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Do you have a million-dollar idea but no way to make it happen? Or you have been sitting on a great idea but not sure how to get started and get paid for your idea.
This post will show you how to get paid for your ideas, even if you don’t have any experience or credentials. So read on and start putting your brilliance to work.
If your idea can improve a company’s products or increase revenue, they will be happy to pay for it.
So if you’re ready to start making money from your ideas, here are some tips to help you get started.
Why Someone Will Pay You for Ideas?
What kind of ideas do companies pay for? Why would these businesses want to get an idea from a random person on the street? How will you get this great money-making opportunity?
Here are some things for which you can get paid from companies:
- Ideas for new products or services
- Ideas for improving their current products or services
- Got ideas for advertising and marketing campaigns
- Ideas to get more customers, clients, or visitors
- Ideas for making their company more profitable
- You have a great idea for a business-related product or service
You could get R&D contracts with companies, get royalties for each sale, or get paid for your idea alone.
There are many ways to sell ideas to companies. Here are just a few of them.
You could find someone who works in the company and directly sell your ideas. Of course, this is not always possible, so there are other options.
A. Find Companies That Are Searching For New Ideas
Companies know that they need great ideas to stay in business. But often, companies look for them when it is too late, and the window of opportunity has closed on potential growth.
You have an idea: Why not help a company do what’s best for them? Sell them ideas and bring some fresh perspectives into their team to create Better Products & Services Through Innovative Solutions.
We all know that companies want to make money, right?
And if you could give them a great idea of how they could do so much more efficiently and less expensively, your chances of getting paid would drastically increase.
All it takes is one convincing conversation where someone says, “My idea will help you reach your goals faster”.
You can share generic ideas that could be useful in any company or share some niche-specific ones and get money for ideas.
Ideas are the lifeblood of any business, and companies would hear yours. To make sure your idea gets heard, you should have some expertise in its field- but it’s not necessary.
All that matters is ingenuity; if you can prove how great your idea is.
Most companies are not looking actively for ideas but will be open to interesting ideas. On the other hand, few companies actively look for ideas and pay for them.
There are private agencies that get paid for matching up people with ideas to companies who want them. These agencies get a percentage of your fee when they get you the contract.
Therefore, they will work hard to get you that deal. They will also guide you on how to sell an idea.
B. Selling Patents
The patent system has been around for a long time and is an important part of our economic system.
It gives those with great ideas the opportunity to be rewarded while ensuring that other patents are not duplicated.
A patented invention provides its owner exclusive rights over how it’s used. Patents may seem daunting at first, but there’s nothing complicated about them. If you have got something innovative, then patent it.
The word “patent” is derived from the Latin term patere, which means to lay open.
Picking up a patent will cost you some money, but it might make sense to spend some money instead of someone stealing your idea or getting into an endless battle with companies over ownership rights and profits.
Then you can sell your patents/ideas to companies in related fields for money. You can sign deals to lump sump money for your patent or choose to get the royalties, anywhere from 2% to 10%. In most cases, innovators get around a 5% sales commission.
C. Start A Business With Your Ideas
If you have an innovative and creative thought, then you can turn that into income for yourself rather than selling ideas.
The odds are against new businesses staying alive in their first few years. So if someone has big aspirations, they need to learn what will keep them afloat through challenging times while still trying to find success.
I’ve seen many great ideas become successful companies, but most don’t make enough money or last long before shutting down.
If you have a real belief in your idea and have the capability and resources to execute it, then you can earn maximum profit by doing it yourself.
If not, then you have the other option of selling your ideas to companies and getting paid for them.
Companies That Pay for Ideas
There are so many companies out there that want your idea that can help them earn more. Now get paid for your ideas with these companies:
1. Sharper Image
To stay ahead of the competition, Sharper Image has a team dedicated to coming up with new ideas. You can sell ideas to companies like these for money.
They always need more innovative products, so they encourage public submissions or ideas to create the next best toys, gadgets, etc.
You need to provide a sketch if the product is not developed to give them the idea. Or send a sample product with a description if you have developed the product.
They also offer payment after products have already started selling.
This could be a good option for those who have made their pieces somewhere like Etsy, eBay, or through personal markets.
