This could be done as a LongeCity Project or be started using a LongeCity grant and fundraiser.
So I'm working with someone else I met here on LongeCity and we're testing and developing supplements for opportunities that the market might be missing or undeserving, however, not all organizations are willing to work with us or accept W-9 forms, so we're having trouble working with everything we want to, as not everything we're testing is currently being marketed (which makes these opportunities more profitable if they are in fact superior to what is already in the market). Having a company registered/filed professionally and thoroughly can cost several thousand dollars and make filing one's taxes not only more complicated, but also more time consuming, and/or more expensive, especially in the exploratory phase of the company. IIRC, 90% of startups fail, which means 90% of startups spend money on legal and tax services which ultimately go to waste and could be better budgeted to exploring more opportunities. Further, and more importantly for people just getting started:
Venture capital financing is the exception, not the norm, among start-ups. Historically, only a tiny percentage (fewer than 1%) of U.S. companies have raised capital from VCs.
So there is a definite need from my perspective to lower the cost and commitment of creating a startup. After all, I may waste my money exploring 100 or more businesses/products before I find a blockbuster. I want to spend as little money as possible during this time and I'm sure others feel the same. Some will point out that most businesses get funded from family and personal loans. However, most of that money is also lost eventually. Getting money from VC investors means that people who have the business wisdom to know if your ideas will succeed or not think you have a pretty good chance of success. I consider this to be passing the VC test. All other ideas are subject to far greater risk, and VCs not only provide the money, but they have a place for you in their network of companies. Berkshire Hathaway stock owners like to use their money to support BH owned companies and this is inherent to their success. So if you're going to take the time to develop worth succeeding, you naturally want to give it the momentum that only someone like a "shark" can afford it. If you happen to have seen the show "Sharks," you've probably seen the sharks use their connections and know how as bargaining chips, and they are very valuable, especially if you have a reason to want to assure success such as making more potent and effective anti-aging supplements available and pushing the life extension and age reversal trend into the spotlight.
I'm thinking LongeCity could establish an incubator for anti-aging supplements and nootropics to make exploring these opportunities easier and less costly. After all, time and money spent on things you're not an expert at doing increases risk exposure and limits you from doing what you do best and what is ultimately most rewarding and enriching for you and our community.
I'd like to attract suggestions from the community and determine what other services such an incubator could provide to minimize barriers to entry for startups and split costs among many companies.
Some other service ideas:
The startup cost of complying with FDA Adverse Event Reporting and Recordkeeping is roughly $7,500-10,000 for the first product. Once the relationship is established the additional costs are reduced to a yearly fee of around $2,500 + $50 per call or contact that is received.
Insurance - I'm still waiting for a response to my general liability inquiries, so I'm not sure what this is going to cost. But while risks are very low during the exploration/testing phase for many well characterized substances, Certificates of Insurance are often requested when purchasing from various raw material manufacturers before products can be released for testing. This cost could certainly be spread out among several people or groups.
Conclusion:
While not every business or product idea succeeds, we can still make sure that the money spent on startup expenses by members of our community makes a greater impact and increase the number of ideas being explored which will ultimately lead to more success for our community and our mission.
