Summary: Are you more of an “ideas person?” Do you have great business ideas, but no time or funding to pursue all of them? A new service at SubmitBusinessIdeas.com allows you to submit business ideas and collect 15% profit if the idea is selected, developed, and proves to be profitable.
First of all, a quick disclaimer – SubmitBusinessIdeas.com is a new site run by a client of mine. I don’t often talk about my clients and what they offer on my blogs, but in this case I felt it was highly relevant to BizAmmo.com readers.
What is SubmitBusinessIdeas.com?
In short, the service allows you to submit business ideas via a simple online form. If your idea is chosen (they expect to develop 2 – 5 business ideas monthly), you’re idea will be contracted (which means you won’t be able to pursue it on your own at that point). When an idea is contracted, SubmitBusinessIdeas.com develops and runs the business. They take on all legal and financial risk and marketing responsibilities. You’re basically hands-off in the process–it’s not actually your business, and you have no ownership, management, or other role in the business. They may ask for your input during development, but you don’t have to make any kind of commitments. In exchange, you get a portion of the profits if it proves profitable.
What do You Get?
If your idea is developed and turns a profit, you earn 15% of profits for the life of the project.
What if They Don’t Choose Your Idea?
They estimate that you’ll know if your idea will be developed within about seven days. You’re still able to pursue your idea independently until contractually obligated not to (according to the site founder). That means if your idea doesn’t get chosen, you can still opt to pursue it on your own later.
Submitted business ideas are only published publicly on the site after they’ve been developed (so this isn’t a public ideas bank where others could see and pursue your idea because you submitted it).
What are They Looking For?
It’s important to note that, at this time, they’re only accepting business idea submissions from U.S. residents. While they’re open to considering business ideas of all kinds, online business ideas are preferable.
Who’s Behind SubmitBusinessIdeas.com?
One of the service’s founders has been a trusted client of mine for a few years now. In short, the folks behind SubmitBusinessIdeas.com are highly experienced in launching successful Web-based ventures, with a team at their disposal to get some business ideas up-and-running in as little as a week (depending on the idea of course). In addition to that, the founders collectively have over 40 years of business experience (online and off).
Suggestions / My Take
I submitted a business idea of my own today to test it out and make sure the form was working and everything before sharing it with you. I’m happy to say the process was smoothe and simple. My only suggestion would be this:
Before submitting a business idea, make sure it’s one you really aren’t likely to pursue on your own. If your idea is contracted, you can’t simply change your mind later, so don’t submit ideas you aren’t willing to give up independently. Other that that, give it a shot! Why not find a way to profit from those business ideas you can’t pursue on your own?
wow very cool stuff. %15 for life is pretty damn good for simply having the idea. I know some people who would love this just because they have so many ideas, most of which they will never pursue.
What type of insurance that the idea is not stolen?
Copyright transfer, etc.?
Like when discussing business ideas with any type of partner or consultant, I guess that’s just a risk you have to take. Ideas cannot be copyrighted, so a copyright transfer would be irrelevant.
If they decide to use the idea, it would be contracted, and after launch they said they’ll be noting it on the site itself (so if you found the idea launched without having a contract after those 7 days or so, you would obviously know there was a problem). Personally I know folks behind it, so I trust them, but I certainly don’t expect everyone else to have that built-in up front.
Then again, that’s why I suggest not submitting any idea you’d realistically pursue on your own to begin with.
An intriguing concept. I don’t hold out for making a fortune on the 15 percent return on profit angle, however. We known half of ordinary businesses fail a year after starting. We also know startups rarely turn a profit, except when sold. We also know most original concepts are gone, leaving the remainder of companies to be plays on existing services; the reason we have a bazillion Twitter-like services, Flickr-like services, etc.
As for patents, you need only move from idea (which can’t be patented) to product or service – a process that could involve as little as creating a Web site, developing a business plan or starting an LLC. (Note, I am not a lawyer, so no legal advice should be implied.)
True in that many fail, and that there’s no guarantee there will be a profit (there’s no guarantee even if the person started it themselves). But a lot of people with great ideas don’t have the ability to make them happen. For example, they might have a new idea for the next social media tool, but they can’t program something or afford to hire someone to do it. This at least offers a chance that a team of developers (with years of experience launching successful ventures) will get behind the project – better (at least in my eyes) than sitting on the idea, waiting for someone else to have it and pursue it, and then spend your time whining that you had the idea first.
Hi,
I have excellenet advertising idea, but I am Indian citizen, please let me know how i can share it and get paid for it.
Thanks,
Sagar
You cannot get paid for your business ideas through this service unless you are a U.S. citizen currently. To get paid for your ideas in India, you will need to see if a similar service exists there, or you will need to pursue the business idea yourself. Sorry.
Jennifer,
Your explanation made sense. But I was confused by their terms and condition statement:
“By submitting your business idea (“Idea”), you relinquish ownership and control over your Idea. Your Idea is now ours and cannot be used by you to create a business”.
It seems the moment you submit you lose ownership, irrespective of whether your idea is selected or not.
Am I interpreting their terms and condition wrongly?
I asked him about that previously, and he assured me that people only lose the right to pursue the idea themselves if and when the idea is actually contracted.
Hi
If i am interested in giving my business ideas how to go about it Dhwani
Hi,
I am just wondering why this geographic apartheid when a business idea can be generated by anyone on the planet. I am from India and believe that I would also be able to contribute to this program.
it is easy to get Business ideas, just look for a product or service that has demand and fill it*,: