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I’m
happy
Peer to peer financing of Quirky submission fee
love this site. you should possibly consider enabling the step before product innovation which is the fund raising. In a Prosper or Kiva like way (P2P) if I could describe my idea, maybe community members would fund the $99 to have my idea submitted and then it would go through the rest of your process. Those who fund would also share in the money in a greater percentage. They could also use their quirky credits to fund as well.
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I’m
loving all the great ideas from the Quirky community.
Great idea! This would also be a fantastic community builder. We have a spreadsheet called "Awesome User Feedback" -- this is going straight there for future projects.Comment -
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I’m
unsure
2Umm. So, considering that a few people like this idea already my response may not be extremely popular. But whatevs.
I really don't feel like $99 is too much to ask of anyone person to have a shot at having their idea done. I think it was set up to be $99 so that it could be affordable, but also command a sort of commitment and realness to the submissions (i.e. not going crazy like a free-for-all qnq event).
Also, would the initial product ideator in need of funding put up any collateral for the "loans" if the product does not get chosen? Or would their funds just be lost? Aaaanddd...... How would this affect voting, etc?
Essentially, what Marc is proposing is for people to pre-submit their ideas and have them validated by people "investing" in the submission of the idea - where it will go again to be validated by the community (who have already seen the idea so that they could fund it) - thus - double validation.
All things considered, I don't really see this idea as necessary, or even in line with the ideals and goals of quirky. But the again, I am not the person in charge. So...
Thats about it.-
I agree 100%, this could really mess up voting and make it very biased
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couldn't have said it better- Stops people from posting ideas like "rocket ships to Jupiter and returning to sell the dust"...think of the rocket fuel we will save. -
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In any other method of product innovation, the more validation the better. If you can get 5x validation then great. I would think it more as an investment. You give the $1 or $5 (you can even set a maximum investment per person to get more people involved.) if you have 50 people investing, they will be more interested in making the product happen as opposed to the possibility that an idea begins to get less people involved in feedback. And for quirky as a company, it's another revenue stream. Prosper makes money on p2p lending. I think it would be more investment than lending though you would build your bank account by being the first tobe paidback If product goes to market. Then the community can have yet another role - as investors. Most of us will never be rich enough to be angels or VC so it would be neat to say I invested in this. You could have fast track for those who want to pay it up front and not worry about getting pre-voted or charge more and go through a funding process -say $99v $149. More revenue for quirky. And if it explodes so there are 10x more users that would benefit quirky which allows them to better stay in business which allows us to continue to participate in this unique biz model. Maybe have categories - if you paud $99 yourself then those ideas go to top of page which everybody sees and if you go the investment route it gets below the fold but still there with the masses.
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I’m
wondering your opinion on this question.
Great conversation, guys, keep talking. Question: would you be more willing to "invest" in someone else's idea/$99 submission fee if you were using your Quirky influence earnings, or if you were donating "real money" using credit card or PayPal?
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both i think. maybe i get more share of the product if i use real money and less if i use credits. Or maybe quirky incentivizes/markets the fact not only can we make money by influencing others, we then can reinvest that influence back into actual funding of the product and earn even more.
This way its like the community members are a microcosm of life. I work hard and earn some money. Maybe i help a friend or my company create and sell a product. I've influenced them. I get a small share as a reward (friend throws me a bone or company gives me a bonus), but then I make my way through life and i've made some money and have experience and now want to be a vc where the real money is at (theoretically). Now I can reinvest all i've earned in my 'quirky life' into funding other people's products. And community members can earn badges and awards based on their level of participation and their level of 'growth' through the 'lifecycle' -
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the thing is, quirky - while perhaps the founder started out saying 'this would be cool' - set out to found a business not a hobby. And that business, for his aspirations, needs to be scalable. So they want to attract lots of community members. The unfortunate part is that we may lose a little of the sense of small community that we're helping each other though its quirky's responsibility to figure out how we keep feeling connected and involved. This is in response to the idea that too many dopey ideas will show up because the owner has no skin in the game. Quirky will have to figure out a way for the good stuff to rise to the top and dampen the 'noise'. But there are multiple ways for this to happen. Maybe if a product is influenced by a community member with a higher rating it rises to the top.
I'm digressing, but there is plenty of ways to counteract some of the criticism of this idea. And I'm not saying the criticism is not valid. But, with smart planning, quirky should be able to mitigate the negatives. -
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I’m
silly. hehe.
