Thank you for posting the review of FundedApps, we think it is a brilliant idea and hope it will be a successful means of transforming people’s brilliant ideas into brilliant apps.
Your comments and reservations are fair; so let me address them;
FundedApps is a commercial venture; our aim is to generate revenue for all parties involved, if we believe an idea has the potential to be successful we commit a significant amount of our time and money to transform ideas into a fully developed Apps.
This is a service aimed at people who do not have the experience, knowledge, time and finances to develop and build their ideas into Apps.
Rejection vs Brilliant Ideas
Brilliant ideas are not easy to think of; so not every idea submitted to FundedApps is going to be a great idea, new idea, appropriate idea or commercially viable idea, therefore we anticipate that there will be a high percentage of rejected ideas.
However we also recognise that circumstances change and what was a rejected idea could have value and relevance in the future, thus making it a brilliant idea, in this case we would contact the original inventor of the idea and discuss options for developing their idea.
Ownership of Ideas
We invested a lot of time to ensure that the legal agreement protects all parties involved – the idea is owned by the inventor up until the point that we commit to invest money and develop the App. Once we commit to make the App, the inventor receives a payment of £250 followed by 25% net revenue after the App is launched.
We have developed a database for storing every idea, thus enabling us to time stamp and cross-reference every idea submitted, thus ensuring that we recognise the ownership and Intellectual Property of every idea submitted.
Why £1.19 to submit an idea?
• This helps provide a buffer so people think twice before ideas that are clearly not feasible.
• It helps cover our basic administration and filing cost.
• It’s a small investment compared to the time and money that we invest if it is a Brilliant idea and it goes live!
Since launching FundedApps we have had a significant number of ideas submitted and are currently developing several potential ideas for possible investment. We are documenting each idea in development and look forward to posting case studies when the Apps are launched.
We understand that people may have reservations about FundedApps, but we believe in the opportunity it provides and are very excited by the fantastic response and the number of ideas submitted.
The FundedApps team.