How To Give Ideas To Companies As A Side Hustle

Are you creative and resourceful? Do you usually come up with brilliant app ideas or business improvements?

If so, you might be sitting on a gold mine. You can now make money by giving ideas to companies as a lucrative side gig.

An Overview of Giving Ideas to Companies: A Primer

In the digital world we live in, innovation is everything. If a business wants to stay relevant, it needs to stay up-to-date.

They need to provide their customers with innovative solutions to fulfill their needs. What better way to fulfill your customer’s needs than by listening to their ideas?

Ever heard of the term “Crowd Ideation Companies”?

They’re companies that pay for ideas coming from the crowd. No, they’re not all startups. Multiple Fortune 500 companies welcome our ideas.

How Much Can Giving Ideas to Companies Earn You?

If you manage to successfully sell an idea to a company, you could make a decent amount of extra cash.

Typically, you could sell your idea for either a lump sum or a percentage of the profit that ranges from 2% to 5%. It all depends on the deal you have with the buying company.

There isn’t a fixed number to how much you would earn from this side gig.

It all boils down to how many ideas you manage to sell and how much companies are willing to pay. Each situation is completely unrelated to the other.

How Much Does It Cost to Start a Side Hustle Giving Ideas to Companies?

The best thing about this side hustle is that it requires zero startup costs.

All that you really need is an internet connection and a device to access the internet — both of which you already have since you’re reading this article.

However, this side gig will cost you a ton of prep time to research the market, analyze your targeted companies, and come up with a brilliant idea to sell.

It takes a lot of time and effort to set up the perfect business pitch to sell your product ideas to different companies.

After preparing your business pitch, you’ll spend even more time having a company agree to buy your product or app idea.

However, this part is usually situational and you can never expect how much time you’ll spend until you find the perfect match for your idea.

Where Can You Find Companies That Pay for Ideas?

When you’re ready to start hunting down the companies to whom you want to sell your product ideas, there are two options to consider.

You could either find these companies individually on your own, or you could check out one of the gig economy companies to connect you with the right companies.

Where To Independently Find Companies That Pay for Ideas?

Many companies have their doors wide open for all of your one-of-a-kind ideas. Some of these companies include:

1. Sharper Image

Since this company specializes in high-tech lifestyle products, such as purifiers and home electronics, they’re always on the hunt for the next big thing.

That is why they’ve dedicated an entire branch to receiving your novel ideas for new products or product updates.

2. Under Armour

Under Armour’s main goal is to improve athletes’ performance by providing the best products possible.

That is why they’re more than happy to hear from you on how they could improve the athletes’ experience with their brand.

3. Unilever

As one of the largest consumer goods companies in the world, Unilever welcomes innovative product ideas for new products.

However, these new ideas must be waste-free, promote health and well-being, and don’t threaten our environment.

Gig Economy Companies That Offer Giving Ideas to Companies Work

A good example of a platform where you could connect with companies and pitch your innovative ideas is Mindsumo.

The best thing about this platform is that you have a high chance of being rewarded for your submission, even if your idea wasn’t the best one.

Why You Should Consider Giving Ideas to Companies as a Side Hustle

Giving ideas to companies is one of the simple side gigs in which you literally have nothing to lose.

With a little creativity and thorough research, you could find yourself helping multiple companies increase their revenue, and in turn, you’ll get a percentage of that success!

• No Qualifications Required:  All you need to do is come up with an excellent product or app idea and pitch it to the right companies.
• Sustainable Passive Income: Once you succeed in selling your idea, you’ll create a sustainable stream of income that keeps earning you money as long as your idea is on the market.

Problems with Giving Ideas to Companies for Money

As easy and simple as it is, this side gig has a few issues that you need to consider before starting.

• Time and Energy Consuming: Landing your first successful sale takes a lot of time and effort. So you must stay motivated and work on your idea until it finally sells and makes it to the market.
• Not Getting Credit for Your Idea: You must always secure your copyrights to your business ideas. To protect your hard work, ask the company to sign an NDA, apply for a patent for any prototypes, or apply for a trademark or copyright.

Frequently Asked Questions

Where do companies get Ideas?

Most companies gather ideas for updating their products or services from people in their organization, including marketing, R&D, sales, and production.

However, some people prefer to listen to their customers by paying for innovative ideas from the crowd to provide them with exactly what they need.

Can I sell an idea to Amazon?

Unfortunately, Amazon doesn’t accept concepts, ideas, proposals, suggestions, or even material from anyone other than those they specifically request.

The only way Amazon would accept your idea and compensate you for it is if they reach out to you specifically. Other than that, they won’t be able to even put your idea up for consideration.