40+ Best Companies That Pay For Invention Ideas
Companies are always looking for the next big idea to bring new life to or completely change the consumer market. Most of the time, these ideas come from people who think of them independently. If you have a new idea that you believe has a chance of working, you may have thought about selling it to a developer or manufacturer.
If you're the kind of person who always has great ideas but never knows how to turn them into extra money for yourself, this article could be just what you need to learn how to sell ideas to companies.
It's important to note that selling company ideas isn't always the easiest way to make money. In particular, you will need a little creativity and the ability to spot gaps in the market or problems you think you know how to solve. This is where selling your inventive ideas to companies comes up.
How Much Do You Get Paid For An Invention?
In rare instances, compensation for an invention can range from $100 to millions of dollars. Notably, you can expect to earn at the upper end of the scale if you negotiate a deal that allows you to collect royalties for each product sale.
There are many variables, so it is difficult to predict exactly how much companies that pay for ideas will pay you if they decide to purchase yours. In most cases, you will not earn millions of dollars using this strategy, so it is essential to be realistic.
However, if your idea is sufficiently original, you have the potential to earn substantial compensation. Therefore, if you believe this to be the case, this can be a great way to make some serious cash.
Different Ways Of Getting Paid For Your Inventions
There are various ways to receive compensation from companies that purchase your inventive ideas:
- Receive a lump-sum payment in exchange for your idea.
Under the terms of a licensing agreement, you will receive a percentage of ongoing profits as royalties.
- Be compensated a fixed amount for each sold item or unit.
For instance, they could agree to pay $0.10 per unit or $10 per thousand units. A licensing agreement would also determine this.
The following is a list of companies willing to pay for new, innovative product ideas and some frequently asked questions to help you enter into any agreement with the most knowledge and awareness possible.
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40+ Best Companies That Pay For Invention Ideas
1. Unilever
Unilever is a big company that makes a lot of different kinds of products. This company mostly makes products for food and hygiene, and they are always looking for new inventors with valuable ideas to work with.
Unilever is looking for inventive ideas on the following
- Climate action
- Regenerate culture
- Waste-free world
- Positive nutrition
- Health and wellbeing
- Equity, diversity, and inclusion
- Raising living standards
- Future of work challenges.
You can send ideas on the above challenges to the company through its website. These challenges change regularly and are updated on their webpage. The steps to responding to these challenges are:
- Find a problem that your technology can help to solve.
- Fill out the form linked to the challenge with your information.
- Yet2, their partner agency, will review your Submission and provide feedback.
- If your Submission is accepted, you will continue to work with Unilever on how your ideas will come to life, and you will be paid for it.
If you don't see a challenge that you believe your innovation could help with but would still like to discuss a collaboration, you can make a general technical submission through Yet2.
2. Coca-Cola
Coca-Cola is a well-known beverage company receiving thousands of inventive ideas yearly. So you can sell your innovative ideas to Coca-Cola and make money from it.
The creative director is responsible for developing business ideas and concepts. First, find the name of the advertising agency that handles the product for your commercial idea by doing some research. Then, call the agency and ask what their rules are for submitting work.
On their website, they have detailed guidelines on how to submit your inventive ideas.
Submit your ideas to Coca-Cola now
3. Idea Buyer
Idea Buyer is a 3X Inc 5000 company that collaborates with companies to help them launch great new product ideas. You can sell your idea to be considered for one of their exclusive partners.
Cabela's, Walmart, Buy Buy Baby, Macy's, Bass Pro Shops, Lowe's, Home Depot, Ace Hardware, Dick's Sporting Goods, and Amazon sell their partner products.
Idea Buyer is a product development company that will help you bring your idea to the market. Idea Buyer accepts product ideas in any category. If they feel the idea has potential, they will assist you in developing the concept and presenting it to producers and potential partner stores. Idea buyers have successfully brought more than a thousand ideas to the market.
Send your ideas to the idea buyer here
4. Sharper Image
Sharper Image sells the newest toys, gadgets, and another tech, but they need new ideas all the time to stay ahead of the competition.
