Of course we understand that you may be somewhat reluctant to simply put your unique idea out there for all to see, and you obviously don’t want someone else running off with your idea! Luckily, you needn’t worry about that. Intellectual Property (IP) was created for precisely this purpose. IP ensures that no one (including us) can nab your idea/concept without your explicit permission. The purpose of the Challenge is not to steal your best ideas, but instead to offer you the opportunity and the platform to make your contribution to a revolution in construction!
IP through each phase of the Challenge
You might think to yourself, “sure, I’d love to contribute to a revolution in construction,” but what exactly will that mean for IP? Where does the Challenge stand on this? We’re happy to explain!
Phase 1: registration with full retention of IP rights
The first phase of the challenge is the idea or concept submission phase. You retain your IP rights when you make this submission. If you’ve not yet formally registered your IP, and want to have something in writing, we would be happy to sign an NDA (non-disclosure agreement). No problem at all!
Phase 2: the first selection round with full retention of IP rights
Are you through to the next round (maximum 20 entries chosen)? Then we’ll discuss the concept with you and further outline the necessary issues. We will also discuss your wishes, ideas, preferences, fears and what the risks are regarding your IP rights and revenue model. In this phase, the IP is still 100% yours.
Phase 3: the pilot phase, discussing IP
We’ll select the three most promising concepts from the maximum 20 remaining entries. These three will actually be built! Are you one of the potential winners? Then we’ll start a conversation to create a partnership in order to maximise our respective skills and so that we all come away with the feeling that we are all getting a fair share of the potential pie. In the end, you are the one who will make the ultimate decision as to whether to sign or not. You therefore always stay in control of your IP at every stage of the process. There are no forms of cooperation that we would rule out in advance. Everything is, of course, done in consultation with you.
Phase 4: upscaling and IP agreements concluded
After the pilot phase, we know what is necessary in legal, technical, social and business terms to upscale. In this phase, we’ll draw up an investment proposal together. We’ll then take this proposal to various investors to see if we can secure funding for an upscaling round. The proposal will also contain provisions regarding how we (you and Thorb) wish to interact with each other and what the agreements are concerning the IP. The ultimate goal is to start a company that is responsible for the production, marketing, sales and further development (R&D) of the concept.
You decide on the IP and your involvement
The extent to which you wish to be involved in the project is ultimately up to you. Do you want to make an operational contribution within the Thorb organisation? Or would you rather a licensing model in which you, for example, only take on an advisory role? There are all sorts of scenarios that can be negotiated. The most important thing to remember is that you will own the IP rights until otherwise agreed. Any questions? Have a look at our FAQs, the Challenge rules or contact us!