Q. Who makes up the Wattpad selection Team?
Q. How is this different than an accelerator or incubator?
A. Incubators or accelerators are environments for independent startups to be nurtured and to grow in exchange for cash or equity. In the case of Wattpad Labs, we are looking for teams to join Wattpad to help Wattpad grow through new and innovative products.
Q. What if you like my idea and not my team?
A. So many great products are built by great teams. Ideas are valuable only so much as in their execution and like with most new products, we expect that there will be pivots along the way to get to product-market fit. The residency is mostly about the team. The concept itself is more of a way to evaluate how you think and work through a specific problem set.
Q. What if I pitch something and doesn't get chose, can Wattpad decide to pursue the concept without me?
A. Wattpad is not in the business of stealing from others. Of course Wattpad has no intent to take ideas from others. However, Wattpad has been investigating and pursuing new story product ideas for over a decade, and we continue to have internal teams at Wattpad Labs exploring next-generation storytelling products every day. It is possible that we may already be working on something very similar to concepts and ideas you may come forward with.
Q. What happens at the end of the three months?
A. If the concept has developed into something that shows growth and success, there will be an opportunity for the team to continue to lead this new business within Wattpad. If the product has not taken off and Wattpad is no longer interested in pursuing it, the team is free to pursue it independently or pursue something else outside of Wattpad.
Q. Is there equity participation?
A. Since Wattpad Labs is wholly owned and operated by Wattpad, all participating in the residency or employees working for Labs will have opportunities to be part of Wattpad Corp’s option pool. Performance-driven compensation can take the form of a combination of cash and Wattpad options based on hitting pre-defined milestones. The upside would be significant in the case of significant success. These milestones are to be determined on a case by case basis.
Q. How will successful teams be compensated in the case of big success?
A. Compensation can take the form of a combination of cash and Wattpad options based on hitting pre-defined milestones. The upside would be significant in the case of significant success. These milestones are to be determined on a case-by-case basis.
Q. Who owns the IP?
A. Wattpad takes no ownership during the two week trial period to give teams an opportunity to assess the fit. However, once the 3-month paid residency begins, what is being built for Wattpad Labs remains with and is owned by Wattpad. Successful teams will enjoy significant upside opportunities.