Jess - I don't think I would be likely to invest either way. If people can't scrape $99 together or find a credit card to tack it onto, then maybe the should wait until the can. If the cost to submit an idea were $999, I could see some sort of assistance system - but at this point, it is not (or should not be) that hard to come with $99. (I found a coupon code today on a business journal site that will enable users to have the $99 fee scrubbed - you just have to keep your eyes open!)
Marc - I appreciate the discussion we have had so far! I hope none of this comes off as angry, or attack-ish - I am just discussing things as I see them. I agree with you that extra validation is good - but ultimately community validation is worthless without sales (see: Melon Master). I see allowing other people to invest in ideas as a dilution of influence and future revenues for the individuals. Allowing people to invest in such a manner would essentially place the focus of the community on $ and % and less on the original idea.
If my idea gets picked and fully presold and I get an interview b/c I had the idea, I still have to thank x number of people who made it possible as well as cede the revs to them.
Essentially, I see this as complicating the whole quirky process that makes it so clean, simple, and unique. This is not to say that you don't have a good idea. Perhaps people interested in going "halfsies" on projects could start threads in the forums instead and work out the arrangements amongst themselves. Orrr....you can all see me for a loan - I am a certified shark. I only charge 50% interest compounded daily....anyone?
Also, I would kind of like to see Ben chime in on this one with a thought or two...?-
coupon code...even better. what site? have a link?
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I’m
caught!
Okay, guys, you caught us. There's a free submission coupon code floating around in cyberspace, and you'll have a better chance at finding it if you click through our recent press links. Can I ask y'all not to spoil the fun by revealing it here? Thanks.
Also, Ben's a bit busy at the moment, running the business of Quirky. I'll let him know you want to hear his input on this discussion, but please be patient if he can't respond right away. Don't worry -- your voices are being heard!-
No worries Jess! I wasn't about to make anyone's life that easy by just posting the link. haha. Also, no worries about Ben responding at this very second - I understand that people have their own duties and schedules, I was just hoping to catch a thought or two on how he might thing that this suggestion would fit into the overall vision for quirky!
Thanks for keeping things all ambassadored! -
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I’m
lovin' the Quirky community.
Yay! You guys are great.
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sorry about that. wasn't thinking. i give you permission to delete reference to a coupon code from my posts
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love this, the more ideas the better. I would totally throw my $20 credit toward a good idea for a share of its influence. If it was really amazing I would also put real world money towards it. The great thing about Quirky is that the idea that would have sat in the back of your head for the rest of your life gets to see the light of day. Everyone is willing to tell someone their great idea, but not many people can or are willing to put in the energy to make it a reality. With Quirky that barrier is eliminated and anything you can do to keep breaking down those walls is a step in the right direction.
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I’m
thankful
2I love this idea. Throughout my travels I have met so many brilliant minds who love inventions and inventing as much as I and this community does. Unfortunately the same $99.00 used to submit an invention concept in some parts of the world is the same $99.00 that could be used to buy food for the month for a family. It would give Quirky an opportunity to tap into about 80% of the world who can't really afford it especially during these times; "the recession is over, but not the layoffs". This is beautiful. Nice work Marc. -
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1I like this idea, however...
I think this should be separate from the actual submission process. I say we put a note on the submission page (before you fill stuff out) pointing out the $99 fee and linking to the Get Sponsored area. The Get Sponsored area (that's what I'm calling it for now, anyway) should be members only to lessen the chance of some non-Quirk just running off with the idea.
Sponsorship should set aside maybe 1/2? of the idea creator's profit to be divided among those funding the submission, dependent on how much was funded. I imagine a system where the rest of us could sponsor a flat amount of $10 or more (increments of $10), so something like $10, $20, $30, etc. until the idea submission is funded.
The only real problem I see is if the idea is not selected in the first round. Who pays the $10 to resubmit. One possible solution is to fund not $99, but $119. This gives the idea up to three tries to make it in. If the idea makes it on the first try, for example, the additional submission fees ($20) would be split evenly back to the funders along with their earnings.
I have some earnings sitting around just waiting for something like this. -
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I’m
excited woohoo!
I like this whole thread. Yes, more validation, mo betta. Maybe there is some exclusion for those who "invest" in submitting an idea such that it already confers a vote for the project, and you get one less vote for all the other projects (i.e., you lose a vote for project selection, but you gain more influence if your sponsored project is selected)...
