Diamond Author
We need a new model for local innovation centers to spur on economic growth in the US, and we need to take this to on a micro-scale, at the municipality level. Let me explain such a potential scenario and you decide what you think.
First inventors and garage innovators need venture capital from companies specializing in this or from an angle investor, so I propose an incubator system within a large industrial building or aircraft hangar, where initially, the inventors and innovators would need their own capital for their prototypes, etc. But having such a program would attract investors, angels etc. which the incubator staff could introduce them. The "real" garage start-ups are often able to do a lot with very little.
And the incubator would assist them in their particular needs without getting in their way. They'd have a garage or space, with what they really need. In the garage spaces, these prototype innovators would need mild manufacturing capabilities; electricity and air for tools and basic fabrication for prototypes only and when they outgrew those needs, assistance in finding locations as needed could be provided.
What about intellectual property, that would be very important too. Thus, assistance in initial patent application filing USPTO for patent pending, perhaps International Patent, then assisting in locating outsourcing Patent Attorney for anything more, if needed, depending on circumstances. Since the basic patent will need constant modification as the prototype(s) get built, fail, crash and burn, or re-engineered, the basic filing is all we'd assist with, just getting it started. The incubator gets 2% of the concept for the efforts of the first six months.
Once the patent pending comes back, re-strategize with the innovator, inventor, and/or concept creating entrepreneur and creating the project plan, timeline, strategies, and put out feelers based on those strategies. For instance attached is an interesting personal tech device concept, we chose not to do. It might take a couple of days to do this while the new tenant is moving in. From there business plans in the "traditional" format are put together, then everything moves forward.
The program is an initial 6-months, after that there would be a re-evaluation; either discharge them for failure to meet or come close to the timeline if no progress is made, thus, assist in re-location. They may have also outgrown the incubator and need a bigger facility. Either way they will have met with potential investors, funding, or be close too it.
If progress is made the prospects look good, they are granted another six months for a re-negotiation, based on costs and needs; perhaps, an additional 1% -2% equity, plus money, or other. Based on what's needed, they might need 10 months more, 1-year. if it looks good and worthy keep going, if not, discharge and assist on helping table it, but still working to find buyer for technology, partners, corporate buyers, etc. Whatever seems appropriate or needed based on the reality of the market, sector, funding, ability of entrepreneur or innovator.
Please think on this.
About this Author
Lance Winslow is the Founder of the Online Think Tank, a diverse group of achievers, experts, innovators, entrepreneurs, thinkers, futurists, academics, dreamers, leaders, and general all around brilliant minds. Lance Winslow hopes you've enjoyed today's discussion and topic. http://www.WorldThinkTank.net. Have an important subject to discuss, contact Lance Winslow.
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