ByDarko Savic
A platform where crowdfunded bounties are paid to people who translate scientific papers for general public
4 years ago
5
Create newCreate new
Idea
Shubhankar Kulkarni Apr 15, 2022
Invest in ideators like you invest in stocks
Image credit: Photo by Karolina Grabowska: https://www.pexels.com/photo/hands-holding-a-10-dollar-bill-4968382/
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Originality
Is it original or innovative?
Feasibility
Is it feasible?
Necessity
Is it targeting an unsolved problem?
Conciseness
Is it concisely described?
Bounty for the best solution
Provide a bounty for the best solution
Bounties attract serious brainpower to the challenge.
Invest in ideators like you invest in stocks - not when the ideator has come up with a great idea but before they have any ideas that could be potentially big
Why?
- Ideators need money to even come up with an idea. They need to work on their idea full-time, and a job (that pays for food, rent, etc.) may be a hindrance. The current idea will benefit the ideator such that they could focus on creating something awesome.
- Usually, when an idea has shown potential, investors need to invest a lot to be a part of it. When there is no idea, investors can invest less (like an SIP, monthly). The current idea will also benefit the investor.
How does this work?
A platform where both ideators and investors can apply. An online aptitude test followed by an interview helps the platform select candidates that will be worth a lot in the future. It may sound like gambling, but it is similar to investing in stocks. The list of selected individuals along with their bios is made available to the investors. Investors select the ideator they find working in a similar field or whom they want to invest in. The invested money goes to the ideator (like a scholarship) and the ideator can use it to carry on with their daily lives (to buy food, pay rent, pay for education, etc.). This makes the ideator's life easy for a period, say 5 to 10 years. In this period, they need not apply and waste time at a job. They could do whatever they like with the money they have. When they come up with an idea, they share it with their investor like in Shark Tank. If the investor feels the idea is worthy, they might invest more. If not, the idea is shared with other investors and they can pitch in. The business then grows and the investors become a part of it. They eventually get good returns from the business.
Multiple investors could also invest in multiple ideators. This way, although they own a small part of the future company, the risk is lower, too. Here, the ownership in the company could be decided based on how much each investor invests.
How does the platform earn? There are a few ways:
- A small part of every initial investment (the monthly SIP) goes to the platform.
- The platform owns a small part in every idea (business) that realizes.
Questions and answers:
- What if the ideator does not come up with an idea in the given period? - It is similar to a stock going downwards. In this case, the investor would not get good returns. However, the platform pays them their invested money (just the capital; if the platform is very successful, they may even give interest). The ideator could then apply for the program again or find their own way. They may even work for other investors.
- What kind of aptitude test could be used? This is an open question and I would like to hear what you people think.
- Should there be an age bar or qualification bar for the ideators? I think they should have at least completed 10+2 years of education. Any thoughts?
- How is it different from Shark Tank? In Shark Tank, the ideators have to present a working model of their business. In the current scenario, working models or ideas are not expected of the ideators. Also, the investors need to invest a lot lesser than that in Shark Tank.
4
Creative contributions
test for ideator's talent
You can use a very simple test: in case many ideas of a creator considered as interesting and sold to an entity which pays for it, his rating is higher. Also, you can track % of ideas, which are implemented successfully. Also, the overall economical effect that creator's ideas has brought at the moment.
Also, how many ideas are generated, and what is their average rating among experts, ideators, investors and public.
Also, a test: how many ideas can a person create for 2 days in response to a request. Also, volume and quality of participation around every idea in the system. The higher volume/quality, the higher the rating.
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Paying for being the first
Investors may have a benefit of getting ideas first for a time. This gives investors a benefit of earlier start of a brilliant idea implementation.
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Shubhankar Kulkarni2 years ago
Yes, that is included. The funding investor gets to implement the idea. If they are not interested, it goes to other inventors on the platform. If they are not interested, then it goes to other investors not on the platform.
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Use the Wabi-Sabi principle to market ideas
First, I think the concept is really good and is inspired by Subash Chapagain's idea. As Shubhankar Kulkarni mentioned in the comment on that idea, people love things having a deeper meaning. One example of the Wabi-Sabi principle is the marketing of old ripped jeans into rebellion streetwear during the rock/punk era. It could work great with other things, too, if carefully planned.
