We’re the first ones to admit our royalty structure (which is called Influence on quirky.com) isn’t a simple one. That’s because what we’re doing isn’t simple – it’s groundbreaking. From the technology that divides – in real time – millions of fractions of royalties, to the community control of those royalties, we’re not your typical licensing company.In this blog post we’ll answer all of the basic questions around how inventors make money on Quirky and shed some light on the rationale and mechanics behind these economics.How does Quirky make money?As of 2016 Quirky operates under a licensing business model. We no longer manufacture, and thus we don’t sell products to wholesalers or retailers directly. Instead, our licensees or designated distribution partners are the ones manufacturing the products which come off our platform, and they sell those products utilizing our brand name to retailers.
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They pay Quirky a product royalty of 3% for the rights to manufacture the product for which Quirky owns the intellectual property. They also pay Quirky a brand royalty for usage of the Quirky brand name, which typically ranges from between 2-5%, depending on how the product is branded when it comes to market (fully branded vs. These royalties are where Quirky derives its revenue.How much of the royalty that Quirky makes gets shared with the Community?When a product is sold direct to consumer from Quirky.com, Quirky gives the full 3% product royalty to the community.
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The 3% royalty is on gross net paid revenue of that product. Gross net paid revenue means the retail price of the product minus discounts, allowances and returns.When a product is sold to a third party retailer who then sells it directly to a consumer, Quirky splits the product royalty 50:50 with the community. That means the inventor and those who collaborated on the invention are sharing a royalty of 1.5% of gross net paid revenue.
Gross net paid revenue means the wholesale price of the product minus allowances, and returns.How come Quirky gets to keep 98.5% of the wholesale price (when a product is sold via a third party retailer, e.g. Not from Quirky.com)?First point to address is that Quirky is not keeping 98.5% of the wholesale price.
As stated above, Quirky licenses all products to be manufactured and sold via third parties.