If you have the world’s most awesome idea for a geeky product that would be perfect on ThinkGeek, the company’s new IdeaFactory will blow your mind. ThinkGeek has announced that it is launching a new program with the goal of allowing geeks to submit ideas for products with a chance of getting the product made and making some money. This may be the perfect chance for me to get my genius idea on the market- two words: bacon bra.
The way IdeaFactory works is that you submit your idea via a written description and an image. The image can be a rendering or a detailed engineering style drawing. ThinkGeek then reviews the ideas and ensures that it passes a few unknown caveats and will then respond to you within 60 days. If the product is deemed worthy, you make some money.
ThinkGeek will pay you in advance of $1000 if your idea is selected for production. That thousand dollars isn’t all you get, you also earn 10% of all retail sales the life of the product up to $1 million. If the product should reach that $1 million mark, the royalty rate drops to 5%. Royalties are paid out quarterly, and ThinkGeek will sell you all of the product that you want to buy for slightly more the cost plus shipping.
You can sell the product on your own website or at public appearances. Unlike some other sites on the web, there is no submission fee and no development costs. That means all you have to do is submit a decent idea to make some money.