Former US President John F. Kennedy once rightly said, “Nations may rise and fall, but an idea lives on.” Yes, that’s the power of a great idea. But what if I say that there are now several companies that pay for ideas?
Yes, it is now very much possible to sell your idea at a great price (sometimes even in multi-millions). But, like most other sectors, this industry, too, is full of frauds and scams.
Besides, your idea is also prone to concept theft if you don’t know about the reliable platforms to submit it.
So, we have tried all the available avenues to be extra sure about the legit platforms. But before we reveal those, let’s know about the crucial steps to take before submitting your idea.
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Three Key Steps To Sell An Idea To A Company
Unbelievable it may sound, brainstorming and developing new products is one of the legit passive income ideas that can even earn you millions.
And there are several companies that pay for ideas these days. But before that, you need to follow these three crucial steps.
Step 1: Contact Companies
It is always better to make contacts, whether for business or personal reasons. And it is valid for idea submission too!
Besides, you can also create your own subreddit or can post to other subreddits to catch the eyes of companies. You can also contact them through LinkedIn.
Step 2: Pitch Your Idea
Pitching your idea in the proper manner is equally important to crack a great deal. So, you need to have all your papers ready before submitting your final idea to any company.
It is even better to have a prototype with you. However, you should avoid submitting the complete plan if your product is revolutionary to restrict idea theft.
Besides, it is also a great option to sign a non-disclosure agreement with the company before you submit the final plan.
Step 3: Apply For A Patent
Applying for a patent is absolutely necessary if you want to minimize the chance of idea theft.
However, it can be costly, as a patent lawyer in the USA charges around $750 to $40k, depending on the product type. But yes, that product will remain your property once you get the patent.
You can even start your own business with that patented product even if no company comes forward to help you. Trust me, it is one of the most innovative ways to start a business without any investment these days.
35 Companies That Pay For Innovative Ideas
Although there are now several companies that pay for ideas these days, not every company is legit.
So, we have tried and tested at least a hundred different options through our own submissions to fetch out the best platforms for you. And here they are!
As we all know, Coca-Cola is the largest multi-brand beverage company in the world. However, you may not know that it is among the leading companies that buy your ideas.
From a new beverage to a marketing campaign, you can sell almost any idea you have.
However, your idea should be consumer-centric and should also abide by this company’s core values and ethics.
It will be even better if you can submit the comprehensive plan to execute rather than just the idea itself.
You should have immense patience as a reply from the company’s side take as much as a month. But yes, they compensate for that with an industry-standard pay rate.
If you talk about American food products, you talk about Hershey’s. It is a giant brand that has several highest-selling products under its umbrella.
From their unique chocolate syrup to Kit Kat, from Skinny Pop to Almond Joy, you just name any, and this brand has it all!
And now, they are again accepting idea submissions that can enhance their product line.
They also welcome ideas to develop a new marketing plan or to retain their old customers while delivering new products.
Although it is completely safe and profitable to send them your ideas, it will be better if you can sign a “Non-Disclosure Agreement” with Hershey itself before submitting any concept.
From industrial glue to duct tapes, from packaging accessories to office supplies, 3M is an American MNC with an impressive product line that primarily caters to the need for heavy industries and worker safety.
Right now, this company also ventures into the field of public health and healthcare.
So, you can confidently submit an idea you have to improve their product line and also bring new products to the market.
You can directly contact this company with your NDA agreement if you want to submit an idea. And in this way, you can be almost certain that you’ll receive payment for your idea.
From Dove to Rexona, from Omo to Knorr, Unilever is one of the biggest companies in the consumer world that has several unique brands under its umbrella.
Besides, it is also among the best places to sell your ideas to companies that also pay well.
You need to submit any practical innovations or ideas to the company. But yes, your idea should perfectly complement its current product line.
Besides, you may also need to follow certain restrictions to avoid copyright infringement.
Right now, this company mainly accepts ideas related to home improvement, beauty, public hygiene, food, personal care, and other FMCG products.
Established in the eighteenth century, Proctor & Gamble, AKA P&G, is one of the largest consumer product companies in the entire world.
But believe it or not, it is among the very few companies that pay for ideas in India and other subcontinents.
From toilet cleaning to personal hygiene, from household utilities to kitchen accessories, you just name any, and this multi-brand company has it all.
