The Internet has allowed isolated individuals to expand from their local perspective and sell products all over the world. If you have stuff to sell, then you can use eBay as your online marketplace, with some 88 million active users. Or if you're a crafter type, you can use Etsy to sell handmade goods (see previous post). And small entrepreneurs can build a business through persistent development of clever product concepts (see previous post).
But what if you're more the creative idea type, with concepts for possibly interesting products, but without the support system required to develop, produce, and market them?
That's the idea behind Quirky, the social network site for product concepts. You bring the idea, the crowd-sourced community rates it and helps develop it, and then Quirky can bring it to market -- paying you a royalty stream from the sales.
Admittedly, these are not fancy creations -- they must be able to be sold at retail for under $150, and cannot contain complex electronics. Most Quirky products are relatively simple but clever and useful accessories for home and personal electronics.
For example, the DigiDudes is a portable camera tripod with retractable legs that collapses and then screws into a bell-like holder (decorated as funky dude), with a keychain to hang on your bag or belt ($24).
And the Split Stick is double-sided USB drive so you can store personal and public data separately on the same device ($24).
You begin the process by submitting your idea, typically with some sketches, and pay a $99 fee. At worst, even if the idea does not get into production, you will receive feedback from the community on your idea, along with some market research support.
The real power here, however, here comes from incentivizing everyone involved (much like the successful MIT Red Balloon team for the DARPA Network Challenge). All the people involved in the development of the product are allocated percentages of the royalty stream, based on their contributions through the key elements of the process: tagline, logo design, product naming, industrial design, and product research.
The packaging for each product then includes a credit to the inventor, with photo, and a fold-out panel that lists the many contributors.
Quirky goes through the process of choosing a new product to develop each week. The site currently lists 6 products available for sale, 18 products in production and available for pre-sale, plus 5 products in the development pipeline.
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