12 Companies That Buy Ideas: The Reputable Brands (Hasbro, P&G, etc)

The List of Companies That Buy Ideas

We were unable to find any legitimate companies that outright buy ideas — even for apps. But several well-known companies accept idea submissions from consumers for new products and innovations. While there is no guarantee that the company will pay for or license your idea, if it does, you’ll likely receive payment in the form of royalties based on the product’s sales.

Before You Submit Your Idea …

Not all companies will require that you patent your idea before you submit it, but it’s a good idea to pursue a patent to protect your work prior to sharing it with anyone else. Once you submit your idea, there is no way the company can guarantee your work will be protected since many people are often involved in the submission and development process. To start the patent filing process, go to the U.S. Patent and Trademark Office’s website.

Coca-Cola

• Product type(s): Beverages, including soft drinks, waters, tea, and juice
• Requirements:
  • You must be at least 18
  • Include your product’s name and a description
  • Include a summary of the value your product will bring to the market
• Patent required prior to submission? Optional but recommended
• Submission process: Submit your idea online using the contact page on the Coca-Cola website.
• Payment: Compensation is not guaranteed by Coca-Cola but may be negotiated if the company decides to pursue your idea.
• Find out more

Colgate-Palmolive

• Product type(s): Oral care, personal care, home care, and pet care
• Requirements:
  • You must be at least 18
  • All documents submitted must be nonconfidential
• Patent required prior to submission? Optional but recommended
• Submission process: Submit your idea, patent or patent application, and any supporting documentation online through Colgate-Palmolive’s innovation submission form.
• Payment: There is no standard amount of payment or royalty; each product deal is negotiated individually.
• Find out more

FILA

• Product type(s): Athletic shoes and apparel for men, women, and children
• Requirements:
  • You must be at least 18
  • Include a 300- to 500-word description of your idea
  • Include two nonconfidential documents, such as a patent or patent application
  • Do not submit advertising or marketing campaigns
• Patent required prior to submission? Yes
• Submission process: Mail hard copies of your patent or patent application, supporting documents, and personal information like your name, address, phone number, and email address to:
  FILA Legal Department
  1411 Broadway, 30th Floor
  New York, NY 10018.
• Payment: Each product deal is negotiated individually.
• Find out more

Hasbro

• Product type(s): Toys and games for children and babies
• Requirements:
  • You must be at least 18
  • The invention must be an original idea; it cannot reintroduce an old toy, game, or puzzle
  • Include your product’s name, a description, and the target market for your invention
  • Include photos and a 1-minute (or less) video of your invention
• Patent required prior to submission? Optional
• Submission process: Submit your idea online through the Spark Hasbro website.
• Payment: You’ll be paid in royalties up to 1.5% of the product’s sales
• Find out more

The Hershey Company

• Product type(s): Candy, including chocolate, mints, hard candy, and nut and caramel candies
• Requirements:
  • You must be at least 18
  • All documents must be submitted on a nonconfidential basis
  • Include a description of your idea
• Patent required prior to submission? Optional but recommended
• Submission process: Submit your idea online through the Submit an Idea form on the Hershey website.
• Payment: Compensation is not guaranteed by The Hershey Company but may be negotiated if the company decides to pursue your idea.
• Find out more

Hog Wild Toys

• Product type(s): Novelty products and toys for kids 8 and up
• Requirements: 
  • You must be at least 18
  • Include a description of your product
  • You must have a working prototype
• Patent required prior to submission? Optional
• Submission process: Email your product idea and contact information to [email protected]. If the company is interested in your product, it will request additional information, including a working prototype.
• Payment: You’ll be paid in royalty payments based on the sales of the product; the amount will be negotiated during contract discussions.
• Find out more

John Deere

• Product type(s): Lawn, garden, and landscaping equipment
• Requirements:
  • You must be at least 18
  • Supply a sketch or photo of your invention
  • Include a description of your product
• Patent required prior to submission? Optional but recommended
• Submission process: Submit your idea online using the John Deere invention idea form.
• Payment: Each product deal is negotiated individually.
• Find out more

Mattel

• Product type(s): Toys and games for children of all ages
• Requirements:
  • You must be at least 18 and reside in the United States
  • Your idea must be for a physical product; no screenplays, scripts, storylines, character ideas, software ideas, or marketing or advertising ideas
  • Include the name of your product and a description
  • Include a brief summary of why your product is unique
  • Include a 60-second (or less) video showing how your product works
• Patent required prior to submission? Optional
• Submission process: Submit your idea online through the My Mattel Ideas website.
• Payment: You’ll be paid in royalties up to 1.5% of the product’s sales.
• Find out more

New Balance

• Product type(s): Athletic footwear and apparel
• Requirements:
  • You must be at least 18
  • All materials must be submitted on a nonconfidential basis
  • Submission must be a product idea or design; do not submit marketing or trademark ideas
• Patent required prior to submission? Yes
• Submission process: Start by downloading and printing the New Balance idea submission form. Email your completed form and patent or patent application to [email protected] or mail to:
  New Balance Intellectual Property Department
  190 Merrimack St.
  Lawrence, MA 01843
• Payment: Each product deal is negotiated individually.
• Findout more

OXO

• Product type(s): Kitchen utensils and other kitchen products
• Requirements:
  • You must be at least 18
  • Include a description of your product
  • Include drawings, photographs, a video, or a link to a website about your product
  • If you’ve taken steps toward patenting your product, be sure to include the patent or patent application
• Patent required prior to submission? Optional
• Submission process: Submit your idea through the OXO Inventor Submission page.
• Payment: Each product deal is negotiated individually.
• Find out more

P&G

• Product type(s): Personal care, oral care, beauty and grooming care, household products, and more
• Requirements:
  • You must be at least 18
  • All documents submitted must be nonconfidential
• Patent required prior to submission? Optional
• Submission process: Create an account and submit your idea online through the P&G submission portal.
• Payment: Each product deal is negotiated individually.
• Find out more

Under Armour

• Product type(s): Sports and casual clothing, shoes, and accessories for men and women
• Requirements:
  • You must be at least 18
  • Do not submit ideas for chef’s jackets, medical scrubs, business or formal clothing, pet clothing or accessories, or products related to sports head injuries or sports-related concussions
• Patent required prior to submission? Optional
• Submission process: Create an account online on Under Armour’s idea submission page.
• Payment: Each product deal is negotiated individually.
• Find out more

More Information

Looking for other ways to make money? You might be interested in our article on how to make money on the side.