As many of you know, the last Kickstarter campaign didn’t go so well for my Sleeve Saver reusable coffee cup sleeve invention. There was no critical mass of coffee-loving people on Kickstarter, apparently, and I didn’t get enough of my own audience to the site (which is vital for any crowd funding campaign).
So, I thought I’d try a different approach, with Quirky.com. For those who aren’t familiar with Quirky, you should check it out. Quirky also uses a crowd-based approached, but not for funding… they use their crowd for everything from submitting original ideas, evaluation, naming the product, giving it a tag line, research, and finally product design. They allocate 10% of revenues for all of the “influencers” who contribute to a particular product, with the original inventor getting 4% (a reasonable royalty in many industries). On the downside, if they accept the product, you have to assign all of your intellectual property to Quirky. So it’s not really a royalty as much as it is a “rev-share” agreement… but it doesn’t expire as long as they’re selling the product, so perhaps you could argue one balances out the other.
I’ll post my experience on this website as it unfolds. For now, though, we’re off to a great start. After a few days I already had 100 of the 200 votes I need for the product to be considered by Quirky’s evaluation team. If it reaches the point of evaluation I’ll post a link so you can watch live.
It would be helpful, if you like the product, to vote for it. Also, feel free to contribute “community feedback” and hunt for “similar products,” all of which builds your influence in the product and gives you a chance to participate with me in the revenue sharing (assuming they take it on).
For now, let’s see what happens!