To generate a passive income, you’ll need to put some initial effort into establishing your product or business. If you’re interested in doing the same, The Idea Lab is the ultimate solution for you.
The world keeps spinning faster as the years fly by, and new businesses are taking over the market more rapidly than one might imagine. But, no matter who you are, the current business environment allows you to make your venture a success.
From seasoned businessmen to college students, anyone can make their start-up- bloom into a large-scale business today. All you need are the right minds to back you and adequate resources.
That is where Idea Lab comes in, and that is what we will be looking into in this Idea Lab review.
So, are you thinking of launching your own start-up-?
Do you have a product in mind that you think might skyrocket in the market due to high demand and low availability? Or perhaps, you want to make the most of the current business environment by finding the right job opportunity in this sphere.
Whatever the case, this Idea Lab review will help those wondering is Idea Lab worth the time.
What Is Idea Lab?
Here’s a brief introduction to Idea Lab for those who are not familiar with the platform. Previously known as idealab!, Idea Lab is a start-up launched in 1996. With its headquarters in Pasadena, California, Idea Lab has grown from a small business venture to a large-scale company.
Founded by Bill T. Gross, the company works to bring visionary ideas to reality. A lifelong entrepreneur himself, Bill was in high school when he started his first solar business. With time, Bill has invented high-end speakers, a natural language product for Lotus 1-2-3, Knowledge Adventure, and CitySearch.
Unlike other passive income platforms, this company has helped more than a hundred other start-ups establish themselves in the last twenty years.
Idea Lab believes that too many great ideas and innovative products are too many to ignore and not launch into the world. Therefore, Idea Labs focuses on turning simple products and vague business aspirations into full-fledged enterprises.
Moreover, Idea Labs helps find technological solutions to pertaining problems. In over two decades of its existence, Idea Labs has worked with a team of innovative minds in engineering to perfect prototypes and products and deliver the services needed.
Through rigorous planning and testing, the team narrows down a list of potential ideas to a single business plan.
Then, a team of committed employees set about to create the conditions that allow the start-up- to launch successfully.
Sounds like a great idea to make money from home? Read through this review for further details.
What Is Idea Lab Kids?
As a result, Idea Lab Kids is an offshoot of Idea Lab that focuses on teaching young children arts and sciences that will ultimately help them develop great ideas to further this technological advancement. The point is to support the education of the many future engineers and developers committed to the work carried out at Idea Lab.
Idea Lab Kids started from very humble beginnings. Initially, all the physical presence that the venture had was a rented-out space at the back of another business. Today, Idea Lab Kids operates worldwide to educate children using the most innovative teaching methods and ideas.
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How Does Idea Lab Work?
Now that we have extensively familiarised ourselves with what Idea Lab and Idea Lab Kids are, we look at how this company works to help start-ups- evolve into successful businesses.
With the help of the best developers and engineers, Idea Lab has worked on up to five thousand different ideas. Out of these five thousand ideas, it has managed to give rise to one hundred and fifty successful companies in its almost twenty-five years of existence. Moreover, the company also boasts more than 50 IPOs and acquisitions.
However, these numbers are not the sole metrics of the company’s success. Idea Lab has created ten thousand new job seekers, employing many engineers and developers. In addition, it has given rise to innumerable entrepreneurs running successful businesses.
How to Sign Up for Idea Lab?
Joining Idea Lab is a good decision for both developers and engineers alike. Moreover, enrolling them in Idea Labs Kids’ programs might be one of the wisest decisions you can make for your child’s academic future.
Applying for a Job at Idea Lab
There is no complex process for getting a job at Idea Lab. If you are qualified for a position, all you need to do is fill out an application form via Jobvite. Then, the company will contact you for updates.
Moreover, you can find any job openings on the Idea Lab website. Unfortunately, the company is not currently hiring. However, you can enable receiving a notification whenever there is a job opening.
Enrolling for Idea Lab Kids
Similarly, for enrolling your child in any of the programs offered by Idea Lab Kids, you must first select a preferred location. After that, all you need to do is fill out the necessary documents and apply for your kids to join the camp, workshop, or class of your choosing. Again, you will hear back from them regarding any updates.
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Pros of Idea Lab
Now that you have all the basic information about the Idea Lab, you must know whether it is beneficial.
If you want to make money online by marketing a new product or working as an Idea Lab employee, this organization has amazing benefits for you. I have listed them right here to make this review helpful for you.
Based on Positive Morals and Values
Apart from its unique innovation of helping new businesses and ideas, the company has its roots in positive morals and values. By doing what they do, the owner and his great team strive to give a voice to potential entrepreneurs and make the world a better place by promoting creativity.
The Idea Lab owners and management work to support innovation in every way. That’s why, even if you have a wild idea to generate passive income from home, you can get help from the organization.
Similarly, it provides open space and a game room for kids to rekindle their imagination and produce new ideas.
Prioritizes ESG-based Concepts
Besides helping budding entrepreneurs, the Idea Lab is concerned about the well-being of our planet. According to their policy, they prioritize ESG-based concepts that bring forward innovations that promote sustainability and conservation of resources.
