Apparatus and method of collaborative funding of new products and/or services

• US 20030055779A1
• Filed: 09/06/2001
• Published: 03/20/2003
• Est. Priority Date: 09/06/2001
• Status: Abandoned Application

• Current Assignee: Nonzero LLC
• Original Assignee: Nonzero LLC
• Inventors: Wolf, Larry
• Application Number:
  US09/947,583
• Publication Number:
  US 20030055779A1
• Time in Patent Office: Days
• US Class Current: 705/39
• CPC Class Codes: G06Q 20/10 specially adapted for electronic funds transfer [EFT] systems; specially adapted for home banking systems
• CPC Class Codes: G06Q 30/02 Marketing; Price estimation or determination; Fundraising
• CPC Class Codes: G06Q 30/0202 Market predictions or forecasting for commercial activities
• CPC Class Codes: G06Q 40/00 Finance; Insurance; Tax strategies; Processing of corporate or income taxes

Abstract

This invention is a Collaborative Funding Engine (the Engine) that accurately predicts initial demand for and facilitates the funding of design, research, development and/or delivery of products, and/or services (Outputs). The Engine enables one or a plurality of those (the Customers) who desire specific Outputs to combine their resources in Collaborative Funding Pools (CFPs) to fund the Outputs by an Output producer (the Provider) prior to the Output'"'"'s creation. The Engine includes a Contingent Purchase Order (CPO) system that creates binding obligations on Providers and Customers contingent upon the CFP reaching a specified level (the Hurdle Level) of participation by Customers. The Engine includes an optional Relative Value Bidding feature that can allow each Customer in a CFP to determine its own price for an Output. As a result, different Customers can pay different prices for the same Output depending upon the Output'"'"'s relative value to the Customer. The collaborative activity of the Engine is stimulated by its Notification Management Module, which informs Providers and Customers of activity within the Engine.

Claims

1. A method for collaboratively funding output over a communications network comprising the steps of:

a. defining the output by means of a specification;

b. establishing a predetermined compensation, the “

hurdle level”

, required by a provider participant to supply the output in accordance with said specifications;

c. establishing terms for funding and supplying the output;

d. creating a “

collaborative funding pool”

by posting said specification, terms, and hurdle level to a public communications area on the communications network accessible to customer participants that may have an interest in the output and are willing to contribute at least a portion of said hurdle level;

e. receiving binding contingent purchase orders from a plurality of customer participants who agree to participate in said collaborative funding pool, each contingent purchase order constituting a binding offer to contribute a portion of said compensation representative of what each customer participant is willing to contribute for said output should the hurdle level be reached;

f. binding said provider participant to supply the output according to the stated specification and at least one of the terms should the hurdle level be achieved; and

g. making selected information pertaining to the status of said collaborative funding pool available to said participants.

2. The method of claim 1, wherein said output includes at least one of:

the design of a new product, the development of a new product, the design of a new function for an existing product, the development of a new function for an existing product, the production of a new product, the design of a new service, the development of a new service, the development of a new attribute for an existing service, the delivery of an existing service at a new date and time, the delivery of an existing service at a new location, the delivery of an existing product under new terms and conditions, the delivery of an existing service under new terms and conditions.

3. The method of claim 1, wherein said output comprises at least one of the following:

software application, research report, airline reservation, online training session, physical location training session, online meeting, physical location meeting.

4. The method of claim 1, wherein said terms specifies one of the following:

a fixed contribution or a customer determined contribution to be made by the customer participants.

5. The method of claim 4, wherein a minimum value is set for said customer determined contribution by said provider participant.

6. The method of claim 5 whereby said contingent purchase order is rejected if said minimum value is not met.

7. The method of claim 1, wherein said terms include rules of payment.

8. The method of claim 1, wherein said terms include rules of ownership.

9. The method of claim 8, wherein said rules of ownership include a customer participant'"'"'s receipt of royalties on predetermined sales of said output.

10. The method of claim 1, wherein said contingent purchase order is rejected if the hurdle level has previously been met.

11. The method of claim 1, wherein said contingent purchase order is accepted even though the hurdle level has previously been met.

12. The method of claim 1, wherein the total value submitted of said collaborative funding pool is updated if said contingent purchase order is successfully submitted.

13. The method of claim 12, wherein said collaborative funding pool is accepted as fully funded if the total value submitted meets the hurdle level.

14. The method of claim 12, wherein said collaborative funding pool is accepted as fully funded if the total value submitted exceeds the hurdle level.

15. The method of claim 1, wherein said participants are notified when said collaborative funding pool has met said hurdle level.

16. The method of claim 1, wherein said participants are notified when a contingent purchase order is successfully submitted.

17. The method of claim 1, wherein said selected information pertaining to the status of said collaborative funding pool is communicated by at least one of the following:

email, voice mail, telephone, internet listing, internet message board, web page, newspaper, television, radio.

18. The method of claim 1, wherein said selected information pertaining to the status of said collaborative funding pool may be made available to the participants by the following:

a provider participant, a customer participant, a computer program managing said collaborative funding pool.

19. The method of claim 1, wherein the identity of the customer participant is verified prior to participating in said collaborative funding pool.

20. The method of claim 19, wherein the identity of the customer participant is verified through the use of a digital signature.

21. The method of claim 1, wherein the specifications for said collaborative funding pool are developed by a plurality of participants communicating using a mechanism within a public communications area.

22. The method of claim 21, wherein said mechanism includes a message board attached to a collaborative funding pool.

23. The method of claim 21, wherein said mechanism includes a “

wish list”

consisting of a list of wishes for potential outputs.

24. The method of claim 23, wherein each said wish can be voted upon by customer participants.

25. The method of claim 23, wherein a vote hurdle number is established for each said wish to determine if the wish is accepted and implemented to modify the specification.

26. The method of claim 23, wherein said wish is converted into a collaborative funding pool when said hurdle number is reached.

27. The method of claim 23, wherein the provider participant can convert said wish into a collaborative funding pool before the hurdle number is reached.

28. The method of claim 1, wherein the specification for said collaborative funding pool is developed solely by a provider participant.

29. The method of claim 1, wherein the specification for said collaborative funding pool is developed solely by a plurality of customer participants.

30. The method of claim 1, wherein the specification for said collaborative funding pool is developed by the provider participant and a plurality of customer participants.

31. The method of claim 1, wherein the provider participant is bound according to a plurality of said terms.

32. An apparatus for collaboratively funding output over a communications network comprising the steps of:

a. defining the output by means of a specification;

b. establishing a predetermined compensation, the “

hurdle level”

, required by a provider participant to supply the output in accordance with said specifications;

c. establishing terms for funding and supplying the output;

d. creating a “

collaborative funding pool”

by posting said specification, terms, and hurdle level to a public communications area on the communications network accessible to customer participants that may have an interest in the output and are willing to contribute at least a portion of said hurdle level;

e. receiving binding contingent purchase orders from a plurality of customer participants who agree to participate in said collaborative funding pool, each contingent purchase order constituting a binding offer to contribute a portion of said compensation representative of what each customer participant is willing to contribute for said output should the hurdle level be reached;

f. binding said provider participant to supply the output according to the stated specification and at least one of the terms should the hurdle level be achieved; and

g. making selected information pertaining to the status of said collaborative funding pool available to said participants.