Big Idea Group’s Microbusiness Hunt Seeks Innovative Products for New Ventures
Winning inventors will receive royalties, plus equity stake in new microbusiness–the evolution of venture capital to invention capital
Inventors now can enjoy the best of both worlds: earning a percentage of product sales, plus owning a chunk of the business. Big Idea Group (BIG), an open source innovation company, announces the BIG Microbusiness Hunt and invites inventors to submit new product ideas for a chance to win a royalty and equity stake in the venture launching their product.
This double payout is rare in the world of inventing. Typically, inventors license a concept to a company and receive a percentage of the sales, known as a “royalty.” Alternatively, inventors take the product to market themselves, owning the business and bearing all the risks and responsibilities. By giving both royalties and equity, without requiring any cash investment from participants, BIG offers an exceptional double payout at no risk to inventors. This funding, which the company calls BIG Invention Capital, provides a twist on venture capital, offering a streamlined, effective means of taking inventions from envelope to marketplace in a matter of months versus years.
Best candidates in the Microbusiness Hunt will meet the following criteria:
- Solve a real problem and address a true consumer need
- Offer benefits that are easily understood by consumers
- Address a large, mainstream market-not a niche product
- Require limited time and capital to develop, produce, and market
- Go beyond just a raw idea-the inventor has done some designing, engineering, prototyping, etc.
- Offer good longevity and potential expendability
BIG will accept inventions now through March 31, 2010, when the first Microbusiness Hunt closes. There is no charge to enter, and inventors can submit more than one idea. Depending on the quality of entries, BIG might select multiple winners.
I have an idea and am looking into getting the prototype made at this point. I have already surveyed about 10-12 people and received postive feedback on the functionality and practicality of my product. It’s a product for people who bead/make beaded jewelry, so for the hobby/craft industry. At this point I have not found anything like it and it definitely solves a problem for beaders. I too am a beader and decided to put together my idea after years of dealing with disorganization and portability problems.