FHS Business Accelerator in a box is an intuitive collaborative platform which connects the entrepreneurial ecosystem to enable Early stage startups create demonstrable/validated assets of their business and pitch to potential investors.
Our growing network @ www.first100sales.com are committed to support all Early Stage startups with Mentoring, Funding & Goto Market services.
We have started few months back with a vision to support Entrepreneurs who are committed to solve the problems in India & around the world.
We currently have 3 start-ups who have received term-sheets (Can't disclose names till funding). Get in touch firstname.lastname@example.org for more details.
Few Key Benefits
It's simple: a vibrant entrepreneurial ecosystem and Intuitive & Collaborative technology platform
High Level Process Map
When you submit your Idea, there is always this fear that your idea may get stolen. Well in fact you should not fear such a thing, because as you will see, it is simply impossible.
No one can steal the inspiration behind your Idea.
Once you have a idea you want to submit on Fhsidealab remember that you are the one who came up with it, thus you are the one who is capable of taking your idea to the next level. It’s not a matter of knowledge, it’s a matter of inspiration. Your inspiration that got you this idea will definitely inspire you to improve it and overcome obstacles and challenges you will face. So the next time your idea is stolen, remember that the one stealing it is actually stealing only a small part of a thought that you have, and that is definitely not enough for someone to turn that idea into a success.
Passion is what drives you towards a successful campaign. Although it’s rare, someone can still steal your idea and succeed in it. However, when they come to compete with you, they can’t because you love your idea; you’re the parent and it’s your baby. Nobody can love and take care of a baby better than his/her mother, and the same for ideas!
The “inner-ego” of people is what protects your Idea.
People who find your campaign will think for a moment of it and then their inner ego will come and whisper to them: “Hey, I have an idea of my own, why work on someone else’s idea!”
Not all people are doers.
Now that leaves another group of people who do not listen to their ego and happen to take a look at your campaign. That’s not a problem too. You have to keep in mind that not all people are doers. In fact, you have to always think that at least 10 other people like you thought about your idea but none of them did execute, which is why you don’t know about them (the ideas)! So, many may fall in love with your idea but none may actually execute it. This is why when you submit your campaign description, you are asked to clarify why you are the perfect fit for executing your campaign. Now being a perfect fit implies that you need to have the passion, the time to execute, expertise, know how, etc. and that’s not something anyone can steal or easily replicate.
You are way ahead than those who may think of stealing your Idea now.
This idea did not start the moment you submitted it on Fhsidealab. Of course you have thought of the execution process, revenue model, product design if any, the execution team needed, etc. The fact that you have thought of all these and perhaps prepared some of them and you are now set to receive funds, puts you in the lead. So by the time someone else thinks that he wants to steal your idea, you may have started executing or even launched!
Your unique execution is the winner.
Competitors are everywhere, but what makes only one idea stand out is its execution. No one can replicate the way you will execute it because you will not mention all details on Fundlined and even if you did who will be able to replicate your way of thinking? Execution is a matter of decision making, time planning, team forming, contacts you have, etc. Can someone get all these together just exactly as you? Absolutely no.
No one can steal your luck.
Eventually, luck plays a major role in people’s lives. Think of things in this way, if you were lucky enough to get crowdfunded, then it is meant to be! Even if people did try to steal your idea will they be lucky as you?
So what if someone steals your Idea, they’ll be helping you spread the word about it.
Suppose for a moment that someone stole your idea, got lucky with funding and executed it. What do you do now? You simply put a foot-on-foot and lay back while your competitors spread awareness about your and their product for free!
Your unique execution is the winner.
Competitors are everywhere, but what makes only one idea stand out is its execution. No one can replicate the way you will execute it because you will not mention all details on Fundlined (FHSIdealab) and even if you did who will be able to replicate your way of thinking? Execution is a matter of decision making, time planning, team forming, contacts you have, etc. Can someone get all these together just exactly as you? Absolutely no.
