1. What is the process for a creator?
Send us your reimbursable $100 along with your finished renderings, CAD, and Bill of Materials, and we’ll do the rest.
If you don’t already have a manufacturer, ideacious will search its certified network and beyond to find you one. You’ll decide how much you want to share with your early buyers, and we’ll post your product and keep track of the preorders.
Once you’ve presold your target amount, production starts. When manufacturing is finished the units are shipped to their buyers. Revenue from your first run is rolled over to produce part of your second run. Profits for you, your early buyers, and ideacious are distributed throughout the process, as outlined prior to posting your idea.
2. Who can submit a product idea?
Anyone. We have a basic checklist that all submissions must pass. As long as your submission isn’t illegal, immoral or just plain unrealistic, there shouldn’t be a problem. If there is we’ll refund your money, tell you why your submission isn’t on, and help you improve your idea by providing some pointers where we can.
3. What am I committing to by submitting an idea?
You don’t have to commit to anything other than allowing ideacious to have direct correspondence with the manufacturer and non-exclusive distribution rights. With ideacious, you are in control and you always retain the rights to your own designs.
Of course, being in direct correspondence with the manufacturer of your product does not exclude you from the conversation; this direct relationship allows ideacious to accurately track all produced units to ensure that your early buyers are getting what’s been promised. If you already have a manufacturer, that’s fine so long as we’re able to deal with them directly. Non-exclusive distribution rights means that we can sell your product on our site and present you with possible corporate opportunities. You can still sell your product to anyone you want and if you find a company that wants to buy exclusive the rights to your product, no problem.
4. How do I make sure that no one steals my idea?
Before you post your product on ideacious you will have the same intellectual property choices as anyone going through the traditional product development cycle. You can choose to protect your idea with patents, design registrations, or any other appropriate form of protection.
In fact, the ideacious model works extremely well with provisional applications. As an inexpensive alternative, provisional applications provide a one-year window that will give you enough time to determine how much demand there is for your product. If you’d like, multiple quotes and information on your IP options can be provided by ideacious to help you make an informed decision.
5. What do I have to pay before I can make any money?
$100. And if your product makes it to production, you’ll be getting your $100 back – and then some. But if your product doesn’t make it to production, $100 covers the costs on our end and we’re even. If you aren’t able to get your product finished on your own you may need to enlist various creative and legal services, which you can find through the ideacious network. Those costs will, of course, vary according to project.
6. How do I figure out how much to sell my product for?
Once your product is submitted and we find you your manufacturer of choice, all the financial details will be laid out for you to see. We’ll be able to show you projections and profit distribution scenarios so you can decide how much you and your early buyers can make, and how many units you’ll have to sell to get there. Based on that information, you’ll be able to determine a price per unit.
7. Can I buy some or all of my own preorders?
Absolutely. Though keep in mind – the more diverse your pool of early buyers, the further and wider your collective network reaches. These people are your marketers, with motivation to promote your product. So buying your own preorders will limit the amount of early buyers able to get involved.
But, should you change your mind about how much of our future profits you’d like to share you can buy back some positions. You’ll need to pay for them up front but in the long run you’ll make that money back once you sell the extra units you purchased.
8. How much will I earn from a single product?
Each product will have its own profit margin based on production costs, how much you share with early buyers, and other similar factors. Those numbers will be determined before your product is posted. After that, it’s up to hard work and good fortune.
9. ideacious gets a fee from sales? How much and why?
ideacious earns 15% of the sales from the first production run as a commission for providing you with our services. On subsequent production runs, we earn 5-10% of the margin for our services. The exact rate will be determined prior to posting your product.
10. How and when will I get any money that I earn?
Profits will be distributed through your PayPal account. Earnings will be calculated and paid out quarterly.