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BIG Microbusiness Hunt
Hunt Guidelines
What do I send?
We are looking for submissions that communicate your innovation concisely and clearly. While less is not necessarily more, help us quickly understand key points. But it’s critical that you back up your claims that the product is innovative, superior to competitive products, executable, etc. If in doubt about whether to send something, just email us at Info@BigIdeaGroup.net with your question.
Please send us the following for EACH idea you submit:
- Concise Summary: Brief overview of your idea—2-3 paragraphs at most, encapsulating the major innovations of your concept.
- Detailed Description: Detailed written description of your innovation, addressing issues such as:
- Basics: What does your concept consist of and why is it innovative?
- Production: How is the actual product or product line made? Please provide as much information as possible about production of your invention—materials, dimensions, equipment needed, manufacturing process, plus design, look, and functionality.
- Extensions or next-generation ideas: How could the product line be grown into new products or for new markets?
- Marketing: Tell us whom you’re targeting, how, and why. Also sketch out the competitive landscape.
- Target market appeal: What is the target consumer market, how big is it, is it growing? Why will your innovation appeal to that audience?
- Competition: Who are the present competitors? How is your concept significantly different and better than the existing solutions?
- Marketing thoughts: How will the line be positioned, marketed, and branded? How will you communicate what the product is? What’s a realistic price?
- Retail assessment: Who is likely to carry your product and why? Is there a natural place for your product in this retail environment? How will it be displayed and packaged?
- Visuals/Diagrams/Photos: Send us any or all of the following, if you have it:
- Photos or a DVD demo of any prototype: DON’T send an original prototype unless we request it.
- Engineering drawings to show construction
- Design studies to show appearance
- Drawings or photos with callouts to indicate product features
- Any visuals of proposed packaging, branding, etc.
- Intellectual Property, Legal: We are interested in any intellectual property information regarding possible patents, trademarks, copyrights, etc. This includes IP you own or that others own that might present a conflict.
- Other Information: Other information that helps us get a better understanding of what your innovation is like and how it will be implemented is welcomed if it’s relevant and concise.
- Entry Agreement: One completed Entry Agreement. One agreement will cover all your entries, unless different inventor partners contributed to different submissions.
IMPORTANT: (a) Please include your complete contact information on every page and/or physical item you submit. (b) All materials submitted should be duplicates. We can’t return material, so please don’t send originals unless you don’t need them returned.
Who can participate?
This Hunt is open to both professional and amateur inventors. Participants under age 18 must have a parent or legal guardian complete the Entry Agreement and sign all agreements. Ideas created by multiple inventors are welcome, though you must indicate that on the entry form. Employees, immediate families, members of the same household, or affiliates and agents of Big Idea Group are not eligible to participate.
What does it cost to enter?
Entry is free.
How many ideas can I submit?
You can submit as many ideas as you like. You must submit a separate summary and description for each idea. However, one Entry Agreement will cover multiple entries if the contributing inventors remain the same for all submissions.
How will my idea be evaluated?
BIG will review the ideas based on the following criteria:
- How well it meets the Key Invention Criteria
- Marketability of idea (including perceived target consumer interest, uniqueness, proprietary position, competition, ease of communicating concept/benefits, initial potential, longevity, extendability, defensibility, price vs. perceived value)
- Stage of concept development (anywhere from sketch to prototype to final product)
- Development time, complexity, and costs
- Manufacturing issues and costs
- Legal issues and intellectual property
- Inventor (skill set, experience/history)
BIG will review ideas and might share some with a few consultants who agree to confidentiality.
What is the upside for winning ideas?
The winning inventor (or inventors) will receive a royalty, plus an equity stake in the microbusiness BIG forms to launch the invention. While royalties will depend on the idea, we anticipate a rate of 4-6%. The size of your equity position will depend on factors such as costs to develop and launch, revenue potential, and margin. We’re looking to quickly roll out our new venture, so you could be realizing returns by 2011. More than one idea might be selected by BIG. Note that BIG will take responsibility for developing and launching the invention with our own funds.
What is the submission deadline and where do I send materials?
Entries are due on or before March 31, 2010. (Entries must be postmarked by the deadline but can arrive at our offices after the deadline.)
Please mail your submission(s) to
BIG Microbusiness Hunt
Big Idea Group
175 Canal St., 5B
Manchester, NH 03101
Or fax to
BIG Microbusiness Hunt
603-641-5995
Note: Due to expected response level, WE CANNOT ACKNOWLEDGE RECEIPT OF YOUR IDEAS. If you wish to make sure that we receive your entries, please send your material by a delivery service that provides confirmation. We can’t be responsible for illegible, incomplete, late, lost, stolen, postage due, incorrect, misplaced, damaged or undelivered mail, notices, agreements, correspondence or other inventor materials. We regret that we cannot return any materials to inventors.
When can I expect to hear results from the Hunt?
We hope to reach initial decisions about which ideas are of interest by no later than May 31, 2010. BIG will contact submitters with ideas of interest. For competitive and confidentiality reasons, the exact nature of winning concepts cannot be revealed to the general pool of participants.
IMPORTANT NOTE
The Inventor must understand and agree that BIG is involved in the business of researching and developing many ideas for new products and that BIG may have previously received, or may receive, third-party ideas similar or identical to the Inventor’s idea (“Similar Ideas”) and that the Inventor’s participation in this Hunt will not in any way limit BIG’s right to use any such Similar Ideas as they deem appropriate and without any compensation to the Inventor.
Still have questions?
Questions regarding this Hunt can be emailed to InfoBig@bigideagroup.net. PLEASE REFERENCE THE NAME OF THE HUNT IN YOUR EMAIL.