And now, you can also submit an idea you prefer directly to the company’s own website.
But yes, you should only submit state-of-the-art innovations that can revolutionize their product line or satisfy the need of their targeted customer base.
One of the pioneering German engineering and tech companies, Bosch, has dominated the home appliance, IoT, security devices, automotive parts, construction, and power tools for ages.
Many people also executed their six-figure business ideas while selling their products.
If you have any idea that can perfectly complement their existing product line, or if you have any idea for a new cutting-edge product, you are welcome to submit your idea and workflow to this company.
However, it can take up to eight weeks for them to thoroughly review your idea and accept it. But yes, they pay much better than other competitors in this industry.
Wilson produces some of the best sports equipment, apparel, and accessories that even pro players rely upon.
But do you know that it is also among the very few companies that pay for ideas and innovations?
This company has been in the sports equipment manufacturing business for at least a century. So, you need to submit your idea that suits their current product line.
It will also be great to develop any new product that can fit their catalog.
You can directly submit your idea through a PowerPoint presentation or worksheet to the website. However, it may take up to three months for them to reply to your mail.
8. Under Armour
American sports equipment company Under Armour recently created a global media buzz after signing Dwyane “The Rock” Johnson as their brand ambassador.
But only a handful of people still know that it is among the very few companies that pay for invention ideas.
If you are an athlete or sports enthusiast, you can definitely submit your ideas to them to improve their products.
You can also submit the complete design and manufacturing plan if you have any ideas for cutting-edge equipment.
This company typically reviews and responds to your mail within 6 to 8 weeks of idea submission. So, you need to have the patience to get a reply.
It is almost impossible that you are an avid lover of trekking, hiking, or mountaineering and you haven’t heard of Coleman.
Yes, it is among the very few companies that produce some of the best and highest-quality mountaineering and sports accessories.
If you have any idea about a new product or any concept that can revolutionize the mountaineering or sports industry, you can definitely submit that.
And in return, that pays pretty well if they like and adopt the idea.
From camping gear to LED lights, from crampons to solar chargers, you can submit almost any idea on any topic. And yes, they usually respond within a month or two.
10. Sharper Image
If you name all the companies with an immense grip over gadgets, toys, and home appliances, you need to name Sharper Image.
As a leading MNC, this company specializes in cutting-edge and innovative products that can revolutionize the industry.
It is also among the very few companies that have a dedicated segment to submit ideas.
All you need is to send your complete master plan to [email protected] while attaching a few pics.
If they like your idea, you’ll get a reply typically within a maximum of two weeks. And trust me, they pay way better than other companies in this industry.
If you are looking for companies that pay for ideas in the USA, you should start your quest with Henkel.
The manufacturer of Dial soap and Right Guard deodorant, Henkel is a known name for in-home care, laundry accessories, and cosmetic equipment.
Besides developing consumer products, this company also sponsors budding innovators and scientists to develop new products and technology.
So, if you have the right creativity, you can definitely submit your idea to this company.
From delivering solutions to their existing line of products to the idea of a new product, you can submit almost anything you want.
12. Idea Buyer
As the name itself suggests, Idea Buyer is the leading platform where you can submit your ideas to get paid.
You may not know, but it is also among the very few WFH companies that pay weekly to their workers and associates.
This company mainly focuses on developing new products that sell on Amazon, Home Depot, Walmart, and even Macy’s.
And now, they are again welcoming innovators to submit their new product ideas.
If they like your idea, you’ll get a complete response within just 48 hours. And this company also pays pretty well, and you won’t face any payment delays or related issues.
13. Invention City
Yes, the name itself says it all! Invention City is a company that fuels new-age inventors and thinkers to develop ideas that can change the world.
It is also among the very few companies that pay for ideas all over the world.
First, you need to open an account and submit your idea with complete details. And second, you need to either wait for a review or opt for a paid review costing $95.
Finally, they will give you a response within five business days after a successful inspection.
If they like your product and lock a deal with a manufacturer or service provider, you’ll get 1% to 5% of the total profit generated from your idea.
14. All-Star Innovations
With more than two decades of experience, All-Star Innovations is a leading platform where you can submit your idea and get paid.