Idea: Use the Wabi-Sabi principle to market failed, stalled, or newborn ideas
Key features: open to everybody, no preselection, peer-to-peer guided market
Why?
Being an ideator just happens and I think they need to be found, rather than chosen by an interviewer. Therefore, I suggest an open platform for idea sharing which follows a few simple principles to market the ideas.
Benefits:
- ideators can choose preferredway of getting paid
- ideators can assess the originality of their ideas in a minute
- platform earns money from premium account fees, tips and advertising
How would it work?
Imagine entering a shop and browsing through new ideas every day? Imagine having an ability to check failed companies, start-ups, or stalled projects? Now imagine you can pay some fee to check, redesign or use them freely. I see it as an eBay for ideas.
You create an account and enter the Brainstorming platform, for example. You see and read a lot of challenges and ideas, but that's just not enough for you. Than you decide to pay for premium account. Premium opens a whole new market for you. Thousands of old ideas, failed companies, stalled or bankrupt firms, or any other unfinished projects appear in front of you. You seek and find, build on top of the old ideas and use it to grow your or your clients business. Subash Chapagain would call it a Wabi-Sabi principle for ideas.
Key in-built tools:
- Helping people shape their ideas
A tool that helps ideators shape their ideas to be easily browsed and informative.
- Self-assessment
A tool that helps ideators to compare their idea to the others, by matching and originality identification.
- Selling the idea
After a similarity search and matching to the hot topics, the system proposes the price of your idea. You can accept one time offer or leave it as an open deal. If you choose the latter, everytime someone like or tip on it, it worths a bit more. If no one interacts with it, it loses its value. The open deal option has an unlimited duration and can be revived if the topic becomes hot.
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Shubhankar Kulkarni2 years ago
Although this is worthy of being an independent idea, I see multiple points that could be incorporated into my idea. Thank you! I believe some ideas are not appreciated in their time. They may be a bit too futuristic and their worth is realized after a few years. I also believe that the execution of an idea is also important. A good idea may fail due to bad execution. Such ideas, if found on such a platform, will make good money for the platform as well as the author of the ideas. I am assuming that with every sale, the platform gets a commission. Is there a way in which an idea loses its worth with time? Downvotes, perhaps?
Also, how do you think this could be incorporated into my idea?
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jnikola2 years ago
Ideas losing their value
Shubhankar Kulkarni Yes, the idea losses its value if the platform's price-calculating algorithm detects no activity for a long period, dealing with a non-hot topic, and also if it finds many similar ideas on the same topic. Many downvotes would not significantly affect the price since they could be a result of bad understanding or lack of clarity. If the idea stays bad after the moderator's suggestions, then yes, they would play a more significant role. I think a simple threshold of downvotes could activate this as a factor.
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jnikola2 years ago
Incorporation with your idea
Shubhankar Kulkarni Since your idea is about investing in ideators like stocks, I think every purchase of an idea by the platform or by the private investor would be a sort of an investment in future ideator's work. By implementing this system, you would not invest directly in ideators, but in their ideas. There could be a log of purchases that defines all the persons or companies that invested in the ideator. Maybe a coefficient describing the total invested amount/number of ideas could be calculated. That could help an ideator to potentially get a better job or get "a higher price" for their future ideas. By better job, I mean real-life and on the platform, by getting more requests to contribute ideas in the fields where the ideator showed great potential.
What do you think?
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What if the ideator is not keen on executing their idea?
Ideators may want to remain ideators and want to still get paid for it. In such a case, when the ideator comes up with a viable idea, the investor can buy the idea from the ideator or sell it to other investors (on the platform) if they themselves are not comfortable executing it. One of the several investors on the platform would like to buy the idea and either execute it as a standalone idea/ company or incorporate it into one of their existing products/ companies. The investor that has funded the ideator throughout will keep some share of the sale as returns for their long-term investment.
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General comments
Goran Radanovic2 years ago
I agree with you that investing in people is important. Employers do that by hiring people, but then you're tied down to a company. This is a great idea to get funding from several sources.
Instead of an aptitude test, ideators should have a portfolio of ideas. They can have two ideas open to the public, and others are locked for potential investors to gauge their skill levels. Investors who want to unlock ideas can pay to see each idea or subscribe to the platform, entitling them to a certain number of views.
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Shubhankar Kulkarni2 years ago
Goran Radanovic That is an option, thank you. I will add it to the idea text.
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