Here's a quick run-down of the process: You propose an idea. The Quirky product experts pick a weekly winner from all the submissions. Then the community exerts influence on the product design including name and logo. Quirky takes over again and creates 2D and 3D renderings. You pre-sell on the Quirky.com site and once the right number is pre-sold, your product goes into production. The best part is that you, Quirky and all of the influencers whose suggestions had an impact on your project, all of you get a share of the income.
Is it just me or does the influencer seem to have the best role here? I mean, you can actually benefit by never offering up a product idea, just by influencing the design and marketing of other peoples' products.
You can check out an index of current quirky projects. Or a couple of my faves in prior blog posts: Bendy power bar and Crafty Caps.