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Virtual Innovation Ecosystem and Virtual Business Incubator: how it works

How Virtual Innovation Ecosystem Works
by

Vasily Ryzhonkov

on 7 December 2013

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Transcript of Virtual Innovation Ecosystem and Virtual Business Incubator: how it works

Groupwork Zone
Thus,
founder and team
got:
opportunity to meet each other
opportunity of idea validation and expertise
initial funding
opportunity to work collaboratively

next round of funding
Professionals
get opportunity
to work in innovative project | startup
and
get options
in it.
Investors
get
access to a huge flow of projects
and
highquality expertise
Thus governments and elites of emerging economies
get
new way of development and establishing innovation ecosystem

A Positive feedback loop is created
OPPORTUNITIES ATTRACT ENTREPRENEURS
ENTREPRENEURS CREATE FLOW OF PROJECTS
PROJECTS ATTRACT PROFESSIONALS, INVESTORS, MENTORS AND SERVICE PROVIDERS
PEOPLE INTERACTION AND CONSOLIDATION STIMULATES
CREATIVE AND INNOVATIVE ENVIRONMENT
THUS, ENVIRONMENT CREATES WHAT IS CALLED
INNOVATION ECOSYSTEM
WHERE MEMBERS OF COMMUNITY
CREATE IDEAS, BECOME ENTREPRENEURS AND TAKE PROACTIVE POSITION
Feedback loop is closed.

Hence,
spiral development of the system
begins to unfold, pulling in new and creative people.

Community is spread across regions, borders, countries.
The heart of the Global Virtual Innovation Ecosystem is a Virtual World
in which people implement their Missions and Goals. They can:
• introduce their ideas,
• participate in the evaluation and selection of other people's ideas,
• team up,
• make deals,
• work collaboratively to turn ideas into mature projects, invest and manage assets,
• participate in the World development.
Clients & Users of Virtual Business Incubator (VBI) will have different missions. However, the central one is the
development of innovative idea and turning it into a mature project or intellectual property
that may attract investors and add value to the World.
Entrepreneur is a
key character of our World
, and everything in the World is created in order to support him, boost his performance and help in his mission - turning ideas into reality.
Entrepreneur’s Mission
is to pass all stages from the idea (initial validation by the experts and market; get the team) to the collaborative work on a project and attracting investments.
The World consists of several functional Areas in which entrepreneur travels.
Idea Constructor
Expert
Zone
Marketplace
Deals Constructor
Gates of the World
Personal Area
Central Mission is accomplished by Entrepreneur. This role is a key one. Entrepreneur takes responsibility to turn the idea into reality.
Entrepreneur needs a team in order to implement an idea.

Team members are professionals, consultants, experts and mentors who help businesses to accomplish it's mission.
Thus, the part of Entrepreneur's Mission is to pass different
Areas of our World
where he/she

can get team members - professionals, validate his idea, get crowd and expert advice, collaboratively develop the project and attract investors using crowdfunding and other possibilities.
Professional’s Mission
is to become a member of a startup team, and help an entrepreneur in the implementation of the Central Mission which is development of a project.
Investor’s Mission
is to find a promising project with the charismatic entrepreneur and an effective team, and help entrepreneurs in the implementation of the Central Mission.
This is the starting page of the project, which contains all users, regardless of their future missions. In this Area, they can read the rules of the World, the strategies to achieve their goals, they can better understand their needs and decide where to go and what to do.

Main purpose of this Area is to help navigate in the World’s Map, and to understand an opportunities it provides.

As a result, each user chooses a strategy that fits his/her needs. If the user cannot select a strategy, it can go to different sections of the World in order to skim the activities of other users and startup projects.

If the user wants to develop his project, to join a project or make an investment, he should register himself in the platform.
This area (user’s profile) is like a person's home, where he keeps his property, adjusts convenient parameters in his personal environment. Profile acts as an electronic passport in our World.

In order to be eligible to carry out any action, the user must create a profile and fill it. Our World is designed for collaborative work and creation of value, so all users need to understand who are their partners.

Profile Information is directly related to the Reputation of the user, and to the state of the user’s account balance.

After filling out a profile, the user can create his idea in the World (if he is an entrepreneur) or directly go to the Marketplace (if he wants to join the project as a team member or investor).

Entrepreneur’s Way if go to the next area of the World – Idea Constructor.
Majority of the projects is rejected not because of a poor quality, but because of the fact that entrepreneurs can not convey the value and business model of their ideas. Adequate understanding of the problem is still the key to our society.

Thus, entrepreneur enters Idea Constructor Area for creation an acceptable description of ideas, he can use different tools (frameworks like Business Model Canvas or Lean Canvas or CrowdSynergy Canvas) in order to get idea description and complete initial draft of business model with required quality. The value of staying in this area is that at this stage entrepreneurs get a lot of questions about his ideas and has the ability to think on answers. This is market validation of the idea.

