Indie developers will be able to pitch their ideas to Square Enix, who will either accept or reject them. The accepted ideas will be presented to the public, who can then vote on which games they would like to have developed. Successful games will then be submitted for crowdfunding campaigns and hopefully acquire enough to allow them to be developed.
IPs like Gex, Fear Effect, and Anachronox are the first games to be offered for revamping. Square Enix says they are not necessarily looking for direct sequels to these titles, and suggests that a game like Gex could be adapted into a side-scroller or turn-based strategy game. The company will take a 10% "licensing fee" in addition to the base 10% they get from net sales revenue. they intend to add more IPs to the list of available Collective games, but for now, they want to "start with those and see what the response is like."
Source: http://www.gamnesia.com/news/square-enix-is-opening-up-their-old-ip-to-indie-developers#.VOpJ2kMpDQ8
Some good ole Gex being reinvented sounds great to me. I sure miss the little guy.
Edited by Hero of Winds