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QUIRKY

Postby jazzkennywowy » April 24th, 2018, 9:37 am


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Sometimes i feel like i have my head in the sand when i run across something like this.
They have an interesting model - a little bit of Crown Sourcing - Design - A little bit of kickstarting - into full projects...

http://www.quirky.com/

anyone have any experience with them?

Re: QUIRKY

Postby Cyberdemon » April 24th, 2018, 10:34 am

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Quirky went under in 2015 after burning through over $100M in funds due to an overly grandiose CEO and a business model that wasn't actually profitable.

I had assumed they were still dead and this post was bumped up from the grave, but it looks like they are attempting to "Reboot" - but it sounds like rather than actually being a crowd sourced design company, they are simply trying to run a shell corporation to license out the ideas that were left in the pipeline and liquidate old inventory.

Re: QUIRKY

Postby amunta » April 24th, 2018, 11:44 am


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Their assets were bought in 2015, I think mostly for their cash cow, their "pivot power" power strip. They're a shell of what they once were.

It was a great idea executed with terrible leadership. My favorite story about them is their bluetooth speaker. Close to $400k in development and they sold about 30 units.

Re: QUIRKY

Postby Cyberdemon » April 24th, 2018, 12:16 pm

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I have a personal vendetta only because in ~2005 I won a housewares competition for a rotating surge protector (which included a sketch of nearly the exact pivot power design even though that wound up not being the final concept) and applied to get a utility patent on it through the university which said there was no commercial merit to it.

Then a few year later, Ben Kaufman (Man child CEO of Quirky at the time) sat on stage talking about how "Jake" invented the pivot power strip and handed him a novelty check for a few hundred thousand dollars. Valuable life lesson for me to not let good ideas pass you by, if only I had any since then :lol:.

Re: QUIRKY

Postby jon_winebrenner » April 24th, 2018, 7:09 pm

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Cyberdemon wrote:I have a personal vendetta only because in ~2005 I won a housewares competition for a rotating surge protector (which included a sketch of nearly the exact pivot power design even though that wound up not being the final concept) and applied to get a utility patent on it through the university which said there was no commercial merit to it.

Then a few year later, Ben Kaufman (Man child CEO of Quirky at the time) sat on stage talking about how "Jake" invented the pivot power strip and handed him a novelty check for a few hundred thousand dollars. Valuable life lesson for me to not let good ideas pass you by, if only I had any since then :lol:.



The lesson in this is that ideas are cheap. Execution is where the money is.

Re: QUIRKY

Postby Cyberdemon » April 25th, 2018, 8:52 am

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jon_winebrenner wrote:The lesson in this is that ideas are cheap. Execution is where the money is.


Which is true, but harder to justify when you're 20 and can barely afford PBR let alone the knowledge to manufacture a real product. IA school funded patent committee existed and would've probably protected the idea long enough to either collect royalties from the imitators (which didn't happen til years later) and fuel a production run.

I did try shopping the idea around to a few companies at the time, but nobody bit. Or if they did I just had no recourse.

This was also one of my exact sketch concepts...
Image

Re: QUIRKY

Postby BryanBrutherford » April 25th, 2018, 2:42 pm

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I've recently been involved with a licensing agent who was pitching a portfolio of potential licensors to partner with and they pushed Quirky hard.
Went on and on about the value of the name and the crowd source model. I listened to the pitch and then asked "did't they go bankrupt after spending an insane amount of investor money?" they were either very good at playing dumb or didn't actually know the company history.
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Re: QUIRKY

Postby amunta » April 25th, 2018, 4:49 pm


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BryanBrutherford wrote:I've recently been involved with a licensing agent who was pitching a portfolio of potential licensors to partner with and they pushed Quirky hard.
Went on and on about the value of the name and the crowd source model. I listened to the pitch and then asked "did't they go bankrupt after spending an insane amount of investor money?" they were either very good at playing dumb or didn't actually know the company history.


Not to sidetrack the original conversation but I'm curious how your experience has been with licensing agents? Finding licensees has been a nightmare in my experience.

Re: QUIRKY

Postby BryanBrutherford » April 26th, 2018, 9:42 am

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amunta wrote:
Not to sidetrack the original conversation but I'm curious how your experience has been with licensing agents? Finding licensees has been a nightmare in my experience.


It has been a relatively good experience, most of these types of agents want to factor their fee as an additional percentage of sales on top of the license fee so you just have to be OK with building that in. if you want to talk in more detail you can send me a private message that way we don't hijack this thread.
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Re: QUIRKY

Postby Scott_Doty » April 26th, 2018, 10:06 am


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As of this article from 2017, they have reorganized and have a new president. They have manufacturing partners now, rather than doing that in house.

https://www.twice.com/industry/meet-gin ... tion-65863

The royalty rate is 1.5% minus what you designate for contributors to the idea. This would be low, but you have to remember this is just for an idea. Ideas are worth less than something that has been developed and tested. It opens things up to people that have no way to otherwise pitch an idea successfully to manufacturers. (Can't afford to develop or don't have time.) Not such a great deal for designers who can develop the idea a bit more and thus hopefully get a higher royalty.

Everyday Edison has a similar model but I think they sometimes can pay better royalties.

https://www.edisonnation.com/invention-ideas


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