Quirky, an Invention Start-Up, Files for Bankruptcy
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Quirky’s offices in Manhattan. The company raised money from investors to develop crowdsourced inventions, but its ambitions outstripped its cash, and its assets will be auctioned in roughly 60 days. CreditSasha Maslov for The New York Times
Quirky, an ambitious crowdsourced invention start-up, which raised $185 million from investors that included General Electric and leading venture capital firms, filed for bankruptcy on Tuesday.
The failure of the company, based in New York, will surely raise questions about how far the crowd-based model of innovation and product development, made possible by the Internet, can go. Other companies are using crowdsourcing to make physical goods, from Threadless for T-shirt designs to Local Motors for automobiles.
None, though, were doing it as broadly and across as wide a range of products as Quirky…
Quirky, an Invention Start-Up, Files for Bankruptcy