Entrepreneurs - Startup experience building, selling, and raising capital..
CXO - C-level executives with General Management experience.
VC/PE & Investors - Professionals with investment background.
Yes you can & we can facilitate in the process. But first you need to understand few things.
In basic terms, licensing means taking your idea, your “intellectual property,” and giving someone with a lot of powerful resources the privilege of using it for a price. You set the terms by which you extend this privilege. In return, they give you a rent check four times a year. This is also known as a “royalty” check. These quarterly royalty checks, and sometimes one-time advances on future royalties, are the means by which you will generate income when you license your products.
A common royalty rate for consumer products is quite often 3-10%. Now you may be asking what is that 3-10% of?
It’s 3-10% of the wholesale price, not the retail price. So if a product sells at Wal-Mart for $20 and Wal-Mart buys the product for $10 from the manufacturer, then you would receive 3-10% of $10 for each unit that is sold. So if you think your product is going to retail for $20 and wholesale for $10, you can calculate your royalty based on the number of units you think the manufacturer can sell each year.
It’s going to be advantageous to license products that can do large volume as opposed to small volume. The beautiful thing about licensing is that a major manufacturer can invest far more money than you ever could in a project and sometimes sell millions of units. These royalties can really add up if you team up with the right manufacturer. So if you have ten ideas and you’re trying to figure out which one to work on. Go with the high volume one rather than the low volume one. More than likely it’ll mean the same about of time invested in closing a deal, but reap much higher financial rewards.
This is common question that requires a several part answer.
Not all Product idea can become a Business. . . .
Many product ideas can become great features in existing well known products. They can also become complementing products to existing established product lines
Regarding your level of ongoing involvement . . .
When you license a product to a manufacturer they’re going to advertise it, market it, manufacture it and put their money into the project. So you don’t need to raise money or run a company. That’s a pretty big plus!
Regarding distribution. . . .
Another great benefit of licensing is that the manufactures you’ll be contacting already have a network of retailers that they can plug your new product into. If you start a company on your own, not only do you need to raise money to start the company, you have to start from scratch and make new relationships with retailers so you can get your product into their stores.
This can be a problem since most retailers don’t want to deal with one-product companies. Retailers want to deal with companies that have ten, twenty or even hundreds of products. Many retailers don’t take one-product companies seriously and are very concerned that you’ll have enough cash flow to deliver on a consistent basis and on time. When you license your product, the manufacturer will already have those important relationships with retailers, so all they have to do is plug your product in.
Regarding money. . .
Then of course there’s the money issue. When you start your own company and manufacture a product on your own, you will most likely need hundreds of thousands of dollars to manufacture market and distribute your product even if your product only cost pennies to manufacture. You need big money to market, advertise, distribute, manufacture and pay employees or contractors.
Time. . .
If you have two to four hours a week, you have enough time to license your products. You can have a full-time job, a business or be very busy with family affairs and still find the time to license products.
If you start your own business and manufacture a product on your own, you’re tied into that business for a bare minimum two years. And if you want to be successful, you’ll need to work eighty-hour workweeks if you’re serious about getting your product out there and onto store shelves.
When you license the product, the manufacturer handles everything that’s required to run the business, so you’ll have the free time to go about your daily life. Hopefully you’ll spend some of that free time working on licensing your second product so you can have a second royalty check coming in.
Now we’re not saying you can’t start a company and manufacture a few thousand units. The problem is you most likely will not be happy with the small profits you make and other manufacturers will get the upper hand on you if you don’t get your product out in a big way and be first to market. When you license your product to a manufacturer, they will have financial resources you could never have. Also, they may have ten, twenty or even thirty years experience in the industry of your invention. That’s a good combination, and that’s the power of licensing and teaming up with a big company!
With licensing, your licensee (the manufacturer you rent your idea to) invests all their money and takes all the financial risk. If for some reason they don’t perform, you get your invention back and you can then license it to someone else. There is way, way, way less financial risk when licensing a product than when manufacturing and marketing a product on your own.