Team of Expert Minds
Unlike other companies that operate under a single mastermind, the Idea Lab relies totally on its great team of experts. Therefore, new businesses that seek help from the organization receive exposure to a greater spectrum of expertise which helps mold their idea into reality.
Flexible Work Schedule
If you’re thinking of joining as an Idea Lab employee, you can decide your working hours yourself, which is a great plus point.
Along with the kids and entrepreneurs who join the organization, the staff also works in a supportive learning environment.
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Cons of Idea Lab
If you were initially wondering is Idea Lab legit or a scam, you’re probably overwhelmed by its benefits. However, like all companies, this platform has its downsides which I have listed here to give you some insight.
No Additional Employee Benefits
Like other businesses in its league, the Idea Lab does not offer any extra benefits or perks to its team members. That’s because the job has a flexible nature; therefore, it is a part-time endeavor for anyone who joins.
An Elitist View About Innovation
Some critics argue that the organization has an elitist view about innovation. Meaning, they prioritize entrepreneurship above all other professional endeavors, which are a narrow viewpoint according to critics and users.
Expert Business Plan Formulation
With the right business execution, any product can earn you a great fortune from the comfort of your home. You can pitch your idea to Idea Lab online, and you can watch it bloom into a business remotely. All you need is a little investment.
Typically, a week is given to open discussion among a group of great minds to come up with various solutions that can work out. This group can comprise up to thirty people. A good working environment ensures a high turnover rate of possibly successful ideas.
Towards the end of this period, the experts manage to develop enough feasible ideas to turn them into research projects. Thus begins the long process of trying each idea out after a long research period, noting its merits and demerits, drawing conclusions about its feasibility, and figuring out the financial side of things.
Moreover, Idea Lab has a strict policy of not accepting entire business plans. Since the company itself generates its ideas internally, it does not need pre-planned businesses to approach it. Instead, idea Lab works with the raw product or service you bring to the table.
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Start-Up Success Goals
The company’s founder, Bill Gross, seems to have cracked the formula for success. According to him, simply putting together a group of brilliant minds, handing them the right resources, and providing a healthy work environment should ideally lead to a successful business idea. Unfortunately, however, businesses still fail left and right.
So, what are they doing wrong? Or perhaps, more importantly, what else do they need to do?
Bill comes up with five factors that are important in determining the success of a start-up-. These are the five factors that Idea Lab considers when researching possible ideas that may work.
Let’s look at what they mean.
Understandably, the idea you settle on should be a stroke of genius. With so many businesses around and ever-increasing competition, it is your genius that will give you a head start. When everyone is working hard, you must also learn to work smart to get ahead.
From employers and managers to employees, the entire team working on an idea must be well-greased and receptive to everyone’s ideas. Whether it is an employee or the boss who does not get along, glitches in teamwork mean disaster.
Even the best employee needs a good business structure to build on. Therefore, a trusty and strong business model goes a long way towards contributing to a venture’s success.
Some of the best ideas flop because of inadequate funding. Adequate funding at the right time is crucial to the success of a start-up-. Moreover, the company has to ensure that ideas are only launched when the right funding is available.
Some products are way ahead of their time. In such cases, patience can go a long way in ensuring that the product reaches the market in its own time.
Alternatively, some products and services end up being too late. Then, when the market is saturated and there is no demand, there is a considerable risk that the product will not take off.
The STEAM Approach for Idea Lab Kids
As for Idea Lab Kids, the process goes by their goals. The point is to make sure the kids are well-versed in their arts and sciences, so they end up contributing to the world of technological advancement.
Idea Lab Kids caters to kids of age four at the minimum and fourteen at the maximum. It holds camps, classes, workshops, and many other experiences. Moreover, the platform familiarizes kids with coding, engineering, arts, science, 3D design, augmented reality, and other innovative subjects.
Ultimately, Idea Lab Kids works on the STEAM approach, an adaptation of the earlier version, STEM. STEAM stands for STEM plus Arts. The focus is not merely on Science, Technology, Engineering, and Mathematics but also on humanities and arts.
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Idea Lab Former Employee Reviews
There is much that a former employee can tell you about a company’s work environment. However, where one former employee may be guiding you out of goodwill, another can lead you wrong out of spite. Therefore, take all reviews with a grain of salt.
Most Idealab reviews narrow down to the fact that the work environment is highly competitive. In the words of most employees, you must be willing to work hard and learn. Unfortunately, the fast-paced environment is not up to everyone’s tastes, and many employees complain of burnout and mismanagement.
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- Ease of Use – 4/5
- Customer Service – 4/5
- Features – 5/5
Is Idea Lab Legit?
Whether you are looking for a good job or thinking of launching your product or service for some passive income, Idealab is a safe choice, free of any scams. However, as an employee, be ready to work hard and learn a lot. Moreover, Idea Lab Kids can help your children become tomorrow’s skilled engineers and expert entrepreneurs.
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Idea Lab ReviewFree
Ease of Use8.0/10
- Based on Positive Morals and Values
- Supports Innovation
- Prioritizes ESG-based Concepts
- Team of Expert Minds
- Flexible Work Schedule
- No Additional Employee Benefits
- An Elitist View About Innovation