Frequently Asked Question
General Information
What is Labotec?
Labotec is an investment fund that selects the most innovative ideas, then finances the development and monetization of applications for mobile terminals. Labotec provides the financial, technical, and marketing resources that will enable the entrepreneur to put his idea on the market principally via Apple’s AppStore and Android Market.
What is an inspirer?
An Inspirer is an entrepreneur that has decided to focus on the essence of his mission by entrusting us with the financing, realization, and go-to-market of an application for iPhone, iPod, iPad, Android phones or BlackBerry. It’s anyone of you out there. It just takes someone with a good idea and a willingness to value and defend it aggressively. The simple act of submitting an idea on Labotec’s site makes you a real, live Inspirer.
Why has labotec launched its “iFundiDeas” Program
Apple has equipped both iPhone and iPod with a new mobile OS, without a doubt the most evolved and innovative of its kind. When opening up AppStore to 3rd party developers, Steve Jobs gave to its users a simple and efficient marketplace that will enhance the supply of available applications. We think that this infrastructure has given birth to a new ecosystem and has opened an alternative distribution channel to the web, for entrepreneurs that would want to take their apps to market. The “iFund iDeas” Program offers Inspirers ways to efficiently and quickly monetize their ideas, enabling them to focus on their original vision, while development and marketing costs of applications are taken care of. We help Inspirers in their quest to offer the world the next “killer apps” for iPhone, iPod, iPad, Android and other mobile devices.
How does the Program work?
In the next few months, we will bring several applications to market, on investments each in the tens of thousands of dollars. Any idea, great or not so much, will be taken into consideration and under review, and will receive a response from Labotec. Please check out the “Submit an Idea” section for further details.
Eligibility
Who is eligible? Who can submit their project?
All Inspirers are eligible, which means that all talented entrepreneurs are eligible and that each project will be the subject of an in-depth analysis and stringent review process.
How does one become an Inspirer?
The simple act of submitting an idea on Labotec’s website is the very first step. The acceptance of your project by the investment committee officially makes you an Inspirer.
Do I have to be over 18 years of age, to submit a project?
No.
Do I have to be a US Resident to submit an idea?
No. We welcome application ideas from anywhere in the world
Do I have to create an account on Labotec’s website to submit a project?
Yes, But it’s free, quick and easy.
How to Submit a Project?
How does one participate in the “iFund iDeas” Program?
You have to submit your idea by filling out the online form, which you’ll find here. Your project will automatically be submitted to the Investment Committee who will decide whether or not to fund it. If there’s a positive response, you then become an Inspirer, and the hardest part for you is done.
Can I contact you to defend my project, if it hasn’t been funded?
No. The Investment Committee’s decision is final. However, nothing prevents you from re-working your project and re-submitting it via the online form.
What’s the deadline for submitting a project?
Whenever you are ready! We are constantly reviewing project applications, so you can submit yours at the time you see as most opportunistic or most convenient.
I’ve got a lot of ideas. How many can I submit to the Investment Committee?
There is no limit to the number of ideas you can submit. Feel free to submit as many as you see fit. However, each project needs to be its own specific submission. One cannot submit two projects by using the same online form.
How long does it take the Investment Committee to come to a decision?
Our decision-making process is very quick, but the delay in response can vary depending on the number of submissions we’ve received. In any case, you’ll receive a response, at best, in several days time, and, at worse, in a month’s time.
I have a great idea, but I am afraid that Labotec will steal it. Do you sign non-disclosure agreements before an Inspirer submits an idea?
No, we don’t, for several reasons:
We do not want to slow down the overall process. It is possible and probable that we have already received a similar or identical idea that we’re already developing, without you knowing it yet. We never develop applications alone, but always in partnership with an Inspirer. Thus, there’s no interest on our part to take your idea. If yours is the best, and that you’re the person that will most inspire and best guide our technical staff, it’s in our common interest to have you along with your idea.
Financial Elements
How much does it cost to submit a project
Nothing. It’s 100% free.
How much does it cost if my project is accepted?
Still nothing, whether it’s accepted or not.
How does Labotec make money?
Labotec finances, develops, and takes your application idea to market because the Investment Committee is convinced of its chances for success. Once commercialized, Labotec will conserve the initial $25,000 in revenues, to cover a portion of the development and marketing costs. After the first $25,000 in revenues each additional dollar of revenue generated will then be split in two between the Inspirer and Labotec, as long as the application keeps garnering revenue. For example, if an application generates $1M in revenues for Labotec, you will receive $487,500 as the sales keep coming in, without spending a cent and without risking anything. In the unfortunate case that an application is a failure and doesn’t generate the initial $25,000 in revenues, then Labotec is the only one to take on the loss. Inspirers don’t take on any risk.
Is there a time or amount limit on the compensation that an Inspirer can receive?
There are none whatsoever. The more revenue an application generates and the longer this lasts, the more money the Inspirer will make.
If I understand correctly, Labotec is the owner of the fully-developed application. What happens if Labotec takes the application on other platforms than just Apple’s?
If we decide to launch a version on another platform, the same economic model applies: you continue to make 50% of the revenues generated after the initial development costs have been taken out. The application that you have inspired will find a second life, and a new success story will begin again both for you and for us.