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Employees take ownership of their concepts at Fusenet Continued from page 11 13 · Wednesday, July 21, 2010 OAKVILLE BEAVER · www.oakvillebeaver.com Typically, an employee will spend every Friday working on an idea for about two months. At that point, if the idea doesn't go anywhere, they will abandon it and start working on a new one. But if it does develop into something and they need money to expand the project to where they need staff, this is when the company gets involved about a possible investment. "Here's the equity shares, this is how much money we're going to put in and it's not one day a week anymore, now it's your full-time job," said Singhal. If it is approved, the idea can move forward where it can take months to develop into something tangible. "Usually, four months or so to get something to the demo stage where you can actually see the product and maybe start getting your first customers, and then usually a year after that to get profitable." Depending on how much of the idea was theirs and how much work they were able to put into it by themselves, the percentage of profit they receive from the company varies, anywhere from 10 to 50 per cent, to ensure the company still has a majority or controlling interest. "We want to make sure the employees are highly motivated to make the company successful," said Singhal. "We've found in the past that unless they have 15 or 20 per cent, they're not going to feel like they own the business." On average, Singhal receives approximately "I came up with a concept for a new company and I used the Lab program. I used that time to create a concept for a software package that I built into a pro and then pitched to Sanjay and Ryan for investment, which I got." n tax time, you could do that without having to give them the actual password," said McQuin. "We basically use the same three passwords over and over, (so) if you give it out once, you're basically giving it out for all of your online accounts. "This gives you a way to give someone access to your account without having to share your password." "It's pretty amazing that I can have investment (and ownership of equity) from my company (to) be able to start a different spin-off company and have the support of everybody around here," said McQuin. "I don't think it really exists anywhere else." Fusenet, located on Wyecroft Rd., currently employs 50 people and is looking to hire. Scott McQuin, Fusenet brand manager 25 applications a year from the employees. Despite the large number of ideas, roughly only five of them get funding from the company. Scott McQuin, brand manager, started out working for Simply Audiobooks a year before Fusenet was born and bought out the company. He created a password-sharing site, which then became his full-time job with the support of Fusenet. "I came up with a concept for a new company and I used the Lab program. I used that time to create a concept for a software package that I built into a pro and then pitched to Sanjay and Ryan for investment, which I got," said McQuin. "That basically created a new company within Fusenet. I basically run everything with that company with the support of Fusenet." The site allows people to share their online accounts with other people for a period of time without giving out their password. "For example, if you wanted to give your bank account access to your accountant around WANTED Homes With Asphalt Shingles in Need of Replacement Ontario Shake N' Tile, Ontario's most trusted metal roofing specialist, is looking for homes in your area that need a new roof and never want to roof again. We offer the beauty and elegance of a natural wood shake roof with the durability and unmatched performance of metal. It comes with a lifetime transferable warranty against: winds, rain, snow, moss, hail and tree resin. This beautiful roof is being introduced to your local market now. If you participate in our Display Home Program, we will reduce our already competitive pricing and make it worth your while to investigate the many benefits of our roof. You must book your job within 10 days of this advertisement. Low payments, 100% financing available, O.A.C. Call NOW for HUGE Savings! 1-888-271-7119 www.roofontario.com Family Doctors Accepting New Patients HealthSense Medical is proud to welcome Dr. Ana Bahmutan to our Family Health Group. Call 905-825-DOCS to book your appointment today. Short wait times! 905-825-DOCS 2983 Westoak Trails Blvd South of Dundas, at Bronte Rd HOURS Mon - Fri 9am to 8pm Saturday 10am to 2pm info@healthsensemedical.ca www.healthsensemedical.ca Walk-In Clinic Chiropractic Family Doctors Travel Clinic DRUGSTORE