This is why they have a team whose sole job is to look into ideas sent in by the public.
When you send in your idea, you'll need to:
- Describe what you sell
- If you already have a sample, you can send photos or videos of the product.
- If the product hasn't been made yet, prepare sketches of what it might look like.
- Who you're currently selling it to
- Your contact information (name and phone number).
They also pay for ideas for products already being sold (unless you've already sold the idea to another company). This could be a good choice if you've already sold parts of your idea that you made yourself on Etsy, eBay, or at a market.
If this is the case with your idea, you'll also need to include things like:
- Where the item has been sold
- How many have been purchased?
- How much you've earned
To start, email Sharper Image with the above details, and the merchandising team will follow up with you within 14 days.
Email your ideas to Sharper Image
5. Eco-Products
While society moves away from single-use products, companies are desperate to think of new ways to replace these – and make good money while doing so.
Eco-Products is asking people worldwide to think again about single-use items. So if you have a new idea, you can share it with them so it could become a new product or service.
This is why Eco-Products encourages the Submission of ideas for new products and services that could fit into its business model.
Note: when you fill out the Eco-Products form, your details aren't confidential, and you are sharing it with no strings attached. However, you can patent your ideas with the US Patent and Trademark Office before sharing them.
Submit an idea to Eco-products
6. 3M
3M is a leading company that utilizes science to improve its consumers' work-life, health, and safety.
You may submit your product idea to them if it is patent-protected. However, according to their policies, they are not required to respond or pay for the ideas.
Before presenting your idea to them, you should ensure that you have:
- Thoroughly researched the area in which 3M has not yet delved into
- Presented it in the most effective manner
- Patented the invention.
Since they own your idea once you submit it, signing an NDA would be an excellent way to ensure you are compensated for it. You must also be patient while they evaluate your invention.
Note that they don't accept or pay for any unsolicited submissions.
You can find all the new ideas submitted to 3M here and learn something.
7. Bosch
Bosch is a German engineering and technology conglomerate that manufactures everything from home appliances to security devices, IoT devices, power tools, and even automobiles.
If your idea is a good fit for their products, submit it, and they'll get back to you with their thoughts. However, it can take two weeks and as long as eight weeks, and the payment can vary. Hence, consult a patent lawyer or any other consultant for advice on pitching your product ideas to Bosch.
Bosch stands out due to their complete transparency and constant proposal tracking. After your Submission has been validated and you have received a positive response from them, you will be assigned a dedicated contact person who will be your direct contact with Bosch. Your Advisor will find suitable references and assist you throughout the submission process.
You can find all the new ideas submitted to Bosch here.
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8. Allstar Innovations
One of the best places to send your ideas is Allstar Innovations. They have been in business for over 20 years and have made some of the most popular products, like the Debbie Meyer Green Bags, the Snuggie, and the Vanity Planet.
They also work with Walmart, Amazon, and many other retailers and wholesalers, which increases the chances of success for your products. In addition, all Star Innovations accepts product ideas in over 25 categories, such as automotive, lawn and garden, storage ideas, beauty, pet products, bed, etc.
There are four steps to the application process, and you only have 1 hour to finish it. Before starting the submission process, ensure you have all the information about your product.
Submit your ideas to Allstar Innovations
9. JOKARI Home Solutions
Jokari Home Solutions will love to hear from you if you are a homemaker or do-it-yourselfer who likes to come up with new tools to use around the house.
It's important to note that Jokari Home Solutions began with an invention called Jokari, which was a huge success and put them on the map of retail products around the world.
They went on to make great products for the home, like themed Fizz keepers for bottled drinks, coffee and tea products, frozen foods, and home gadgets.
Jokari is currently looking for great innovative housewares ideas. So, suppose you have a kitchen gadget, storage and organization product, or other household solution gadget that you would like Jokari to consider. In that case, this is the best time to submit it.