It’s very rare that a company rips off an independent inventor. There are a few reasons for this. One reason is that companies in general don’t want the liability and financial damages they would incur if you can prove they ripped you off. Also, they don’t want the bad press. What company would want a news story about how they ripped off an independent Inventors idea to show up in the paper? No company would want that!
Now, does that mean inventors never get ripped off? Of course it does happen from time to time. However, if you’re knowledgeable about creating a paper trail, by using tools like an inventors notebook and provisional patent applications to protect yourself, you can dramatically reduce your risk of having a company steal your idea.
Even if a company does steal your idea, you can quite often negotiate with them to receive a royalty or some sort of compensation. The last thing you want to do is end up in court. Taking a case to court can be very, very expensive.
Big companies are actually more afraid of you than you should be afraid of them. They have more reason to be paranoid about being falsely accused or sued than you should about them ripping off your idea.
No, no, no! Don’t make this mistake. This is a false assumption. Patents are very expensive. It’s important to get some green lights before you spend significant amounts of money.
Getting a patent is positively and absolutely not the first step. You need to do a market search and several other things first, before you file a patent or even a provisional patent application which by the way only costs $110 and not the thousands of dollars a patent attorney is going to charge you to file a full utility patent.
You need to figure out which manufacturers you’re going to approach with your idea before you start filling patents and actually call them to run your idea by them. Some of the manufacturers you will approach may have been in the industry of your invention for 10, 20, or even 30 years. Their feedback is like gold. Get this critically important feedback from manufacturers before you invest any large sum of money. Can you imagine investing $2,000 in a patent just to find out that nobody’s interested in your idea?
Get a provisional patent application. This allows them to say patent pending for a full year while they try to sell their idea. It’s kind of like a temporary placeholder. It’s not a patent and you need to upgrade it within one year to a full utility patent. However, if no manufactures are interested in your invention, you can abandon your provisional patent and you’ll only be out $110 instead of $2,000. so the provisional should give you the protection you need while you pitch your idea to potential licensees.
Well, there are many tricks you can use to sell your invention without having to have a prototype. The most important thing you need to realize when you’re licensing a product is that you’re not selling your patent and you’re not selling your prototype. You’re selling the benefits of your invention. So what do we mean by benefits? Here’s a few examples of one sentence benefit statements. “A hammer that hits nails straight every time.” “A ballpoint pen that writes twice as smoothly.”
These are examples of statements in your Idea. You can use these benefit statements along with drawings or pictures to sell the benefits of your invention.
Quite often you can cannibalize or cut up a bunch of products that you buy at your local store. You can glue them together or attach them in whatever means necessary. Now, the prototype may not look that good in real life but if you take a picture of it from just the right angle it looks like a fairly finished product that will relay the benefits of your invention in your sell sheet.
For example, if you have a new backpack design, you could buy a backpack at the store and cut it up to make your prototype. Or maybe you have a new kitchen bowl. You could cut up two or three different plastic kitchen bowls and glue them together to make your prototype. Do the best job you can and with proper lighting you can make it look real! The beautiful thing about this is that your prototype doesn't even need to work. It just needs to look like it works in the picture.
There are also many other methods you can use of course to fake your product in a sell sheet.
You see, the most important thing is that you relay the benefits of your idea, not that you have a perfect working prototype. Quite often the manufacturer can look at your Idea page, see the benefits and say, “oh, yeah, sure we can make that”. So don’t waste your hard-earned money and time creating a prototype when it’s not necessary. Now sometimes it is necessary to build a prototype. If the manufacturer is sincerely interested in the benefit of your invention and they want you to make one, they’ll still be interested two weeks or sometimes even two months later if you let them know it will take you a while to make a prototype. But at least you’ve got some interest. You don’t want to spend $5,000 on prototype just to find out no one is interested in your invention. You won’t be able to play the licensing game very long if you’re dropping large amounts of money on prototypes. Spend you money carefully and after you get some green lights.
