WHERE DOES YOUR ENTREPRENEURIAL ECOSYSTEM FIT IN THE WORLD?
Entrepreneurial Ecosystems can be large, spanning an entire region or small, such as a single incubator/accelerator. These smaller micro-ecosystems can energize the larger ecosystem as a whole, and several of these micro-ecosystems may even be joined together.
Sometimes one great ecosystem can inspire other ecosystems to be even better. The right ecosystem leaders can be the catalyst that makes the magic happen. In any ecosystem , the most important thing is a large, diversified and engaged community of educators, mentors, entrepreneurs, investors, and government stakeholders. No ecosystem has everything they need, that’s where cross-ecosystem resource sharing can make a difference.
SOME QUESTIONS AND ANSWERS ABOUT OUR STARTUP IDEA BANK
(CLICK HERE IF YOU HAVE ANY OTHER QUESTIONS.)
(CLICK HERE IF YOU HAVE ANY OTHER QUESTIONS.)
Why was the Startup Idea Bank created?
We have seen so many great teams with bad ideas. Over the years we have met many awesome teams who are great at execution but they are just chasing the wrong idea. Usually the companies are doomed to fail eventually because they have no clear distribution strategy (it cost them more to acquire customers than they will ever earn), weak ineffectual property protection (no patents), or a product/service that just has no market. Or worse, a market that will not pay enough to sustain the organization needed to support it.
The Startup Idea Bank was created as away to allow great teams to open their minds and take a “journey” to explore some new ideas that may be a better market, investor, and team fit.
Ideas are everywhere... What makes these ideas so special?
If you talk to anyone for more than a few minutes you will probably hear their great idea for a new business and how it will be the next Unicorn. All is good until you press them for some of the essential elements to really move the idea from something in their head to something that a good team can get on its feet and present to investors so they can secure even seed financing.
That’s what makes the Startup Idea Bank different… Each idea includes a name, an eight-word (or less) tag line, target market designation, a clear target user need stated as a question, idea description, distribution plan (how to attract customers -> deliver the product/service -> receive revenues), moat (what will keep competitors away? Example: Patentable innovations or locked up distribution), a URL plus additional notes to better clarify the idea. All you need to do is add a team then launch.
But maybe the idea does not resonate with you and your team. No problem, there may be some small element of an idea that provides just the right fresh insight that moves you and your team closer to a fundable concept.
Isn’t the company team the most important thing?
There are many teams just working on the wrong ideas. Products and/or services not really targeted to real user needs. The team hits all their development deadlines but then the product dies in the market.
Are these ideas free?
No. To see the ideas, you will need to sign a one page “5-5-5 Licensing Agreement”. The core of this agreement is that we own an undilutable 5% of your company and in addition, after 5 years you will pay us 5% of your monthly gross revenues. If you do not use one of the ideas then you pay nothing. It’s free to take a look. You only pay us if you use one of the ideas.
What if I already have one or more ideas in development that are the same as one or more of the ideas in the Startup Idea Bank? Do I still have to pay you according to the "5-5-5 Licensing Agreement"?
We totally understand that you may have ideas in development. You should disclose those as an attachment to the “5-5-5 Licensing Agreement”. Then you will owe nothing if they are the same as any in the Startup Idea Bank. As additional proof you have an idea in development please include a few of these: your initial start date, web page, internet URL, copyright, trademark, patent, web service, printed material, ad, Press releases, or press coverage. Any of these will would serve as evidence that you already have a materially similar idea in development.
Does the Catalysts Guild offer anything more than just the ideas?
Once the spark of the right idea flashes, building companies is very leader and team dependent so there are no guarantee of Catalysts Guild support of any type. That said, the “5-5-5 Licensing Agreement” gives us great incentive to support entrepreneurs executing our ideas. That support could come in many forms including but not limited to mentoring, funding, making crucial industry introductions, and making additional team member recommendations.
What is the entrepreneur’s responsibility related to the Startup Idea Bank?
The entrepreneur’s responsibility is to follow the terms of the “5-5-5 Licensing Agreement”. The entrepreneur is totally in charge of all aspects of running the business as they see fit. All decisions are solely those of the entrepreneur. The relationship between The Catalysts Guild and the entrepreneur is only licensor/licensee unless the entrepreneur decides to add Catalysts Guild funding, mentors, or board members.
Will the Catalysts Guild fund the startup and operations of companies based on ideas from the Startup Idea Bank?
Building companies is very leader and team dependent. There is no guarantee of any type that the Catalysts Guild will fund companies based on Startup Idea Bank concepts. Founders will need to show they can move the idea from concept to the real world and add their own special perspective. That said, the “5-5-5 Licensing Agreement”. gives us great incentive to help entrepreneurs secure the funding and other resources they need to launch, build, and grow the business.
Since this is a non-exclusive arrangement, I assume other entrepreneurs are looking at the business ideas. What keeps more than one organization from developing the same idea?
Two entrepreneurs will probably not choose the exact same way to develop and implement the same idea. They will each put their own personal mark on the idea. That said, if you find an idea that really sparks you and you plan to develop it, we would be glad to set up an exclusive agreement with you for the idea which would block others from developing it.
I think I saw this idea before somewhere... Why is it here in the Startup Idea Bank?
There are no less than a million business ideas floating around in the world. It would not surprise us if something similar to one or more of the ideas in our Startup Idea Bank is out there somewhere. Don’t worry, we have a wide range of ideas for you to explore.
What if I have an idea I would like to "deposit" into the Startup Idea Bank?
We do take “deposits” into our Startup Idea Bank. In fact, this could be a way for you to get involved with other entrepreneurs and make some money, too. Click Here to contact us and we will set up a time to talk with you in person to go over the details.