Jokari is best known for its kitchen gadgets and closet storage/organization. For those categories, their Sales Team only contacts retail buyers. They only accept concepts that are compatible with the current Jokari line. Find out the concepts here.
According to Jokari, they will never sell your name or personal information to another company or individual. Furthermore, any information you provide will be kept strictly private. Their sole goal is to communicate with you promptly and effectively.
They are always quick with responses to submitted ideas. On their submission page, you can see that they tell applicants not to say too much about the invention or its name in the application email. Also, their innovations can give you an idea of what they want.
Submit your ideas to Jokari Home Solutions
10. Coastal Pet Products
Coastal Pet Products is an American company that produces goods for our beloved pets. They offer collars, harnesses, grooming tools, leashes, toys, and travel essentials for our pets.
If you have innovative ideas or products that can improve your pet's life, this is the company for you! Rest assured that Coastal Pet Products is committed to giving its consumers only the finest pet care products.
For any products like unique collars, leads, crates, and feeding systems, the Coastal Pet Products team will undoubtedly reach out to you.
Note: Submitted inventions may only be considered if they are patented or patent-pending. Ensure that your Submission is either patented or pending patents. They don't sign a nondisclosure agreement (NDA) for product ideas.
Submit your ideas to Coastal Pet Products
11. BD
BD is one of the world's largest medical technology companies, advancing the world of healthTM by improving medical discovery, diagnostics, and care delivery. By developing innovative technology, services, and solutions that help advance both clinical therapy for patients and clinical processes for healthcare providers, the company supports the heroes on the frontlines of healthcare.
Do you value health and safety? Have you developed any ideas that you believe will benefit thousands or millions of people in the medical field? BD would like to hear from you.
BD is a healthcare industry leader due to its collaborations with several innovators and stakeholders whose goal is to improve healthcare, and you can join them as well.
For more information about their idea submission program, read the BD Idea Submission Brochure.
12. Henkel
Henkel Corporation, also known as Henkel North American Consumer Goods and formerly known as The Dial Corporation, is a U.S.-based company headquartered in Stamford, Connecticut. It is a manufacturer of personal care and household cleaning products and is a Henkel AG & Co division.
They work with top brands and technologies in three areas: laundry and home care, beauty products, and adhesive technologies.
Through the Henkel Innovation Partnership Program, you can share ideas for new products with the company. They are always looking for new technologies, product ideas, patents, and other forms of intellectual property that could help the company make better products and make more money.
Henkel stands out because they don't just work with professional inventors but also listen to ideas from students and regular people.
Note: Henkel only accepts patented ideas.
Here are the types of product ideas that Henkel wants:
- Grand patent.
- A published application for a patent.
- Registered and made designs or utility models.
If you fit into any of the above categories and your idea meets their requirements, you should send them your proposal.
13. Dorman Products, Inc.
Dorman Products, Inc. provides replacement parts for all types of automobiles, including light and heavy-duty trucks. In addition, they manufacture fastener clips for passenger vehicles.
Dorman accepts all viable invention proposals from aspiring inventors. To submit product ideas or existing Dorman Product categories, you must provide some basic details on the company's website and wait for a response regarding the company's interest.
However, the company's website does not indicate how much it pays for approved product concepts. They also host contests for new product ideas and announce the winner. Visit their website for application information.
Submit your ideas to Dorman Products.
14. Wilson
Wilson is a company based in Chicago, Illinois, making sporting goods and equipment. Through their website, they accept and think about ideas for new products.
Most of the time, the submissions are carefully looked over to ensure the proposed products are helpful and can improve the lives of their users.
If your idea fits with their brand's goals, they will get in touch with you to set up an interview or find out more about your product.
Note: Wilson only accepts patented ideas, so you will initially submit the patent or application number.
You can send your idea to the company through their website. Just fill out the form and read it carefully to ensure it doesn't get turned down.
15. Procter & Gamble
Procter and Gamble is a multinational consumer goods corporation brand. Their products have been passed down from generation to generation in living rooms, kitchens, utility, and bathrooms.
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