea is quite simple.
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Have your market research completed
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Ensure there is no infringement with someone else’s product
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Determine which companies you will target
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Prepare your information as requested by the company
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Complete the required digital forms
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Submit your inventive idea
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Wait for their response
How Do You Get Paid For Your Idea
Different companies have different payment structures. Some of the more common methods are:
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Royalties – a commission per item sold. It could be a % or $ amount per unit
- One-time payment – you agree to sell your idea for a one-time amount. Regardless of how much the product/service will generate for the purchaser of your idea, you get paid a one-time lump sum of money
- Combination of the two above – you could receive a one-time payment and a royalty per product sold
Not all companies will pay for your idea. And, not all ideas are worth the proverbial $1 million dollars. Payments can be as little as $100 and go up from there.
How Do You Protect Your Idea/Product
Any good company worthy of its reputation would not intentionally steal your idea, but it could happen so protecting yourself is vital. Having a prospective buyer sign an NDA (non-disclosure agreement) ensures that for the life of the NDA they cannot use your idea in any way.
A good lawyer will ensure to protect you and your idea and eliminate any possible loopholes in the NDA.
Getting your product patented is also a great way to ensure that you don’t get ripped off and have your idea stolen. Patents can be very pricey starting from $750 and going to $40,000 and beyond.
A patent will only protect what you include in the application. The more complex the application, the more it will cost.
In Summary
There are thousands of companies out in the world that will pay for your inventive ideas. It’s up to you to let them know you have this amazing thing waiting for people to discover. It won’t do you any good hiding under the rock on your front stoop.
Protect yourself, your idea, and the companies you pitch to and you will be successful. Even if the answer is no, you will know how to turn it into a yes next time by implementing the feedback of these powerhouses.
We would love to hear from you. Are these tips and tricks helpful? How was your idea accepted? Which companies did you pitch to?