One of the problems of getting your invention idea started is finding the money, if you don’t already have it. Your invention idea may seem expensive and costly to create and produce but there are a few methods by which you can attain the funds necessary to get your idea started.
Think about asking your friends or family for a loan. Tell them your idea and explain to them what it is about and your plans. If they believe in your invention, you could ask them if they can help you fund your idea and let them know that you plan to pay them back.
You can start by writing a solid business plan to present to potential investors. The investors want to see how your invention can make them money. If you are not able to write the business plan yourself, you can hire someone to do it for you.The plan should describe in detail how much money you will need, what the money will be used for, how you plan to manufacture, market and distribute for sale your patented product, and what income and potential profits will be generated. You should ask for enough money to fund the entire project. A fully researched business plan will help you avoid starting out with not enough money.
You could also seek out money through government offices. There are grant and loan programs to sustain a new product through the patent and initial development stages through branches of state and federal government. For example, the United States Department of Energy gives grants for developing inventions that benefit the environment and reduce household energy use. Many communities also have incubator programs that provide funding and assistance for patent applications and assistance with startup. You can find a list of these sources at your local chamber of commerce, or local college or university.
You could also present your product for patent to venture capital investment groups for consideration in their next round of funding. Venture capitalists do understand all phases of developing and bringing a new product or invention to market. Not only can they provide money but they can also guide you with the best professional assistance through the early stages. They can suggest a local patent attorney or patent agent. Be careful with venture capitalists because they sometimes have strings attached. You should be prepared to negotiate how much ownership you will dispense for the patent funding you need. Look out for patent assistance offers that require you to do little more than send in your money.
You should seek an attorney for patent assistance before choosing where to spend your money.