In the Idea Constructor Area entrepreneur first encounters with moderators who assess the completeness of ideas before they are allowed to publish it in the Expert Zone. This is done for screening badly defined and raw ideas to avoid wastу of valuable experts’ time.

Thus, the world ensures that experts will not waste their time on spam. In this case, Moderator just check the completeness of the description. If the moderator approves the description of the idea, the Entrepreneur goes to Expert zone, where the idea gets first feedback from experts and crowd of the World.
In the Expert Zone new Idea first enters the public section, which can be accessed by community.
Experts give assessment of an idea before it will go to Marketplace. Main goal for Idea to stay in the Expert Zone is to get market validation and achieve certain level of quality after which it could be published on the Market. There is no deals in the Expert Zone, experts here give ratings and comments, put points for ideas.
Entrepreneur, based on expert opinion and advice, continue development of the idea and adds relevant parts to its description.
Each iteration in the idea development creates a new dialogue with the experts and increases the ranking of the Idea.
Expert Zone is the main instrument for the development and description of the idea.
Market is a place where people sell and buy, review project proposals, work, and services. This is a place where business meets with potential team members, investors, service providers. This is a place where all interested users can subscribe to project updates, people, events.

Idea come to the Market and become available to all community members. The idea gets to the Market in order to attract members of the teams, experts, consultants, mentors and investors.

All community members can see the idea and demand for resources from Entrepreneur’s side. Thus, they can offer their services if they want.

As a result, a dialogue arises between entrepreneurs and interested members of the community about opportunities to participate in the project. There are different means of communication in the World such as emails, chat rooms, forums, video conferences and rooms for Webinars.

Community members can use any means for communication both: delivered by the Virtual World and those they were already familiar with.

If as a result of negotiations, entrepreneurs and potential team members can form teams and go to Deal Constructor Zone.
All members of the community may enter this Area in order to work collaboratively on projects. They can also carry out transactions, defining the rights, duties, the amount and terms of mutual obligations, the form of payment.
The form of payment can be done in two ways: local virtual currency of the World or equity investments (crowdfunding).
Any community member can see all the deals and the traffic on them from their user profile.

Team members can jointly develop the project without signing deals, but in that case Contribution Tracking System can’t be turned on. Contribution Tracking System is a dynamic review of efforts that have been put by all team members into the project. It reflects contribution on the balance sheet of the project and user’s profile.
If someone wants to provide services for projects not for the stake, but for money, he has to make a deal.

When the transaction is done, the team goes into the Group Work Zone.
Project becomes more mature and attracts attention of community and particular members.

Gamification techniques and built-in reputation system allow to track formal ranking of projects and their capitalization. At some point investors get attracted by team, idea, track record of the project and start negotiation with founders.

Then investor can fund a project and get equity in exchange.

If they agreed on conditions they go to the Deals Constructor Area and sign an Agreement.
In Deals Constructor Area investor and entrepreneur negotiate on deal's conditions which is automatically reflected later on in the balance of the project and user profiles.
From this moment investor should accomplish his/her obligations and provide funding from his account to the accounts of team members. Entrepreneur in return gives some share from his account's balance.
All operations are recorded in Deals Constructor and Contribution Tracking System.
Investor get access to the Groupwork Area of the project when all transaction have been accomplished.
Investor can carry out activities that are regulated by its role and terms of the transaction, including:
attraction of project manager,
financial manager,
lawyer,
patent attorney,
team mentors,
different agents.

Hence, he can attract needed resources for a team, and which can contribute to the development of a project.
The main objective of the investor is to boost a project and increase its capitalization.

At the same time investor search for other investors thinking about next round of funding, if it is aligned with his/her strategy.
Next round of funding
If an entrepreneur and an investor found investors for the next round, there can be two scenarios:

1) New investor registers in the World and all parties go to the Deals Constructor Area. All transactions are carried out there.

2) If the investor want to move the project in a particular jurisdiction in its own regional area, he can initiate a process of project’s transfer.
1. First, a new investor registers in the system, and makes a deal in the Deals Constructor Area.

2. Fulfillment of obligations is done under the transaction in the World.

3. Then a new company is created under the jurisdiction of the Investor, to which transfer will be implemented. All shares are equal to ones that have been registered in the World based on the information of the Deals Constructor Area.

4. At the same time there is a registration of IP in the jurisdiction of the investor, and record is made in the balance of the new company.

5. All funds and capital go are transferred from the balance of the project through the national gateways into the right jurisdiction.

6. The project is closed and get archive status in the World when all of the obligations under the jurisdiction of the investor are executed, and all team members have signed necessary contacts.

7. Agreement between the World and jurisdictions allows project archive for all court issues.
Thank you for meeting our World of Innovations!
http://www.crowdsynergy.com/
World of the Virtual Business Incubator (VBI),
the heart of the Global Virtual Innovation Ecosystem
http://www.crowdsynergy.com/
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The Map of the World
Project Transfer from the World
is a 7-step process:
World of Virtual Innovation Ecosystem and Virtual Business Incubator as it's core
Full transcript