Setting up a syndicate

Ideas Syndicate

There are many good reasons for forming a syndicate to brainstorm ideas.

Certainly more heads are better than one. Ideas are sharpened, the risk of duplicating something that already exists reduces and with several voices there’s even some market testing to determine what other consumers think.

It is also much more convivial to trade ideas or developments on each-others’ or be competitive against other groups forming ideas.

One of you might be better at describing things, or a better draftsperson if design is involved or….

It could be a long list.

On the negative side, without establishing a legal collective of some description, the rest of the world cannot trade with a group of individuals. This is particularly true if you were to try and open a bank account together. So for mycleveridea.com we ask that any syndicates nominate one of their own to be the idea submitter and for the group to have arrangements with that individual, separately.

Syndicate setup

Setting up your own syndicate is easy and can be done in three simple steps.

First, gather together a group of like-minded idea buffs. Syndicates can be as large or as small as you want. They can be small family syndicates to entire company divisions, or simply a bunch of mates or whatever.

The next step is to select or nominate a Syndicate Manager. This is the person whose responsibility it will be to collect the money for all syndicate members and then pay out any receipts to the members of the syndicate. You will therefore need to ensure your choice of Syndicate Manager is someone who is trustworthy, punctual and well organised.

Step three, and this is a critical step that sadly many often skip, is to create your syndicate agreement. This document is, in essence, a contract between all syndicate members which defines each member’s role,

Why You Need A Syndicate Agreement

Friendships are ruined over disputes about money. Having a Syndicate Agreement will ensure the syndicate’s operations run smoothly and protect it from any disputes which may arise.

You might one agreement per idea session. That way you can vary the membership over time or have one agreement lasting until superseded.