An Introduction to Quirky

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Provides a brief overview and analysis of Quirky.com.

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An Introduction to Quirky

  1. 1. James PhelpsJohn BrisUWSMC – Feb. 15, 2012
  2. 2. Quirky is a social product development companyfounded in June 2009 by Ben Kaufman.As of September 2011, Over 100,000 users most ofwhom are college educated between the ages of 18-34, split nearly equally between men and women.Quirky has developed over 175 products.Quirky earnings 2011 - between $6-10 million.
  3. 3. How does Quirky work?
  4. 4. The 2 Parts of Quirky. Part 1: IdeasSubmit your idea - $10.00.
  5. 5. The 2 Parts of Quirky. Part 1: IdeasGeneral product evaluation for 30 days - this general evaluation is done by theQuirky community.
  6. 6. The 2 Parts of Quirky. Part 1: IdeasEvery week Quirky marks several ideas from the general round as “UnderConsideration”. If your idea is marked as “Under Consideration” it moves intothat week’s finalist round. For every idea in “Under Consideration” Quirkycompletes DMV (design potential, marketing potential, and viability) analysis.
  7. 7. The 2 Parts of Quirky. Part 1: Ideas1) Winning ideas go into development by Quirky team.2) Once the product is completed, pre-sales begin – if over 1000 unitspre-sold, product is manufactured.3) Winning ideas earn – 35% of community revenue for product which is30% from Quirky site revenue + 10% from Retailers.
  8. 8. The 2 Parts of Quirky. Part 2: Influence
  9. 9. Benefits of Quirky
  10. 10. So a company you are working with has a great productidea, but no funds to produce it.Big Benefit - Quirky handles all costs associated with bringing the product to market!Only costs $10 for 30 days on site
  11. 11. Say they have a great idea for a product for Earbud Cordmanagement for iPods, so the cord wont get tangled!
  12. 12. If your product is chosen, you get a Product Team
  13. 13. The Quirky Team & CommunityDoes your Product Research
  14. 14. Then your product moves on to theConcept Phase. The community comes up with numerous concepts for the product, And votes on them...
  15. 15. Like these, which everyone votes on...
  16. 16. and these...
  17. 17. and these...
  18. 18. 110 Concepts in this case, all with details
  19. 19. Then comes Product Designand again everyone votes...
  20. 20. Once The Design is Done
  21. 21. The CommunityHelps you Name it!
  22. 22. With 536 Choices...
  23. 23. The CommunityHelps with your Tagline
  24. 24. In Fact 255 Tagline Choices!
  25. 25. When your product goes on sale, you get a cut! s
  26. 26. Which can add up to a lot of money depending on your sales
  27. 27. In this case, the inventor would get $10,332(35% of the payout)
  28. 28. Drawbacks of Quirky
  29. 29.  Site is not yet able to generatehigh sales Most products generate less than$30,000 paid out to community Products mainly sold on website (also mentions retail &international) Can the site continue with thisamount of sales?
  30. 30. This was the highest payout found
  31. 31. Solution:Partner with other sites that have high traffic to increase salesIncrease retail sales at select retailersGet the site more well known
  32. 32. References:Alexa - http://www.alexa.com/siteinfo/quirky.comCBS News -http://www.cbsnews.com/video/watch/?id=16293222n?tag=bnetdomainWikipedia - http://en.wikipedia.org/wiki/QuirkyQuirky – http://www.quirky.com

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