Ben Bendien, the entrepreneur behind JURATONE and RAFT
Ratton School Academy Trust
Park Avenue Eastbourne East Sussex BN21 2XR Telephone: 01323 504011 Fax: 01323 520364 http://www.ratton.e-sussex.sch.uk/
Ratton School Academy Trust
About Ben Bendien
IBIS – RAFT – JURATONE – ELARZ – OLEOGRAPHY – IVORINE
AN initiative which will help support the commercialisation of business ideas in Wales has been launched.
Community interest company Innovation Business Integrated Service (Ibis) has been developed by veteran Swansea- based entrepreneur and inventor Ben Bendien.
Based on a successful US model, Ibis, whose website will go live in the New Year, will assess business ideas through a team of experienced honorary commercial judges.
Ibis will insist that ideas submitted are firstly protected by being registered electronically with the Intellectual Property Office.
The team of unpaid commercial judges will then consider whether an idea has commercial potential.
If the ideas are deemed viable Cardiff-based Ibis will then support commercialisation efforts by helping to write elevator pitches and together with the inventor identify potential buyers of the product or service in the marketplace.
Ibis has already received around 30 business ideas which are being evaluated.
Mr Bendien said: “We are looking for ideas, which don’t necessarily have to come from business people.”
“What we firstly consider is whether it can it be made and if it can sold.
Mr Bendien said of the judges: “Based on their collective expertise and business experiences they will have a gut feeling about things. They don’t have to be in that sector to assess whether an idea has potential or not.”
Mr Bendien said that to avoid potential conflicts judges would not be able to use the Ibis process to identify potential investment opportunities for themselves.
Mr Bendien said: “For me it is about supporting people with ideas to create new jobs and wealth in Wales, but that is not to say that we wouldn’t consider ideas submitted to us from outside of Wales.”
Mr Bendien, who is looking to add to the panel of commercial judges, said the free-to-use Ibis service would ensure a quick decision making process.
He added: “We have adapted the highly successful American Score business model used for more than half a century.”
It is a mistake to assume that an ‘ideas’ person is also an entrepreneur. People with ideas may be too subjective to make a dispassionate appraisal of their ideas as required when pitching to a potential investor. Companies prefer to quickly gauge the commercial potential of an idea by the means of an elevator pitch or executive summary, which Ibis will help write up.”
“We will then target existing businesses to buy ideas which they can use to their advantage.”
Ibis, which will facilitate non-disclosure agreements when ideas are presented to potential clients, is being supported by economic reform think-tank Arian Cymru (Money Wales)
Ian Jenkins of Arian Cymru said: “Community minded groups such as Ibis offer an opportunity for bold thinking for investment in Wales and is another means for Wales to lead the way.”