You can also showcase some of the money-making hobbies that pay this year through this unique platform.
From Vanity Planet to Debbie Meyer Green Bags, this company has already developed some of the highest-selling products in the US consumer industry.
And now, they have more than 25 categories to cater to. You can submit your idea in four simple steps, from submission to review.
And the complete submission and review process can take just under an hour to complete.
15. Dorman Products
No other company is as popular as Dorman Products if you talk about aftermarket repair solutions in the automobile industry.
However, it is also among the most legit platforms where you can easily sell ideas online to make money.
Besides automotive, this company now also has a presence in the hardware and home improvement industry.
So, if you have any idea or a product suggestion that can go with their product line, you are most welcome!
Submitting your idea or the master plan is also pretty simple. All you need is to upload and submit your entire project on the website.
One of the most dominant forces in the healthcare industry, BD (Becton, Dickinson, and Company), has already partnered with numerous innovators and inventors to bring new changes to the healthcare industry all over the world.
And if you care about public health and want to revolutionize the sector with your idea, you are free to submit your idea to the company.
Besides, you can even bring rapid change to billions of patients through your innovation.
This company has a dedicated program called BD Idea Submission Brochure, where you can submit your idea. And if they like it, they will typically respond within six to eight weeks.
Do you love customized products with the embedded logo of your favorite sports team? If yes, you must have already known about this brilliant platform called RICO.
It is a company that specializes in customized products like key chains, fridge magnets, home decor, and car accessories.
It is also among the very few companies that pay for ideas about fantastic consumer products. You can even design new products with logos from NFL and MLB to submit on this platform.
Besides brainstorming, this company also welcomes brilliant designers to join their team to develop cool new products.
So, if you are looking for high-paying freelance designing jobs, this company can be the best fit.
One of the leading sports goods manufacturing companies, Escalade, mainly specializes in recreational sports equipment and fitness accessories.
From archery to basketball, this company makes excellent products for almost all indoor and outdoor sports.
And now, this company is trying to collaborate with creative minds from all over the nation to bring new products to their existing line.
Besides, they are also looking for ways to rectify the flaws of their current products.
Submitting your idea here is pretty straightforward. You can either share or submit your complete master plan right on the website. Or, you can drop a mail attaching all those plans.
If you are looking for companies that buy an idea for a great price, you shouldn’t miss the opportunities provided by Oxo.
This company mainly specializes in homeware and kitchen accessories. And with their complete range of products, they almost dominate the sector.
From bakeware to kitchen utensils, from cleaning tools to storage accessories, you just name any, and this brand has it all.
But now, they are again planning to expand their current line of products to expand their customer base.
From utensils to home supplies, if you can bring a new idea to any of these products, you can directly submit your idea to their official website.
20. Jokari Home Solutions
Do you know that home is still among the best physical assets to buy even today?
Yes, we love our homes and want to make them a dream destination with our personalized touch. And Jokari Home Solutions helps with just that.
From coffee and tea products to frozen food items, from home-improvement gadgets to fizz keepers for carbonated beverages, this company already has several innovative products.
And now, you can also submit your own idea. Submitting the plan is simple, as it needs just a few minutes to complete.
Once you submit the complete plan, you’ll likely get a response within just a week or so.
Do you love woodworking? Do you have any new ideas in your mind to implement in the field of woodworking?
If yes, FastCap is among the very few companies that pay for ideas related to this sector.
From wooden products to woodturning safety products, this fantastic company manufactures all.
And now, they have again started collaborating with innovators in this field to bring new products to the consumer market.
The competition is stark as they only accept just 1 out of 1000 different idea submissions. But if they like it, you can fetch up to 5% royalty on the product price.
One of the leading manufacturers of eco-friendly consumer goods, Eco-Products, is a known name among climate-conscious citizens.
They mainly specialize in single-use environmental-friendly products that cater to the need of daily consumers.
This company usually manufactures its products from recycled materials, plant-based fibers, and discarded items.
And by doing that, they are not only trying to minimize waste but also reduce their carbon footprint.
And now, you can also become a part of this team if you have any idea about an eco-friendly product. Just submit your idea to this company to get paid in no time.
23. New Soda
New Soda is a company that specializes in kitchenware and kitchen accessories. They are known for bringing innovation to your kitchen to streamline your culinary work.
