The Intellectual Property Assets
Quirky was a socially developed product company founded with the vision of making invention accessible. The company’s 1.1 million community members included thousands of product influencers who ultimately shared in the financial proceeds of product commercialization. The company sourced ideas for new products through the quirky.com community and its employees. Any of Quirky’s community members could become influencers by submitting new ideas or refinements and helping to determine which products Quirky would ultimately bring to market. Community members who submitted ideas that were then developed and influencers who contributed to those ideas shared in royalties based on product sales. Quirky brought game-changing products, such as Pivot Power and AORS Smart Air Conditioner, to the marketplace through interaction between its active online global community and its design staff.
Hilco Streambank’s Role
Hilco Streambank marketed the company’s intellectual property assets, including patents and patent applications, trademarks, the Quirky inventory platform, domains including quirky.com and proprietary software.
Hilco Streambank Closed the Deals
We solicited bids and ran an auction process involving more than ten bidders, resulting in proceeds of more than $4.7 million to Quirky’s chapter 11 estate.