5 ways to make money on the idea

04/10/2022

We all sometimes have thoughts and ideas about how to improve something. Sometimes in our thoughts we even come up with something new. Often talented ideas remain thoughts and dreams. This is due to the fact that people often do not know how to bring an idea to life, sell it profitably or turn it into one of the types of passive income streams.

In this article, the Peer2Profit platform will talk about 5 options for ideas that will interest a particular company and give examples of such companies. Also about the existing options for making a profit with the help of invented innovations.


What ideas are companies interested in?

You are looking at a playground toy, a package of sauce, or even a cleaning rag. And suddenly you understand how to make this thing better. Perhaps you came up with your own version. For some reason, you do not want to implement the idea yourself. Do not want to waste time and money, and find it difficult to calculate the profit from the invention. There is an opportunity to sell ideas. It is only important to find the right buyer for the innovation. 

Consider 5 directions of ideas and which companies are interested in buying.

1. Toys.

It was no coincidence that we started the previous section with toys. Companies around the world produce toys of various types: educational, entertaining, sports, related to cartoon characters and movies. Whatever toy you are trying to come up with, it either already exists, or it is an opportunity to capitalize on the very idea of such a product.

Hasbro makes board games and toys. Play for a Purpose creates educational and educational toys, children's work uniforms, so that children feel like firefighters, doctors, scientists. Wham-O strives to brighten up the outdoor activities of children and parents with sports goods, water slides and other equipment for playing on land and in water.

2. Mobile games.

Mobile games are interesting for children and adults. If you have seen several of them, you will notice that most of them have similar interaction mechanisms with the player, and the difference lies only in the design. If you have enough skills and ideas to develop your own game, it is worth trying to capitalize on it. When a game you have created seems too simple in terms of design and mechanics, think of Alexey Pajitnov. In 1984 he developed Tetris. This game is still popular today, and some psychologists also recognize it as a form of play therapy. If the game can keep people interested again and again, it will become one of the types of passive income streams for the author's budget.

King makes endless variations of Candy Crush and other similar games. GungHo Online offers players a greater variety of genres and designs.

3. Sporting goods.

Let's say you have an idea how to radically improve your running form, running shoes, tennis racket, or even your bike. You will find a company that will be interested in this. The sports industry for professionals and outdoor enthusiasts is constantly evolving thanks to new ideas from both company employees and individual enthusiastic inventors. Thoughts, images, ideas — something can slightly improve some product or lead to a breakthrough in the industry. In any case, do not deny yourself the opportunity to earn.

Under Armor manufactures sportswear for the general public. But Wilson Sporting Goods also specializes in professional uniforms for basketball, football, volleyball, golf and other sports.

4. Medical products.

In 1816, the French physician Rene Laennec, for reasons known only to him, did not want to put his ear directly to the chest of the patient in order to listen to their heart, as was customary at that time. The doctor then rolled a sheet of thick paper into a tube and used it as a diagnostic tool. If Laennec were paid for every stethoscope he later created, using the patent as one of the types of passive income streams, it's hard to even imagine the profit he could make. Today it is impossible to imagine a therapist, pediatrician or doctor of other specialties without a phonendoscope. So if your medical technology idea seems too simple, do not throw it away. Sell it ​​to professionals. This will bring profit and, possibly, contribute to the development of one of the areas of medicine.

Becton Dickinson manufactures medical equipment, instruments and reagents. In their hands, innovation will see the light of day and change the lives of patients and doctors in their hands. And, of course, you, at least in the form of a monetary reward.

5. Lots of ideas.

Suppose an innovation covers several areas of life, you do not know in which area it will be useful and profitable. Then you need to pick up buyers who produce goods in many directions. If the idea is feasible, the company's specialists will determine the appropriate application.

Toys, tools, bottle openers and caps, kitchen utensils and other small items — ideas in these areas may be of interest to Jokari Home Solutions. If the innovations concern stationery, detergents, paints, insulation, protective equipment for various jobs, try selling it at 3M.

What are the options for making money selling ideas?

Depending on the company's policy, the author of the innovation will be offered several options for earning money: royalties, a license agreement, an affiliate program. Each option has its own characteristics, depending on your idea, its potential profitability and the capabilities of the company. If we simplify the options, then the meaning is as follows. The author of the idea receives income:

  • in one amount, for example, when selling a patent for an invention and rights to it;
  • at different stages, for example, for each product sold that uses innovation, which will make the invention one of the types of passive income streams.

Which option is better, depends on the situation. The choice will need to be made independently or after consultation with professionals.

Now you know that your ideas can be sold. While you are thinking about how best to do this, do not put off one of the types of passive income streams for the future. Our users have the opportunity to earn on the sale of bandwidth, recalls Peer2Profit. We also have an affiliate program to increase profits. 

And, of course, if you have ideas that could improve our work, discuss them with the support team.

 

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