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Q:
Tell me about the two projects, please?
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R:
Publicly disclosing the nature of either of these projects would, at
this time, not be prudent on my part because one of them is so simple
and so easy to create that it's not in the lunatic fringe at
all. It's simply a marriage of two existing technologies
that, once combined, will create a product of great service to the
world and will return millions of dollars to the
foundation. If I publicly state that idea, someone who
presently has the money to invest would have it on the market in in
very short order.
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Q:
What about the other project?
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R:
This one is squarely in the lunatic
fringe. It's about completing an existing
project. The original creator died before his creation
could be proven to be either a valid scientific wonder of simply a
lunatic's pipedream. The Foundation intends to offer an
opportunity to find out if the creator was a lunatic just wasting his
time or a genius whose project was left unfinished.
But,
to be more specific in answering you question, I am willing to offer
you an historical example of a relatively recent creation that is
exactly the type of project that the foundation intends to seek out
and fund.
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Q:
OK, I'm listening.
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R:
Are you aware of the circumstances
surrounding the creation of the Cat-scan?
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Q:
No, but I suspect I'm about to be.
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R:
Indeed you are. While
this hospital diagnostic equipment was being developed, the inventor
went through hell. He was repeatedly ridiculed and
condemned by his peers, and funding was very difficult to
find. And yet, today, the Cat-scan, or a
modernized derivation of the original Cat-scan, is standard
equipment in every major hospital in the entire world.
Imagine
how much faster and how much easier the development of that equipment
would have been if The Of-Course Foundation®
had been around at that time to assist in its development.
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Q:
How do you envision that The Foundation will function?
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R:
The Foundation will provide:
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*
The laboratory space and/or workshop space for
product or project development, *
Office space, computers, telephones, etc. *
Work assistants, secretaries, draftsmen, artists, etc.
for day-to-day tasks, *
Any special tools or technical specialists required,
*
Financial management such as a monthly stipend for
the
idea person [the developer], and
*
Payment for anything else needed for the
development
of the idea.
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Our
intention is to take care of as many details as possible so that
the idea person can focus his or her full attention on developing
his/her creation.
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Q:
How is what you intend to do different from what is presently
being offered by those who run TV infomercials asking for inventors to
bring them their ideas?
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R:
The infomercials are run by business people looking for
projects that will make them money. In terms of what they will
fund, there is little different between them and your local
bank. If they are not sure they will make money, they are
not interested in the project.
The
foundation, on the other hand, is intentionally looking for projects
that are too financially risky to obtain traditional
funding. Some of the foundation's projects will be public
service projects with little financial return. Some of them will
turn out to be fruitless, but some of them will make major
contributions to the future of humanity, and some will bring in
significant profits.
We
are looking more at the potential social and humanitarian contributions
and less at the potential financial profits. None the less, some of
our projects will return millions of dollars, and, in the long run,
the foundation's financial returns will very likely exceed those of
the inventor-seekers and the bankers.
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Q:
What about patents?
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R:
The Foundation will provide all types of legal services and
coverage, including creating contracts, negotiating agreements, and
everything else required to create and to insure appropriate legal
status, including patent protection.
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Q:
So when you find and successfully develop a project, who will own the
patent, and where will the money go?
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R:
For every project a trust will be set up, and the trust will legally own
the patent. A
second trust will be set up which will be responsible for developing the
product.
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Q:
Why use trusts?
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R:
To limit liability and to avoid excessive taxation.
In case you are not aware of it, the wisest wealthy people
don’t actually own anything.
They set up trusts and the trusts own everything.
They simply manage the trusts.
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Q:
OK, so who will control the money?
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R:
We have to distinguish between the money that is donated to set up and
initially run the foundation and the money that will later be
generated from the projects and products it develops. The
initial money donated will be used to set up and run the foundation
until completed projects bring in enough money to sustain it without
further donations. These moneys will be handled in the
traditional manner by which foundations are normally financed and
managed.
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Q:
And what about the money generated form the projects?
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R:
First of all, the project's development costs will considered, along
with administrative costs and the other expenses involved.
Development costs will be calculated in the same manner that a typical
corporation uses to figure its costs for developing a new
product.
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Q:
So the successful projects will actually pay for themselves.
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R:
Yes, the successful ones that are
focused on a new product definitely will; however, the social service
projects won't be undertaken for their financial profit.
Because The Foundation won't have stock holders taking money back
out and because The Foundation will not have a tax liability, it
will have a significant financial advantage over the traditional
corporations.
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Q:
Then where will the profits from projects go?
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R:
After deducting the development costs which will go back into The
Foundation treasury, the residual moneys will be handled in this
fashion:
Sixty percent of the profit generated by whatever is created belongs to
the idea person. Within
the context of the trusts and the tax laws, it's his to do with as he
so chooses.
The
idea person is also required by contract to give away another ten percent of
the profits to anyone he so chooses.
This applies to the profits for entire life of whatever has been
created. He or she
is encouraged to give the money directly to those who will use it and not
simply hand it over to an existing charity. He or she is also
encouraged to give the money away with no strings attached; however,
the idea person makes the final decision as to whom and in what
fashion the money is given.
Twenty
percent of the profit generated by whatever is created belongs to
The Of-Course Foundation.®
This also applies to the profits for entire life of whatever has been
created.
The
remaining ten percent of the money that a project generates goes into
a fund that can be used for any purpose for which The Foundation staff and the idea person choose. For example,
the project developers may offer the ten percent as an incentive such
as a return on an investment in order to encourage financial
participation from people who would otherwise not fund one of our
projects.
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Q:
So why isn't the Foundation functioning now?
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R:
MONEY! Lack of funding is the only thing keeping it from
flying. The Life Center, our already existing non- profit
organization, is functioning as the birth mother. We
are expecting and accepting funding to set up and operate just
such a foundation.
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Q:
Can I be a part of The Foundation?
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R:
Of
course! If you would like to participate in the
funding, the creation, and/or the work of The Of-Course
Foundation,® or
if you have a project that the foundation should consider as one
of its first projects, please
Contact Us ' . If
you know of someone else whom you think might like to participate
in
the funding, the creation, and/or the work of The Of-Course Foundation,© please
send then to this web sit and/or
ask them to Contact
Us '
.
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