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As kids, we had numerous toy inventions. One of my favorites was a simple paper airplane, with a string tied to one wing, and a penny taped to the other wing, for weight. Out in the yard, I could let out thirty feet of thread as I twirled the plane overhead. It would go into dives, climb into the sky, and I could even let it loose, just to see how far it would fly.
Electric para-sail. There are a lot of planes out there in the world of toys, but I haven't yet seen a small action figure flying along under a para-sail. There is more lift to a para-sail than the wings of a small toy plane, so a small electric motor with a propeller could fly the thing a long distance, and it should be very cheap to produce.
Toy catapult. A miniature catapult, with the power to throw a stuffed animal across the room. In fact, that might make for a good television commercial. It has to be easy to use, powerful but safe, and would be targeted (excuse the pun) to boys, ages 5 to 11.
Inflatable kites. If you've ever had trouble assembling a kite, or had a kite stick break on you, you can see the attraction of the inflatable kite. The rigidity required of a kite is provided by the air inside. No sticks necessary! Just blow it up and attach the kite string. Maybe someone has made these already, but I haven't seen one yet.
Irreverent super-hero dolls. "Big Fisted Ghandi" has fists the size of his head, "S & M Mother Theresa" comes dressed in leather and spikes, and "Santa Claws" has... well, you get the idea. Maybe this works better as a skit or bogus commercial, rather than as actual toys, but who knows...
Kite string travelers. With a stiff breeze you can fold a paper plate into a cone, around the string of a kite in flight, and it will be carried up to the kite by the wind. I don't think anyone has taken this idea and made it into a commercial product yet. A propeller that snapped onto the string would look especially cool as it climbed up into the sky, spinning.
Check back for more ideas for toy inventions.