Invention creation platform Quirky is headed to the dead pool, retaining a firm to help monetize its assets as the company embarks on a journey toward bankruptcy.
Quirky, which invited inventors to submit ideas that were then voted on by the Quirky community, profiled three top vote getters each week who then received backing to realize and then sell their inventions on the site. Community members who suggested tweaks that were then implemented into the product got a portion of the sales. Call it the democratization of product creation, giving the people what they want and not what they're told to buy.
Quirky has assets including several active and pending patent applications, registered trademarks here in the U.S. and foreign, the platform itself, and 130 domains including Quirky.com.
Quirky's product line consists of over 240 SKU's (products) in a variety of industry categories from small appliances to power supply devices and productivity gadgets.