In that case, you need to give them details like how many pieces you have sold and how much profit you made.
As a company that specializes in medical technology, BD company pays for ideas and is always open to new ideas from customers.
To submit your suggestion for an invention or improvement on one of their products, go through their form and include terms that outline what you would like them (BD) to do and get paid for your ideas.
With the submitted idea, once received, be sure to also provide contact information. So they can get back in touch should questions arise during the development process.
3M is a company that pays for invention ideas, and they do many things, but its main focuses are office supplies and electronics.
They also venture into healthcare products on occasion. They are always looking for new ideas to expand their product lines which means you can sell your idea to them if it fits one of these categories.
You’ll find all the information about how to do so here.
4. Dorman Products, Inc.
Dorman is an idea company that buys inventions, and they are the go-to place for anything you need to make or replace.
They have everything from kitchen appliances, tools and hardware supplies, all of which can be shipped anywhere in North America.
They are the distributor of many different brands. But they always have room on their shelves to add more variety, so if you want your product considered, send them a 3D sample.
5. Jokari Home Solutions
Homeowners and entrepreneurs will love the new range of kitchen gadgets on offer at Jokari Home Solutions.
They specialize in providing home solutions like storage, including furniture such as wardrobes or cabinets.
They also advise how best to use your space while making it liveable. If you’re looking for inspiration, visit the page where you can express your interest by following the instructions provided after submitting an idea submission form online (which includes more details to buy ideas online).
Coleman is one of the most widely-revered and recognized companies that buy ideas for outdoor recreation.
They produce a wide variety of products for those who enjoy spending time outdoors. Including camp, stove, covers, tents, lanterns, and other items useful when camping or hiking on your property.
If you have an idea about how to improve any item from this list, they would love to hear it. So don’t hesitate to contact them and get paid for your ideas.
The Kenkel partnership program is a contest that encourages budding inventors and innovators in technology.
They are looking for new ideas from any area but with a particular interest in laundry products or home care items like cosmetics. Contact them to know how to sell your idea to them if you have any.
The parent corporation also operates the Henkel partnership program, which prizes environmentally-friendly innovation as well adhesives-related submissions by participants of all ages.
If you’ve ever thought about an amazing idea while watching an NFL, NBA, or NHL game, then Rico may be perfect for your new product idea.
They specialize in sports equipment and are always looking to expand their product lines. You can pitch ideas for money to them.
9. Builders Inventions
Some people might think that building and inventing are very different. But the tools invented by tradesmen can be just as useful for contractors to use on their job sites.
For example, there’s a company called Builders Inventions dedicated to producing new gadgets. Those are explicitly designed to keep construction workers needs in mind.
Have you ever thought about creating some tool or implement used by builders around town? Don’t hesitate to contact these guys right away because they’ll buy ideas from you (for cash).
Escalade is a sporting goods manufacturer and distributor specializing in sports such as table tennis.
Their site states that those who use their products are also some of the most important innovators in this market.
If you’ve ever had an amazing idea halfway through playing one of these games (or any others they sell), why not contact them and get paid for your ideas?
11. Coastal Pet Products
The best way to improve your pet’s life is by finding them the perfect collar.
If you have an invention that could be this invaluable, pitch it. This is an idea company that pays for ideas.
The team at Coastal Pet Products will welcome all ideas from owners looking for new ways in which they can care for their furry friends. And provide safety both indoors or out on walks with strangers around.
12. Under Armour
Sell ideas to companies like Under Armour that is committed to staying at the forefront of innovation in its sporting apparel industry.
They are always looking for new ideas from the general public, so why not submit your design? They have an extensive guide on how to do this with all instructions.
13. Mustang Survival
With a wealth of experience in the water rescue industry, Mustang Survival is looking for input on how they can further improve their products.
With an eye toward innovation and new ideas that will save lives or assist professionals with emergencies at sea as well as commercial/industrial mariners who work aboard ships—this company knows what it takes.
Find out more here about how to sell an idea to them.
Eco-products has a new idea for single-use products: the eco-friendly and profitable returnable package.
