openAdmin
09-12-2009, 04:45 AM
Big Idea Group (http://www.opensourcegroups.com/www.BigIdeaGroup.net)(BIG), an open source innovation company, announces the BIG Microbusiness Hunt . It invites inventors to submit new product ideas for a chance to win a royalty and equity stake in the venture launching their product without requiring any cash investment from participants.
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.
BIG's microbusiness contest and invention capital funding present a timely opportunity. According to Mike Collins, CEO of Big Idea Group, "In an economic period when big companies are slower to license and launch products, we've found that we can quickly get items to market through our own funding and microbusinesses. And do it profitably."
Collins defines a BIG microbusiness as "deliberately limited and highly targeted in scope. Our process is characterized by fast, lean development and outsourcing any function that isn't essential. Absolutely critical to success is feedback from consumers and retailers at multiple stages."
Leveraging its background and market connections in consumer product goods, BIG targets inventions in the categories of hardware, lawn and garden, pets, housewares and sporting goods. Best candidates in the Microbusiness Hunt will meet the following criteria:
1. Solve a real problem and address a true consumer need
2. Offer benefits that are easily understood by consumers
3. Address a large, mainstream market -- not a niche product
4. Require limited time and capital to develop, produce, and market
5. Go beyond just a raw idea -- the inventor has done some designing,
engineering, prototyping, etc.
6. 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.
More information on the BIG Microbusiness Hunt, including submission forms, can be found at the company's website www.BigIdeaGroup.net.
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.
BIG's microbusiness contest and invention capital funding present a timely opportunity. According to Mike Collins, CEO of Big Idea Group, "In an economic period when big companies are slower to license and launch products, we've found that we can quickly get items to market through our own funding and microbusinesses. And do it profitably."
Collins defines a BIG microbusiness as "deliberately limited and highly targeted in scope. Our process is characterized by fast, lean development and outsourcing any function that isn't essential. Absolutely critical to success is feedback from consumers and retailers at multiple stages."
Leveraging its background and market connections in consumer product goods, BIG targets inventions in the categories of hardware, lawn and garden, pets, housewares and sporting goods. Best candidates in the Microbusiness Hunt will meet the following criteria:
1. Solve a real problem and address a true consumer need
2. Offer benefits that are easily understood by consumers
3. Address a large, mainstream market -- not a niche product
4. Require limited time and capital to develop, produce, and market
5. Go beyond just a raw idea -- the inventor has done some designing,
engineering, prototyping, etc.
6. 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.
More information on the BIG Microbusiness Hunt, including submission forms, can be found at the company's website www.BigIdeaGroup.net.