However, it is also among the very few legit platforms to get paid for your inventions.
If you have any idea about a new kitchen tool or any new strategy to change the complete cooking experience, you can submit it to their website.
However, your idea should be innovative to complement their existing products.
You can directly submit your idea through the submission form on the website. However, it may take up to a week to get a valid response from this company.
Making money while creating stunning art and craft is not just rewarding but equally satisfying as well.
And there are several money-making crafts to sell online that you can also try your hands on these days!
Quirky is one such company that brings those innovative ideas about stunning art and craft to life. You can submit your idea to collaborate with a designer to witness the final outcome of the craft.
If they select your idea, it will be featured in megastores like Walmart and Best Buy. And in return, you can earn up to 1.5% royalty on the final selling price.
25. General Mills
One of the largest consumer food companies in the USA, General Mills, now has a massive global presence with various food products.
They are also the ones that introduced cheerios to the US consumer market.
Besides, it is also among the very few companies that pay for ideas in the United States. But yes, your idea should be revolutionary and can bring change to their existing food product line.
From a new recipe for a new food product to pointing out an opportunity for improvement, you can submit any idea you prefer. And in return, they assure industry-standard rates.
26. Play with a Purpose
Play with a Purpose manufactures some of the most innovative play toys.
This company mainly focuses on developing fine motor skills, physical reflection mechanics, and balance by introducing cutting-edge toys.
However, it is also among the companies that pay royalties for ideas. If you already have a prototype or have a master plan to develop it, just send it to them.
And if they like it, you’ll get your compensation. You can simply submit your idea through the contact form on their website.
Besides, you can also directly approach them by phone to give them a more critical approach to your plan.
27. Cal-Van Tools
If you love making DIY kits or are just fond of repairing small things in your house, you must have already known about this fantastic company called Cal-Van Tools.
From circuit tester to inspection magnifying glass, from amp hounds to harmonic balancer, you can get almost anything on this platform.
It is also equally well-suited to submit your idea. But yes, you do need to complement their current product line to get accommodated.
Besides, your design should be simplistic and should have multiple uses.
This company has a royalty program where you can make as much as 5% of the product’s selling price.
28. Hyper Pet
You may not believe it, but the pet industry will likely cross the $70 billion benchmark pretty soon.
Although it is mainly suited for people having strong compassion towards their fur babies, several legit animal rescue jobs are equally high-paying.
Hyper Pet is one such company in this sector that manufactures toys, chewing accessories, and pet training tools.
With its vast client base around the globe, this company is now almost dominating this industry.
And now, you can also be a part of the team if you have any ideas for a new pet toy. Just submit your complete plan on the website, and they will contact you if they like it.
29. Mustang Survival
No, it is not the Ford Mustang, the iconic muscle car we are talking about! Mustang Survival is a company that mainly specializes in water-rescue equipment.
This company mainly develops tools for the army, marine, and rescue professionals.
For the last 45 years, this company has been working with US Army troops to deliver them the best possible water-rescue equipment.
And they are also known for making highly reliable tools that can last pretty long.
If you have any such ideas about any rescue gadget, feel free to contact them. They are among the companies for buying ideas at a pretty great price.
30. Wild Planet Entertainment
As the name itself tells the story, Wild Planet Entertainment mainly focuses on manufacturing interactive toys and play kits for budding toddlers.
This company makes some of the most innovative toys like Spy Video ATV and Skeleflex.
Besides being innovative, this company also has a reputation for manufacturing long-lasting products. Your idea should also follow that same line of principles if you want to submit your idea to this company.
It will be better if you have a prototype with you or any animation-style rendering of your final product. However, you can submit just the core plan on their website.
31. Spin Master
Since 1994, Spin Master has established itself as one of the leading manufacturers and marketers of toys.
However, only a very few people know that it is among the companies that pay for ideas these days.
From Air Hogs to Girl Crush Tattoo Maker, from Chocolate Maker to Wiggles Guitar, you just name any innovative toy, and it is bound to be from Spin Master.
However, they are again concentrating on expanding their current product line.
And for that, they are collaborating with talented designers and innovators from all over the globe. So, you can also submit your idea about a new toy right on their website.
32. Coastal Pet
We get excited when you have our fur babies beside us. And who doesn’t love jobs working with animals? We all love it!