The company encourages anyone with an innovative idea that can replace their need to throw away materials after one use and make money doing so while also saving planet Earth from waste by encouraging recycling instead.
Sell your ideas to them and save the earth also.
15. Wild Planet Entertainment
Wild Planet Entertainment is dedicated to safe manufacturing products, as well as durable and fun for kids of all ages.
If you have an idea that fits within this company’s spectrum of toy ideas or would like more information on how they work with potential licensees, you can contact them for selling ideas.
16. Play with a Purpose
The Play with a Purpose team is an idea company always looking for new ideas to help kids get active.
If you have your creative prototype, drawing, or original design that can be turned into an excellent product, they’re interested in hearing from you all.
You may call them or contact them via email to know how to sell an idea.
We all know Wilson from their familiar “W” logo, which can be seen on tennis balls and other sporting goods.
If you’ve ever had an innovative idea for something new that would make the company proud to put its mark out there, then take a look at this portal and get paid for your ideas.
18. Idea Buyer
Idea Buyer is a company that helps you bring your ideas to market with potential partners like Walmart and Amazon.
They work by launching new product ideas- not developing them yourself.
The advantages are having an idea in front of one major producer as well as potentially helping get the project on track faster.
They are always interested in learning about new ideas, so if you have any, contact them here.
19. Spin Master
They sell toys, and they are always open to new ideas.
Are you interested in submitting your idea for a new product? Head to Spin Master’s Inventors’ page and get paid for your ideas.
20. Hearlihy & Company
Hearlihy & Company is an idea company that produces educational supplies for anything from drafting tools to Life Education and technology.
They will be an excellent place if you have invented something in this category.
21. Hyper Pet LLC
Hyper Pet is an innovative company that buys ideas and has been working with entrepreneurs to create new and exciting products for the pet industry.
Their CEO, who expressed his willingness to work on projects involving start-ups during a podcast interview, may be willing to help you develop your idea into something profitable.
The parent company for brands such as Ben & Jerry’s, Dove, and many more is Unilever.
They encourage new practical innovations from anyone with products that fall under their umbrella- which means your idea could be in almost any product category. If you are interested in selling ideas, you can contact them.
23. Pro Performance Sports
The company is the best at what they do, and if you have an innovative idea for a product, that would be a perfect fit in Pro Performance Sports’ lineup.
Make sure to print out the submission form on their website.
Oxo is a company that specializes in kitchens and other homewares like bakeware, storage items, or cleaning tools.
They also have an idea development team that welcomes new ideas to help them produce what you want.
When submitting your proposal, though, you’ll be asked for drawings/photographs (if applicable) along with written descriptions of both the product and how it can benefit consumers.
Check out more details here on how to sell your ideas.
Companies That Buy Ideas for Apps
You saw plenty of companies would pay you for your ideas. If you have converted your idea into an app, there are takers for that. You can get paid for your app ideas here:
You can sell your app on the Google Play store if you’ve already developed it.
But if the only idea is in development, then approach them to invest in making that particular game-changing project happen.
Apple’s App Store is a gold mine for developers looking to make money off their app ideas.
If you think your dream has any chance of becoming a reality, then it’s worth reaching out directly to Apple and seeing if they’ll buy the rights to keep up development themselves or even see what other features might be added on top of your already impressive offerings.
When you’re ready to take your idea from concept through launch, IdeaPros has what it takes.
With their experience in developing mobile applications and knowledge of how best to get them into people’s hands across various platforms, they can ensure that any app is a success and you get paid for your ideas.
Supercell is a company that specializes in developing major mobile game apps.
They will take your idea and turn it into an amazing product for the market. All you have to do on their end is submit some information.
FundedApps is the perfect solution if you have an app idea but don’t know how to code.
They’ll take care of everything, including paying for your apps, so all they need from you are basic specifications like what type of category it belongs in and any keywords relevant to our audience.
30. GungHo Online
GungHo Online is a company that has gotten huge with its apps and is always on the lookout for new app ideas.
31. Mobile App Fund
Mobile App Fund is dedicated to funding new app ideas.
They offer up to $1 million per project for development, distribution, and marketing so that you can make your profit with them.
King is a developer known for creating some of the most popular mobile games, including Candy Crush.
