FAQ



Unlike other programs, IdeaHub offers you the opportunity to build up your business idea while getting access to markets, client contracts and revenues by working directly with some of the world’s biggest brands.





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FAQ

Unlike other accelerator programs, IdeaHub offers you the opportunity to build up your business idea while getting access to markets, client contracts and revenues by working directly with some of the world's biggest brands.

Is this just about investment?

No! Our primary goal is not investment but rather finding complimentary ventures to collaborate with to commercialize and scale the business. We are seeking ways to accelerate customer value creation. Investment may be part of this but it is not the primary goal.

I don’t have a company yet; I’ve just got an idea… is the IdeaHub appropriate for me?

Not at this time. For these challenges we are looking for ventures with a solution either in or close to launching in the market.

We have a prototype but have not yet tested it in the market, is IdeaHub appropriate for us?

Our focus in on solutions that have already proven they can add value to customers which we can work with you to scale.

What is the process beyond IdeaHub?

You can find out more about the ABB CCC Program here

I’ve not heard of IdeaHub before, who is behind it?

The venture development firm, Venturebright operates the IdeaHub. The current challenges are being run for ABB Drives by Venturebright. Find out more about the team. Contact us by phone or email. Find out more about the team. Contact us by phone or email.

Do you accept applications from anywhere in the world?

Yes, we do. Previous applicants have come from across the globe.

We've already taken some funding. Can we still apply?

Sure, the ability to attract and secure initial funding is evidence of a viable solution.

Can you recommend other investors who might be interested in our idea?

When you refer someone to an investor, you are also recommending them, and we can't recommend people we don't know. If you're looking for investors, your best bet is to find friends of friends who've started or worked for other early stage ventures, and ask for introductions to their investors.

How much do you invest?

Before investing in equity, we invest time and money in jointly running a proof of concept and paid pilot to demonstrate value to the customer, the venture and ABB. Upon successful completion, equity investment may be considered if relevant for all parties.

You can find our more information on the ATV website here: http://new.abb.com/about/technology/ventures

We don't really need the money. Does it still make sense to apply?

Many of the innovators who apply don't need the money. And in fact the money is only a small part of what IdeaHub does. The real value comes in being able to gain access to our network of partners, customers and markets, and working directly with some of the world’s biggest brands.

What if we're doing something expensive?

The actual amount of funding available varies, depending on what’s required for your business. You can find our more information on the ATV website here: http://new.abb.com/about/technology/ventures

Do we need to write a business plan?

Not for us! We speak to entrepreneurs and innovators both before and after they have drafted their business plan. Although business plans are an important thing to have, we make funding decisions based on our application form and personal interviews. Those interviews will be more useful if you have a clear plan for your venture.

Our group has two ideas. Can we submit two applications?

Ok. Just submit them from the accounts of different founders.

Do you only fund ventures that write software?

No, we have successfully connected software and hardware ventures in the past.

What, another pitch event?!

IdeaHub Pitch Days are different! They are not 5-minute talent shows! If you are successful, you will have between forty minutes and an hour to really convey your business to all the people that count and are empowered to make decisions within ABB. We encourage conversation and connection rather than bluster and showmanship. We focus on ensuring that you find the best path to collaborate and commercialise your venture. 

Will you sign an NDA? How do I know you won't steal my idea?

No, we won't sign an NDA. No investor would at this stage. We ask that you do not disclose any confidential information in your application. Only provide information about your business which is either already in the public domain or which you are happy to share. The informal commitment to secrecy on our application form is more than any VC would make. If your pitch is successful and we invite you into the accelerator program, we’ll discuss terms and IP rights with you.

I’m starting a new venture. Can I meet with you?

Unfortunately, we can't meet in person with every venture that wants us to invest. There are just too many. Essentially the IdeaHub application process is the way we decide which ventures to meet in person.

We don't want funding, but will you give us advice?

Great, funding is only one part of our possible offer and typically only after a successful collaboration. Unfortunately, we can't provide ad hoc advice. Working with the ventures coming through the IdeaHub takes up all our time. However, if your venture or idea fits one of the current challenges on the site, please apply and if your idea gets taken forward, advice is part of the package.

Will someone from IdeaHub review my venture/idea?

Unfortunately, we can't have conversations with everyone about their ideas. If you apply and we invite you to interview, we'll certainly talk about your idea with you though.