How ieCrowd Works: The Development Phase
ieCrowd looks for and secures innovations which we believe have the potential to impact lives around the world. Because of the potential social, economic and business impact, we are highly motivated to succeed with each new innovation.
Once a new innovation is secured, it is placed into ieCrowd’s “commercialization platform” where we seek to efficiently and successfully develop the innovation until it is a product or product platform ready to be marketed. An expert team leads commercialization while ieCrowd's shared business infrastructure surrounds the team with business support. We also provide physical and capital resources to support the development of innovations.
Our development process is designed to address some of the common pitfalls faced by entrepreneurs and businesses trying to turn an innovation into a market-ready product – including lack of access to expertise, capital or other resources as well as the distractions from product development that come with the demands of building a business.
Key components of ieCrowd's "commercialization platform" include:
Product Development: ieCrowd understands that the development of each innovation requires specialized attention from technical subject matter experts such as scientists, laboratory technicians, engineers and programmers in order to succeed. These experts become the product development team members assigned directly to the ieCrowd innovation project. ieCrowd’s business infrastructure support (see next bullet) enables the product development team to focus exclusively on the development of the product platform, products and services.
Business Infrastructure: An important feature of the ieCrowd model is to provide shared business infrastructure so that product development team members can concentrate all of their efforts on technical product development. Central business support typically includes:
- Operations and product development support
- Sales, marketing and public relations
- Intellectual Property and other legal counsel
- Administration (human resources, finance, accounting)
Physical and Capital Resources: ieCrowd sets up a subsidiary company for each innovation (e.g. Olfactor Laboratories, Inc. is the subsidiary commercializing Kite). We supply each subsidiary with office space, laboratory space, specialized equipment, raw materials, supplies and other physical resources. ieCrowd’s senior management supports the cash and capital needs of each subsidiary.
Executive Leadership: ieCrowd’s senior executives assign a member of ieCrowd’s executive team to oversee the commercialization of the innovation, providing senior expertise and experience.
Our approach allows each of ieCrowd’s innovations to benefit from economies of scale that are a result of ieCrowd’s shared business infrastructure. We believe each innovation will be able to benefit from synergies and avoid duplication of effort through this system
Again, the centralized services we offer as part of our commercialization platform free the scientific and technical experts working on each innovation from needing to address the typical day-to-day business issues that often detract from product development. We believe this will enable us to more successfully, and more rapidly, unlock the social and economic potential of our innovations.