They always want to hear people’s new and interesting ideas, so if you think your addictive game idea might be worth considering by them, then consider selling ideas to them.
ArtJoker is an ideas company that specializes in developing web and mobile applications.
They’re always ready to buy app ideas from you and develop them into reality with their experienced team of developers for sale back at Art Joker’s studio.
Companies that Pay for Developed Apps
Selling your app through an online marketplace is one way to get it into companies’ hands. Several websites exist for this purpose, and they can be great because you’ll take home almost all of the sold-off price.
The only downside? You have to develop the code yourself first before trying to sell ideas on your own.
App markets are similar to eBay, except you sell your app code.
The marketplace for apps can be a lucrative place to sell your app. It’s not uncommon that the going price per unit on these platforms is ten or twenty times higher than one would expect from an independent broker, but sometimes they go as high up as fifty thousand dollars.
Flippa offers the lowest market fee for sellers, and since there’s no charge when you list an app on this site, your chances of getting lots of attention from potential buyers are high.
If you have an app perfect for Fliptopia, sign up now and start selling. Apps on this site vary in price, up to thousands of dollars for premium apps.
Fliptopias marketplace offers easy access points to both developing and selling new creations. No matter their stage, this website makes getting paid for your ideas easier without having too much work ahead.
Take Your App Idea From Concept to Execution for Maximum Profit
It’s always a good idea to refine your app ideas before trying to make money from them. It would help if you asked yourself some questions like,
1) Why am I making this? 2) Will people use it or not? 3) What can happen if something does go wrong? 4) Can it stand the competition? 5) Will investors be interested and so forth.
If you have addressed these questions, then there are several ways to make a lot of money money, compared to selling unfinished app ideas:
- Monetizing Directly – You can get serious cash for your creativity by producing an app and selling it on different platforms. The user will either purchase the full version or pay a subscription, which is where you make all of that sweet cash. But be aware that you will not get the 100% cut.
- Free Demo and Paid Full Version – The key to making money on app platforms is by withholding some features for those who buy the full version.
- Make Money From Your App With Advertisers – You can make money from your app idea by offering a free download and advertising for other vendors. This is always paired with an upgrade or full version purchase option, so you are doubling the potential of what income stream this will bring in.
Indirect Ways to Make Money From Your Ideas
Most people with brilliant ideas don’t have the funds and tools to execute them. With start-up culture development, there are many funding opportunities for such innovators to get paid for their ideas.
With the solution to money problems, they can now focus on the idea and take some salary for themselves. Different ways to secure funding are:
- Angel Investors – If you have a great idea for an app or company, then small groups of angel investors may be able to help fund your dream. These individuals are typically very successful in their careers and could provide valuable advice that will allow you to get more out than just money. These connections can also open doors later when it comes time decide how best distribute products created through this partnership effort between entrepreneurs and investors.
- Start-Up Accelerators – These private companies will invest in your start-up business ideas and help turn them into successful ventures.
- Crowdfunding – Crowdfunding has become an important part of starting up a business. It allows you to get the capital needed for development without having gone through all that trouble in attracting investors and then finding funds from traditional sources like banks or government grants agencies, who often have particular requirements and timelines that may not work with your needs at hand. Crowdrise provides platforms where entrepreneurs can launch their campaigns online and achieve success early on by gaining momentum quickly.
Final Thoughts on How to Get Paid for Your Ideas
At the end of this blog post, I hope you have found some valuable information that will help guide your next steps in entrepreneurship.
If you want to get paid for your ideas, remember to be creative, do your homework and protect your ideas.
Once you start making money from your business ventures, remember to reinvest back into yourself by continuing to learn new things about how business works and how to sell your ideas to companies so that you are always ahead of the competition.
In what ways do these ideas resonate with how you see entrepreneurship? Let me know in the comments section below.
Sumeet is a Certified Financial Education Instructor℠ (CFEI®) and the founder of Dollarsrise. He has been writing about earning extra cash online from his personal experiences for the last four years and his work has been quoted in top finance websites like Yahoo! Finance, GOBankingRates, CNBC, and more. Follow this website to learn easy and real-life hacks to raise your pile of dollars.