And Coastal Pet is one such company that takes care of our beloved pets and manufactures some of the most innovative pet toys on this blue planet.
If you have any ideas about a new pet product, don’t waste your time and contact them ASAP to witness your idea coming to life.
However, this company mainly accepts plans related to new types of pet collars, feeding systems, and crates.
It will be better if you have already designed the prototype. However, you can still submit your primary plan even if you don’t have any prototype.
33. Hearlihy & Company
Hearlihy & company is primarily known for manufacturing high-quality office and educational supplies.
However, it is also among the very few companies that pay for ideas these days. And their payment is truly industry-standard.
From architectural modeling kits to drafting tools, from activity kits to building tools, you just name any skill-building tool, and this company has it all.
But yes, they are still looking for new ideas for innovative tools.
So, if you have that skill inside you with a dream project on your mind, just submit that idea to this company to get paid. And they also typically respond within a week or less.
34. Builders Inventions
There are very few companies that develop and manufacture construction tools like Builders Inventions.
So, if you are a tradesman and want to showcase your innovation to the world, Builders Inventions should be your prime choice.
From building tools to contractor equipment, you just name any building tools, and this company manufactures it all.
But yes, they are also looking for new ideas to develop new products that can minimize the construction effort in the near future.
Submitting your idea here is also pretty straightforward. All you need is to submit your master plan right onto their website, and they will contact you back.
35. Hyde Tools
If you are looking for innovative companies that pay for ideas, you should consider checking out this brilliant establishment called Hyde Tools.
This company mainly specializes in construction tools and home-improvement tools.
So, if you have any idea on your mind to develop new construction or home-improvement tool, you can definitely submit your idea to this company to get paid.
And they offer a better rate than others in the construction industry.
Like most other companies, this platform also supports direct submission. But yes, a typical response from their side can take as much as two weeks.
Can I sell my idea to a company?
Yes, you can definitely sell your idea to any company you prefer. But to safeguard your idea from theft or imitation, you should apply for a patent.
Besides, it is also better to sign a non-disclosure agreement with the company before submitting your final plan to avoid unforeseen circumstances.
You also need to check the taxation applicable to the amount to be on the safer side.
How much can you get paid for an invention idea?
It completely depends on two factors. First, it will depend on the company you’ll submit your ideas. And secondly, it will depend on the type of idea you have.
It is pretty evident that you’ll get a lower payment for designing a toy than a life-saving kit.
However, the typical range lies around 1% to 10% of the final selling price of that product.
How do I sell my invention idea to a company?
First, you need to make a worksheet and ppt presentation of your plan. It is even better to have a prototype if you have any ideas for a new product.
Just submit the prototype with the complete plan to any website that accepts new ideas. And if they like it, the company itself will contact you for further proceedings.
But yes, you should always consider signing an NDA before proceeding further.
How can I make money from my ideas?
There are primarily two ways to make money from ideas. First, you can collaborate with any manufacturer or marketer to launch your product.
In return, you can claim up to 10% royalty on the final selling amount. Secondly, you can sell your idea with a bulk payment.
And this bulk payment can even go beyond the million marks, depending on the type of idea you have.
So, these are all the legit companies that pay for ideas this year. But honestly saying, not every platform is equally well-suited for everyone.
So, you need to first select your preferred website to work with and then submit your plan. Besides, you also need to select the sector according to your preference.
And if you have a general plan that you don’t know how to capitalize on, you can simply post that to the appropriate thread on Reddit to get help from fellow innovators.
So, that’s all for today, folks! Feel free to drop your suggestions and feedback about this topic in the comment box below.
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Hello there, I’m Siva Mahesh, an MBA Finance post-graduate and a Remote Career & Personal Finance blogger for 5+ years. Over the years, my work has been featured on US News, Entrepreneur, MSN, Yahoo Finance, GoBankingRates, EverQuote, Legal Zoom, The Simple Dollar, Databox, Business.com, Business News Daily, Venngage, Score.org, and more. My primary mission is to help our readers maximize their earning potential with legitimate online business ideas, side hustles, and passive income ideas we publish on Dreamshala. Currently, more than 100,000 readers from all around the world visit this blog every month and learn new ways to improve their finances.