Frequently Asked Questions
Innovation Seekers FAQ
Technology Providers FAQ
Innovation Seekers FAQ
OUR CLIENTS ASK:
We already receive many technology submissions from external sources and struggle with conducting timely reviews. What added value can you bring?
We don't typically pay for technology leads. Why should we pay you?
We already receive many technology submissions from external sources and struggle with conducting timely reviews. What added value can you bring?
We can help you to pre-qualify select leads before you decide whether or not to engage with them directly. We personally research and interview select technology providers of your choice to more fully understand their value offering (without identifying you, if you wish). We can also flag areas of particular interest, including unanticipated (hidden) value opportunities and possible concerns. We do this before you decide whether or not to engage with the technology provider(s) directly. Our Vet-It service helps you focus on the most attractive opportunities and spares you wasted time on flimsy or questionable business opportunities.
We don't typically pay for technology leads. Why should we pay you?
A good deal of our added value comes from identifying and cultivating technology sources and providers that aren't currently participating in the knowledge economy (and who don't respond to published "challenges"). Without our involvement, you most likely wouldn't know about them or be approached by them. We are also quite adept at recognizing and applying suitable solutions from categories other than those represented by our clients. For instance, we recently identified a technical solution from the industrial tiling industry and applied it to our client's dinnerware challenge. We receive a reasonable project fee or service retainer for our scouting services and dedicate our time to conduct custom technology searches to address your challenges.
Technology Provider FAQ
TECHNOLOGY PROVIDERS ASK:
I have a technology that I'd like to license or sell to a large company. What should I do?
Companies are increasingly looking to external sources to supply technology. As a technology provider, I should be able to approach them myself. Why do I need you?
How do you get paid?
I have a technology that I'd like to license or sell to a large company. What should I do?
The first thing you should do is ensure that your technology is protected. A patent attorney can assist you with a patent search (to ensure that your technology doesn't infringe on another's patent) and to devise an appropriate intellectual property protection strategy. Large companies are not seeking lawsuits from inventors who contend that their invention was "stolen." As a result, none will review your technology without an existing patent, patent application, or waiver stating you will not pursue legal action against them for any reason associated with their review of your technology. After you have protected your technology, consider contacting us to discuss your interests.
Companies are increasingly looking to external sources to supply technologies. As a technology provider, I should be able to approach them myself. Why do I need you?
It is true that many companies are embracing open innovation to help source technology for new product development and will consider external submissions if these represent valuable options that they would otherwise have to develop alone. In order for a high quality technology to have the highest potential for adoption, it must be communicated clearly and persuasively to the prospective corporate "customer." We are the expert at preparing these value bundles. BFS Innovations' credibility and standing with many of the best known consumer products companies affords us access to senior level influencers and decision makers, offering you, the technology provider, the visibility you seek for your idea/opportunity, and the potential for significantly compressed deal cycle timing.
How do you get paid?
If we are working in your behalf, you are our client. In these instances, you pay our compensation, which typically consists of two components: (1) an up-front service fee, and (2) a success commission paid upon execution of a business agreement with the customer. We believe strongly that it is important for both parties to have a meaningful stake in the success of the new business development effort.