Yep, I've been watching it for a while now. Not sure how I feel about it. The founder has been on Jay Leno a few times. I guess it is a good way to get Ideas out there, but I think Quirky are the ones that really get rewarded.
Some things are meant to be closed. Your mind isn't one of them.
The bottom line, as exemplified in this article, is that you can be an inventor, but if you don't understand marketing, product development, manufacturing, or have the funding, you cannot bring your product to the masses. So the "what you don't know, you pay for" adage applies appropriately to this particular scenario.
The bottom line, as exemplified in this article, is that you can be an inventor, but if you don't understand marketing, product development, manufacturing, or have the funding, you cannot bring your product to the masses. So the "what you don't know, you pay for" adage applies appropriately to this particular scenario.
I understand that and agree that those aspects are warranted - But I'm willing to bet that Quirky takes a bit more than their fair share. I would like to see the numbers, maybe they are public someplace, per invention how much was paid to the inventor and how much was paid to actual development and what was Quirky's cut. And does the inverter "own" the product or does it become IP of Quirky? - Is it open source?
I haven't had time to dig into all that yet. I do expect Quirky to have the larger cut - obviously. I'm hoping the inventor can retain some type of commission and it's not just a one time buy out - Here is your $100.00 Thanks, now we will go make millions! Base on the depth of the inventors involvement of course.
Some things are meant to be closed. Your mind isn't one of them.
Yes, it would be nice to look at the numbers. That's the conversation then... "What is an inventors worth, if he only invents?". A similar model is in the music industry. The artist typically makes the least and many times are actually in debt to the record label until their 2nd or 3rd album. There is risk on the investors side and none on the inventor.
looks like this inventor is doing well, from the article
As the 2013 holiday shopping season approached, Quirky had sold close to 700,000 units of his pivoting power strip, earning him more than $400,000 in royalties. The company predicts he will reach $2 million before 2014 is out.
So with Mark's submission that settles the conversation with how much the inventor made. So, as I stated previously stated the real conversation is "What is an inventors worth, if he only invents?"
Well that depends really, was this guy an extreme case or is it the norm? How long will he be paid royalties?
But to address your question we must first define the "Inventor". To me an inventor not only has an Idea, but knows how to, and has the ability to create his/her idea. Then you have those with just good ideas but has no idea how to even turn the first screw. I call these people Idealist. The Inventor is worth just as much as the marketer - as both of them need each other, however the Idealist needs them both.
If we assume a $2 profit on each unit sold, then that would mean Quirky received $1mill while the inventor received $400,000. Considering Quirky took the risk, and probably a lot of the R&D, that ratio seems fair. However - Lets assume there was a $5 profit, that would mean Quirky took $3.1mil compared to the inventors $400,000. Now it seems a bit lopsided. This guy was on Jay Leno with Quirky, he was heavily involved with this product and I think he even already had a proto-type made. So yes I think the money he is getting is close to fair.
I did some digging into it today, I even "influenced" some of the products. I want to know more about how it works and check out their model. Would be good information to know as a group if the Hive was to ever help someone bring their Idea to fruition.
Last Edit: Feb 6, 2014 23:38:37 GMT -5 by BeeAmaker
Some things are meant to be closed. Your mind isn't one of them.
Yes, it would be nice to look at the numbers. That's the conversation then... "What is an inventors worth, if he only invents?". A similar model is in the music industry. The artist typically makes the least and many times are actually in debt to the record label until their 2nd or 3rd album. There is risk on the investors side and none on the inventor.
a Inventor is worth the same as all other parties involved, without the inventor no product, without marketing not a successful product, without mfg. no product, without money to back the product... NO PRODUCT.
The statement "what is an inventor worth, if he only invents" my political correct part of me answered with the previous paragraph. the arrogant cocky me would say he is worth more than everyone since without the inventor everyone else has nothing to do.
My wife and I just had this conversation. without the people to clean the floor, run cash registers, cut the meat, grow the meat, prepare the meat, clean the toilets, manage all the people you will not have anything it takes everyone in the workforce to make it happen, and if you are in a position that you enjoy what you are doing who cares what others think about said position.
Understand, "What is an inventors worth, if he only invents?" is not a statement. It's a question. "If he ONLY invents?" Means the type of inventor that only invents and tinkers away in his garage or shop, making one offs for himself or maybe a few family members. Without having to take on the burden of liability or insurance, marketing or any other issue along the path that leads from manufacturing to the customer. So the opposite is true also. If he only invents, then he wouldn't sell one and there would be no money for anyone.
