The Ideas Bank has been designed for entrepreneurs who are not ready, willing or able to take their ideas ahead themselves, but would like to see someone take on their project – and reserve a minority interest in the form of equity or royalty for the Inventor.
At the time of assigning the idea, the terms are agreed – for example – retain 20% of the equity or pay 5% royalty for 5 years. The entrepreneur can withdraw the idea, but 3 months notice has to be given to allow time for investors to conclude their due diligence. However at the time that a withdrawal is required Connect London will advise the entrepreneur whether any investors are undertaking due diligence – if not immediate withdrawn can be arranged.
The matching of ideas to investors is a standard part of the business angel network – Connect London Champions.