I also like Joe's ideas of a "Get Sponsored" holding area where members can choose to invest in the idea, and it doesn't get entered for the project submission period until the full amount is covered. I also like the concept of building in a re-submit cushion.
Maybe the ideator has to at least come up with $25 of the submission fee, and the rest is up for investment, but only the investors get a portion of their money back if the idea doesn't move forward (the ideator does not get a refund, just as for paid-in-full ideators)? Just thinking out loud here...
I do love the idea of giving someone in a developing country with a great idea but no cash to submit it a chance to do so... or maybe a younger kid!
I would pay either from earnings on in cash (I currently have no earnings from quirky, but I've got a little cash that I'd be happy to invest in a great idea). -
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I’m
thankful
I'm sure no one would be willing to pay their part unless you show them your idea/video/photos before going forward with this, they need to believe in your idea first. Anybody can pay the $99 for you. Also need to know how much percentage is being divided and what if you win only one challenge and never make another hit? It's a gamble and LOTS of people want to be a part of your idea and to join you as a "frontrunner".
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You'd definitely have to share the idea with possible funders in a closed environment. I'm not sure what you're saying on the rest of it. I would assume that the percentage you get would depend on how much you put in towards the $99 submission fee. It wouldn't matter if it was a one-time hit, because the people helping fund the submission are only funding the one idea. It's really a small risk if I fork over $20 to help submit a great idea and that gets me 20% of the submitters ideation influence.
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I’m
unsure
I find this idea intriguing, but there is an underlying aspect that has me concerned. Let's assume someone has very limited financial resources so they go this route to gain funding. Turns out their idea is top-notch, gets made and sells like crazy. Unless I'm reading this wrong, they now are compelled to share the fruits of their idea with a handful of people who could afford it and decided to chip in a few bucks. This doesn't seem right to me as it essentially punishes the originator for being poor. However, if a cap were put on the ROI (say double the amount contributed), or if the payout were only in the form of Credits on the site, then this scenario could be averted entirely.
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I’m
happy
I disagree with Ken. I think this is anything but a punishment to the poor ideator. To the opposite, if this peer to peer financing isn't available, people with little money would really hesitate to submit their brilliant ideas, and miss out on the chance to realizing their idea and maybe make some money.
I suggest that we make the sponsoring system very flexible, so an ideator can choose what proportion of the submission fee he/she want to be sponsored for, and how much share will the sponsors get in the product influence for each dollar they provide in sponsorship. This way, if a product idea is really brilliant, the ideator can choose to give the sponsorship less influence, but the sponsors will still help him/her, just to be able to earn more influence on a product with great potential. Or, if a idea is just average, than the ideator would want to give more influence to the sponsors for every dollar they pay to attract more sponsorship.-
I agree. Wayne Gretzky famously said "You miss 100% of the shots you don't take." I've worked with hundreds of inventors who, had they ANY opportunities like Quirky, would gladly share in some way... compare 100% of nothing with even 20% of something. This encourages product developers at low levels of income and well as newbies to play... small successes often lead to bigger ones. Very few will make decent money on one product... I see this as a way to submit more or subsequent ideas for development, new additions to product lines, etc. I also agree with Priya about enabling _really_ poor people -- communities of customers I work with -- to use Quirky... or something like it. If Q don't do it, somebody will... eventually.
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I’m
glad we're making submissions more affordable!
1Our submission fee change from $99 might solve this problem... what do you think?
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This problem, if it was really one in the first place has been solved! Well done quirkteam on making your platform and opportunities more accessible to everyone!
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Jessica, lower the submission fee would definitly help. If it is $49, I'd probably have submitted one or two ideas already. Two of the ideas in this week's submission are extremely similar to some of the things I've been thinking about.
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The submission fee has been lowered to $10.
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Yes, the submission fee is $10 as of Monday 8/31.
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I’m
unsure
That's great! Is it going to stay this way? Or is it a temporary discount?
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It's here to stay.
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How long the discount will last?
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It's not a discount. It is the new price.
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$10 is here to stay! We'll also be launching "brief-based" rounds in a few weeks, with free submissions. To learn more about all our upcoming changes, be sure to check out slides and video from our last Town Meeting: http://aquirkyblog.com/2010/08/quirky...
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