You really don’t need any experience in sales or marketing to license your own ideas. What it comes down to is that no can be as excited about selling your ideas as you!
You don’t need a background in sales or marketing. If you use common sense and take small steps every week towards your goals, you will get acceptance or rejection from manufacturers/Early adopters about each of your ideas. The most important thing is that you need to make those phone calls. Don’t play with your prototype forever or spend large amounts of money with patent attorneys. The truth is that you want to spend at least half your time calling companies and getting feedback. It’s all about making contact with manufacturers and going for it!
You need to be very wary of companies that are one-stop shops and claim to do it all for you. If you want to read about the horror stories of invention promotion companies and how they empty inventors wallets.
Realize that no one can be as excited about your idea as you. Find those people that can advise you, however realize that you need to be the one in charge coordinating the project. You can’t just hand your idea off to a company and expect them to be excited about selling your idea. We teach you how to fish, rather than fishing for you. We empower and support rather than make big promises and empty your wallet.
Well, first off don’t make a patent attorney the first person you talked to when working on a new product idea or invention. Here’s the problem. What is a patent attorney selling? They sell their services. And their service is to write a patent for you and fight with the patent office to get all the claims that you want in your patent.
Don’t make your patent attorney out to be something more than they are. Most patent attorneys have never brought a product to market and know little to nothing about licensing or commercializing inventions.
Many patent attorneys are good people and very intelligent. However there are quite a few that will tell you that you have a great idea the matter what it is. You see, they want to get that ten grand out of you for writing a patent. So please, don’t ask a patent attorney if you have a good idea. Asked them better questions like this. “I have done some research (show your research of prior patents and similar products you know to be the in the marketplace), is this invention patent-able?”
Another tip for finding a good patent attorney is to find one that is practicing in the field of your invention. For example, if a patent attorney specializes in toys and you have a new silicon wafer technology, well. . . .that might not be the right match. Take a look at their work and see if you’re impressed with the quality of their patent writing skills.
Our goal is to build a holistic platform for entrepreneurs-- one that helps Validate Business Ideas & Assumptions, Streamlines Fundraising, ease legal & accounting hassles & Build predictability in customer acquisition process.
We need your support to make our dream a success. Mentor enables Entrepreneurs to open blind spots & think Business the right way by dedicating their precious time.
To know more about what are the benefits to mentor @ FHS check the Engagement model
Entrepreneurs - Startup experience building, selling, and raising capital.
CXO - C-level executives with General Management experience.
VC/PE & Investors - Professionals with investment background.
Whatever works best for you and your startup; mentoring sessions can happen anywhere - coffee shops, Skype, their premises, your offices, FHS platform or on phone call!
Yes. Startups are free to select multiple time slots available on Mentors calendar. (facilitated by FHS platform)
FHS takes fees for providing startup services, commission of 2-3% on funding amount & 2% equity in the startup.
We focus on IT (SMAC/Consumer internet/ecommerce) ,IOT, Renewable energy, Biotech , Food & Beverages , Education & Healthcare, Finance (Tech),QSR.
No. Only when you 'Connect' with an Idea you are visible to connected Startup. You can even comment as Anonymous or write in Private.
You get notification on verified startup idea by the Admin based on your preference(city, domain, stage). You can rate & comment on the idea on various parameters.
You can also answer the Hunches & Queries posted in the idea.
The Entrepreneur can also book 2 mentoring session with you at a mutually agreed date & time for Free (F2F or Online)
(THE PLATFORM IS COMPATIBLE WITH ALL DEVICES. SO YOU CAN ACCESS ANYTIME, ANYWHERE)
The platform is free to use. When Startups reach a level of maturity we denote by 'Startup readiness index'. We then invite them to work with them closely to help them get funded or with Goto market service, where we take equity.
3% we take from Entrepreneur. 1.5% goes to Mentor & 1.5% to FHS
For more details please see the Engagement doc