My colleague is monetizing our contributions and not compensating us
Since you published your idea in a paper, you must accept that someones else implements and uses it. Don't ever expect much credit here, outside of academia.

It would be different if they used your source or a patent (but either of which would probably belong to your university; but most universities have a procedure for compensation then to encourage you).

Of course you could talk to them, and it would be appropriate if they paid you some compensation e.g. in form of a consulting fee. Then you may be willing to share further ideas early with them.