The Novum Institute
Guidelines for New Proposals
The Novum Institute is a private non-profit foundation whose mission includes unique initiatives in entrepreneurship, innovation, idea incubation, research and development, education, and the advancement of knowledge, all the while abolishing ignorance one person at a time. Headquartered in Colorado and with a worldwide expansion program, the Institute operates as a private innovation support, education, and research foundation, providing an environment in which people from all backgrounds can learn how knowledge and innovation is the fundamental building block of society’s growth throughout history, and how knowledge and innovation can be understood, developed, nurtured and applied throughout all organizations.
One of the primary missions of Novum is to assist and enhance the status and abilities of innovators, particularly those with projects and people of a unique nature.
To fulfill its mission, Novum supports innovative projects through management consulting, due diligence, financial advisory, business, marketing, technology services and financial support; that address the health and well being of the client, and have the potential of resulting in long lasting benefits to all participating parties and humankind.
Guidelines for New Proposals
Novum accepts only those Clients that are of high professional quality and currency that:
- Demonstrate the prospect of a highly successful outcome
- Will have a significant and long lasting benefit to participants and humankind
- Present innovative treatments of specific opportunities
- May stimulate cooperative efforts in various sectors of the world's community
- Are relevant to Novum's mission and major concerns
Novum will evaluate each prospective Client organization to determine its business, technological and financial stability, strength of principals' commitment and character, qualifications of management and staff, clarity of purpose and history of success. The prospective Client should reveal plans to achieve success within a reasonable time period.
Novum will not consider projects:
- For fund raising drives only
- Which involve destruction of life or the environment
- For organizations with closed mind-sets, intolerance, or ignorance
- To support candidates for political office
- To influence legislation
Novum welcomes inquiries from prospective Clients at all times. While there are no specific timelines for responding to proposals, new Client decisions are determined after a thorough due diligence process. This process can take up to several months.
Novum utilizes a two stage system of evaluating requests, which initially calls for the submission of initial information on the proposed project. If the applicant meets Novum's criteria and program emphases, the applicant will be invited to consider a formal proposal from Novum.
There are no set dollar amounts for financial support projects.
Applicants should provide a concise statement of their needs, taking into account all possibly relevant information.
Applicants should demonstrate sound strategies to implement projects by qualified people with the skills and commitment to achieve the goals set forth. Applicants may show the need for such people, and Novum may provide full-time or part-time personal, or consultants for selected projects. Quite often, Novum will recommend new clients focus on the refinement of their strategic plans and documentation.
Requests for assistance are to be made ideally with a minimum 1-3 page summary business concept statement, along with all relevant supporting materials, submitted in electronic format that shows:
- The innovation to be addressed
- The objectives
- The plan of development
- The anticipated results
- The backgrounds of the personnel
- The timetable
- The use of proceeds
A cover letter, also submitted in electronic format, should briefly describe the qualifications of the principal(s) and/or the organization and, if appropriate, clearly state the dollar amount needed for a specific time period.
Copies of the organization, or individual(s), most recent financial statements and should include historical financial statements for a minimum of the 5 previous years.
The preliminary proposal will be reviewed by Novum staff, sometimes assisted by Novum Advisors or other specialists.
If the prospect meets current criteria and there is sufficient uncommitted time available for possible Client support, the prospect will be invited to consider a relationship with one or more of The Novum Institutes.
The letter of inquiry and preliminary information should be submitted to The Novum Institute by email to proposals (at) novuminstitute (dot) org. Questions should be addressed to the same email address.
Novum accepts neither responsibility for keeping any part of an unsolicited proposal confidential, nor obligation to return unsolicited proposals to the applicant. All materials, confidential or otherwise, submitted to Novum by a prospect or a client will be retained or destroyed at Novum's discretion, and will not be returned to the prospect or the client unless prior arrangements are made by the prospect or client, including expenses for returning such materials. The Novum Institute Bilateral Non-Disclosure and Confidentiality Agreement is typically entered into during the second stage. Please send two completed and signed copies of the Novum Bilateral to our mailing address, and we will return one signed copy. The Novum Institute normally does not consider any other non-disclosure or similar agreements. Parties wishing to have The Novum Institute consider any other non-disclosure or similar agreement will be required to pay a nonrefundable charge of a minimum of US$1,500.00 to US$5,000.00.
Suggested Format for Formal Proposals
The following is presented only as a suggested format; however all of the information indicated should be included in some manner.
I. Title Page
- Name of organization
- Name of responsible party
- Date of submission
- Name, address, phone and facsimile numbers, emails and web site(s) of organization
- Amount of funds requested (if appropriate)
- Identify the applicant
- Summarize the project's objectives
- Describe the organization, its history, purposes, goals, programs and accomplishments
- Identify the areas addressed
- Summarize goals
- Indicate specific, measurable objectives to be accomplished over the next 5 to 25 years
- Describe implementation methods or procedures
- List all personnel involved, their qualifications, and titles / responsibilities.
- Provide timetable for activities
- All statements should be shown as line items that clearly delineate specific costs. For example, salaries should be indicated for each person, and each person identified by title.
- All line items should be supported including explanations for calculating costs. This can take several forms: estimates based on past experience; third party bids; contracts, etc. In all cases, the rationale used should be shown in detail.
- Fringe benefits may be calculated as a percentage of salaries but each element contributing to the total percentage should be described.
- Indirect costs should be reasonable, identifiable and related directly to the cost of the project.
- Necessary equipment or other capital items should be described in detail and justified.
- In addition to expense categories, all statements must include revenue projections, detailed by line item.
- The client will be expected to maintain adequate records according to established accounting principles.
- A narrative must accompany the use of proceeds / pro forma, describing each line item and underlying assumptions.
- List all copyrights, trademarks, servicemarks, patent applications and patents granted.
- List of Board of Directors and all their personal affiliations
- Copy of most recent financial statements, showing amounts and sources of current income, auditor's report (if available).
- List of shareholders
- A summary profile of all customers for the past three years
- Letters of support, as appropriate
- All copyrights, trademarks, servicemarks, patent applications and patents granted.
- Novum will ask for industry-specific documentation as appropriate
Novum will send a preliminary written notice of action to applicants typically within two to four weeks following delivery to Novum of all required and requested initial due diligence for phase one.
Final approval of clients can take up to several months.
It should be recognized that Novum receives requests in excess of its capacity. Therefore, not all requests can be considered. However, all applications within the scope of Novum's current concerns will be given thorough study to the fullest extent possible.
Following notification of a project, the prospective client will be asked to sign a contract that sets forth all aspects and conditions to which the project is subject.
Clients will also be required to assist in the preparation of an announcement describing the Client and the program to be carried forth as a result of Novum's support.
Novum Advocacy Program
Novum will provide an advocate for those applicants in need of assistance in developing and processing proposals. Please email proposals (at) novuminstitute (dot) org and ask for the advocacy program.