That sort of idea was most successfully implemented by a company called Quirky.com (https://www.theverge.com/2015/4/24/8488531/quirky-invention-powered-by-quirky). Quirky got a ton of investment and grew very quickly. I had meetings at their office several times, and it was a really fun environment, with prototypes everywhere. They even had a partnership with GE, to help bring some of their IP into reality. However, they ended up making some bad decisions and they went bankrupt in 2015.

Other companies have tried the same thing and also failed:
http://assemblymade.com/
http://applits.com/
http://amysampleward.org/2009/11/13/ideablob-says-goodbye/

However, Quirky.com has just re-started without much fanfare a couple months ago (see: http://aquirkyblog.squarespace.com/home/2017/3/getting-primed-for-relaunch), so you can check it out and start using the platform again if you like.