Do you spend most of your days tinkering in your garage trying to invent “the next big thing?” The whole patent process can be uber-confusing, not to mention figuring out a way to market and promote the danged thing. It’s the real world concerns that stop most inventors in their tracks. Inventors, dreamers that they are, are not known forÂ pragmatism(See Doc Brown for proof.) Well now there might be a way for you would-be creators out there to have your tech-cake and eat it too.
ThinkGeek, who are a mainstay on this website, has opened its creative process to the “smart masses” with its new IdeaFactory. Have an idea for a vampire-themed watch that actually sucks your blood as you wear it? Or how about a pair of underwear that transforms into a smartphone on the fly? You can do it all. Â IdeaFactory is an avenue for anyone to submit their ideas for inclusion on ThinkGeek, for free. All you need to do is submit a written description of your idea along with an image (rendering or detailed drawing), and you’ll receive a yay or nay within 60 days.
If ThinkGeek goes for it, they’ll cover the final design and manufacturing of the product. They’ll also cover marketing costs. You’ll get $1,000 up front and 10 percent of the profits, up to $1 million. After the first million, your royalty rate shoots down to 5 percent. The company will also let you buy up a reasonable amount of stock at a severely discounted rate for you to sell on your own website or anywhere else you hawk your wares.
This sounds like a great idea for you visionaries out there. Who knows? Maybe the inventor of the next playable electric guitar bag will be you? Keep dreaming folks! It’s staring to get profitable.