How ieCrowd Works: The Discovery Phase
At ieCrowd, our mission is to unlock the potential of the world's untapped innovations and transform them into future global solutions. We believe there are disruptive life and health discoveries languishing in labs today that once commercialized could have substantial global impact.
Discovery is the first phase in how we identify and evaluate all prospective innovation projects. Choosing where to apply our time and resources is a critical phase. Because this first step is so important our discovery team has developed a methodical process.
There are four main steps in the Discovery phase: Identification, Pre-Screening, Due Diligence and Licensing. Here’s how they work:
Identification: ieCrowd’s Chief Discovery Officer, along with other executives, continually work to develop and maintain ongoing business relationships with key contacts in research institutions, businesses, NGOs and government agencies. It is mainly through these relationships that ieCrowd currently identifies innovations to evaluate for further development. Sometimes, individual innovators and organizations that have heard of our business will approach us.
Pre-Screening: ieCrowd reviews innovations using a number of guidelines. Is there a laboratory-demonstrated proof of concept? Has the innovation attracted significant prior support through private and public research grants? What is the potential global market? Would the innovation improve technologies already in the market? Does the innovation provide the basis for a technology platform that may lead to multiple opportunities in a broader market?
ieCrowd focuses on commercializing innovations that meet our mission of “doing good”. Will it have a beneficial impact on people's lives, their communities and our planet? From innovations addressing mosquito-borne disease to monitoring pollutants in the air, our focus is on innovations that may one day save lives and reduce human suffering.
Due Diligence: Innovations that have passed pre-screening must then go through our due diligence process. This screening is conducted by ieCrowd's Discovery Group, led by our Chief Discovery Officer and includes, among others, senior executives, IP attorneys and other subject matter experts as necessary. Our due diligence process is designed to investigate and assess an innovation's scientific and technical viability, global market viability, its legal and financial requirements and its potential social impact. If significant barriers to any of these are identified during the due diligence period that cannot be resolved to our satisfaction, ieCrowd will typically not move forward with the innovation.
If a potential innovation makes it through these stages, then we move into a licensing phase. If we are able to agree to terms with the licensee, then the innovation is officially under the ieCrowd innovation umbrella as a subsidiary and will move into the Development phase.
Licensing: Discovery is necessarily a very involved process which results in ieCrowd bringing on innovations we believe are most likely to succeed and make a difference. Many innovations will not make it through the process. This does not mean they are not worthy, but that they likely do not fit our model or meet our mandate as well as other innovation candidates.
If you are developing an innovation which you believe could be a fit for ieCrowd please let us know by visiting our Contact Us section.