If you are asking “How do I fund my invention?” you are not alone. Many inventors lack the money to take their new invention to market and must look for outside funding. The good news is that there are opportunities to raise money for those who know how to present their invention in a professional way to investors.
It’s very important to present yourself in a business like manner in all your communications. It’s also recommended that inventors join a local inventors group to learn from others who have successfully raised funds.
Learning from other inventor role models is ideal because they have the experience and the know how to take you to the next level with your invention.
The first places that many inventors turn for funding are a government grant and loan programs. These are available from different branches of government to further research and development, but they are often narrowly tailored with a lot of specific requirements that must be met.
Government grants typically take the form of Small Business Innovative Research Contracts or Small Business Technology Transfer. To retain ownership, inventors must comply carefully with the terms and conditions of these grants.
Invention funding is critical for many small businesses and individual inventors who are trying to get their new invention to market. Even the process of patenting presents an expensive obstacle for inventors without proper funding as patenting an invention may often cost thousands to tens of thousands of dollars.
The initial investment funding depends on the situation, with seed money often coming from the inventor themselves, their family or friends.
If they require more funding than these sources can provide, they may then turn to angel investors or venture capitalists at some point. In major cities there are usually several of these companies which specialize in assisting startups.