What is an NDA and why do I need one?
The communication of intellectual property, or IP, must be protected from exposure to unauthorized persons. The most common method is through a Non-Disclosure Agreement or NDA. There are two basic types of NDA's. There are one-way NDA's and Multi-Party NDA's. A one-way NDA is used when one party is divulging IP to another party. The Multi-Party NDA is used when two or more parties are divulging IP to one another. You may download our one-way NDA with this link: FreeEngineers One-Way NDA, sign and return for our signature.
What is a Reverse NDA and how can it help me?
Our Reverse NDA can be found here: FreeEngineers Reverse NDA. The Reverse NDA is the same as the one-way NDA except it is used by us to disclose our IP to you. The Reverse NDA is used for investors interested in learning more about the projects owned wholly by FreeEngineers. For more information on IP available from FreeEngineers, click here or contact us via email here Investor Relations.
What is a Multi-Party NDA and when should I use one?
A Multiparty NDA is used to disclose your IP to more than one person or entity. Multiparty NDA's can be one way or two way. Alternatively, you could use multiple standard NDA's, one for each party to be exposed to your IP. FreeEngineers does not have a Multiparty NDA available for download. We suggest you develop your own Multiparty NDA in order to disclose your IP to more than one interested party.
How do I submit my project?
There are several steps to take before submitting your project to FreeEngineers. These steps are described throughout this website such as patent research, NDA protection, etc. Submissions should be the same quality and detail as a submission to any desired investor to your project. When the project is ready for submission, email us the information directly to General Inquiries.
How long does it take to review my project? Our team reviews each submission thoroughly. During the review process you may be asked questions. Once we complete our review you will be notified whether we have selected your project. This process may take from a few weeks up to a few months. We may not provide our reasons should your project be rejected.
What criteria is used in the selection process? There is no single criteria. We look at your product idea as a business venture. We consider the sales potential, marketability, and earnings potential. We evaluate the idea based on technical merit and whether we have the skill set available to engineer the product. We also weigh your ability to bring the product to the market and how dedicated you are to the success of your project.
What happens after my project is selected or rejected? Should your project be accepted you will be provided with our contract defining the terms and conditions. We will begin the design of your product once the contract is executed. If your project is rejected by our investment team, you may still choose to simply hire us by the hour to complete your project.
Who owns the intellectual property? You own all of the IP that you generate. The IP created by FreeEngineers is jointly owned by both you and FreeEngineers. You will have exclusive rights to use all of the IP generated for your product by FreeEngineers in order to produce your product and generate income. Should I patent my idea? Always seek all IP (Intellectual Property) protection possible. This includes design and utility patents, trademarks, copyrights, etc. A patented product is more valuable to potential investors. We do not require the product be patentable. However, we do require the product not infringe any existing patent or IP owned by others.
Does FreeE provide assistance other than engineering? Once we decide to invest our time into your product idea we will do everything within our power to see that it is successful. We are an Engineering group only. FreeEngineers does not profit unless the product sells therefore we will do our best to help you be successful.
What are your terms for compensation?
Contingency is based entirely on sales of your product. We have a standard perpetuity rate, which is 8% of gross sales. However, before contract execution, you may chose to buy down the standard rate to any rate you choose. The cost to buy down the standard rate varies depending on the complexity of your project.
How long does the contract last? Our perpetuity agreement exists for the life of the product or any derivative of the product whether you are producing it or you have sold the rights to another party. Should you decide to sell the rights to the product the contract is transferable or can be purchased outright by either you or the buyer. Can I buy out of the contract?
Yes, the contract provides several methods of buyout. The value of the buyout is based on the value of the product in the marketplace as well as past sales numbers. This is explained in more detail within the contract.
What responsibilities do I have should the project fail?
None. You are not financially liable to FreeEngineers other than any unpaid contingency from existing sales.
I am interested in investing in other projects. Where do I start? FreeEngineers has many completed projects available for investors. Most of these projects were originated by our team of engineers. For more information click here and download our Reverse NDA here. On request we will provide you a list of the products available for investment. Send email inquiries by clicking here Investor Relations.
What financial responsibility do I have once under contract? FreeEngineers invests only our time and skills into your projects. We do not provide any financial support to any project. As the owner of the project you will be responsible for all out-of-pocket expenses as appropriate and approved by you. This includes prototype build expenses as well as any other manufacturing expenses necessary to produce your product.
Will you work on flat rate rather than contingency?
Yes. You may prefer to pay engineering services by the hour rather than enter into our contingency contract. You may decide it could be less costly in the life of your product to hire us at our flat rate fee rather than paying the FreeEngineers perpetuity. Should you opt for a flat rate structure, no retainer fee is required. Do you offer technical reviews of my project without contractual commitment? We will provide some technical advice before any contract is executed so that you can make the most informed decision possible.
Where can I learn more about your company?
For more information or to find instructional and motivational videos, go to our youtube channel by clicking here.
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