Today Quirky announced the appointment of Gina Waldhorn as President. This hiring is the first public signal of what’s to come for the invention platform that during its heyday employed over two hundred people and raised over $180 million, but was forced to shut its doors due to an unsustainable business model.
“We’ve been purposely flying under the radar, and working hand in hand with our community members to reestablish trust,” said David Hazan, Partner at Q Holdings. “That started with making sure we did everything we could to honor their ongoing royalty potential.” After successfully making the first payment of newly accrued royalties in 2016, the new Quirky team has shifted their focus to restructuring the business model, and creating a sustainable process for bringing community-led inventions to market.
“We’re currently working on updating the technology and user experience, and putting the inventor at the core of every decision we make,” said Waldhorn. Prior to joining Quirky, Waldhorn co-founded innovation boutique Evol8tion, where she helped brands like Nestle, Mondelez International, and Colgate-Palmolive identify and partner with early stage startups to solve business challenges. At Quirky, her role will foster a new kind of pairing between inventors and brands as Quirky makes a major shift to a business model which phases out manufacturing completely in favor of building brand and retailer direct relationships. This new model will bring more development and distribution opportunities to the community.
While Quirky is not yet releasing specific details on its re-launch plan, the site is live today with an active community, and receiving dozens of new invention submissions per month. The appointment of Waldhorn as president is a positive indicator that the lights at Quirky are indeed on, and potentially beginning to glow brighter than ever.