Quirky, the invention startup that burned through $200 million and went bankrupt, is back from the dead with a new business model
Quirky was founded in 2009 with the goal of "making invention accessible" by creating a platform for inventors to submit their ideas, which Quirky could then manufacture and sell. But the startup shut down in 2015 after filing for bankruptcy and agreed to sell its smart-home business, Wink, for $15 million.
Now, Quirky is back with new owners and a new business model, Axios' Dan Primack reports.
While the new version of Quirky retains some its former qualities - it's still a platform for inventors to share their ideas and receive royalties if the product makes it to market - Quirky itself will no longer manufacture the products. Instead, Quirky will license the products to companies like Shopify and HSN, according to Axios.
Quirky previously specialized in consumer products like electronics and home goods, and the new Quirky will do the same, according to Axios.
The startup's first real breakthrough came in 2010 with a bendable outlet called Pivot Power, an idea submitted by a college student named Jake Zien. Pivot Power became one of Quirky's best-selling products - in 2015, it had raked in more than $2 million for Zien and other community members who influenced its design.
Since its shutdown, Quirky has continued to add inventors to its platform at the rate of more than 100 per day, according to the company, and Quirky has seen more than 25,000 submissions to its site since 2015.
Quirky's founder and former CEO Ben Kaufman will not be involved in the rebirth of the company - he currently leads BuzzFeed's Product Lab - but he told Axios that he "hopes it works out" for Quirky.