Have a great idea for a product, but do not have the skills and/or resources to take them to market? There are many companies that would love to hear your innovative product ideas and will compensate you for them.
Lego has never been hotter, and, believe it or not, they take and compensate for product ideas specific to their brand. You can submit an idea for a Lego model, Lego part, or a Lego model that is part of an intellectual property, such as Star Wars. You can find out all their submission guidelines here.
Tupperware has expanded their operations to more than just food storage. Since 2005 they have actually acquired 7 beauty brands. As a result, they are taking new product idea submissions for both their standard Tupperware line as well as for beauty products. You can submit your ideas online here.
Bed, Bath & Beyond is a large retail chain in both the U.S. and Canada that sells all types of home goods from small kitchen appliances to bedding to home decor. They have a division called Quirky, that you can pitch your product ideas to for a cut of the profits. They are looking for products related to their current offerings as well as Apple® accessories and App-enabled products. You can find out more on their information page.
Fossil sells mens and women’s fashion and accessories such as apparel, leather goods, jewelry, watches, sunglasses and handbags in over 390 stores worldwide. They accept the submission of product ideas in these categories. Click on their submission process for the details.
ThinkGeek is a very popular online store selling gadgets, geekery and more. They have the ThinkGeek IdeaFactory where you can submit a product idea, and, if they go for it, you get an advance of $1,000 and then 10% of retail sales for the life of the product up to $1 million in net sales. When your product reaches $1 million in sales, the commission rate drops to 5%. Not bad. Get all the submission details here.
As you can see there are plenty of opportunities to take your products to the marketplace, if you cannot physically create, market and sell them yourself. However, before you submit any product idea, it would be best to get legal advice, and thoroughly read through the company’s guidelines and terms.
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