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.
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.