Our Process

When first approached by an inventor we exchange mutual Non-Disclosure Agreements to protect the inventor if patent protection applications, if applicable, have not already been made.  We then obtain a short written description of the idea or invention to enable us to quickly review the idea and check that it meets the stringent Venture West selection criteria.

We then meet the inventor(s) face-to-face and give them the opportunity to present their idea to one or more Directors.   Feedback is provided both during and after the presentation and generally follow-up presentations are arranged to address specific issues.  Where the inventor is inexperienced in making such presentations a Director will often assist with the preparation of the material and its presentation.

After subsequent internal reviews the inventor will be presented with a term sheet that identifies under what terms Venture West will provide facilities and services.

Assuming negotiations are successful a Venture West Director will be nominated as a mentor to the inventor(s). We have a strong preference that the inventor(s) continue further development in our Osborne Park premises to provide them with ready access to project staff and support services.  We normally supply office accommodation, financial services, administration, internet access and engineering resources.  Subject to agreement, these services can be provided on a fee-for-service basis or in exchange for equity.  Where appropriate, Venture West will provide the inventor will sufficient resources to continue the development of their idea or invention on a full time basis.

Venture West will assist the inventor to develop a detailed business plan and prototype.  If provisional patents have not already been filed, appropriate intellectual property protection will be sought.  If additional mid-term funding be required, VWE will take the lead role in sourcing investor support.

We normally expect to remain active in projects for three to five years and then exit once the product is marketable or substantial additional investment is required.