Funding Invention Ideas? 3 Sources You Can Use

Funding invention ideas is a critical part of the invention process. People all over the world come up with new ideas for useful products everyday. The problem: They rarely act on them. One of the primary reasons they don't act is due to funding. If you really believe that you have a good idea then find a way to get the funding you need.

Creating a successful invention does not have to be expensive but you do have to spend some money. How much? That depends on the idea and how skilled and creative you are. It is possible to license an invention without investing more than a few hundred dollars. Impossible you say. Not if you use the right process, have the right idea and have the skills to do things yourself.

A few hundred dollars is the least amount you can expect to spend if you want to be successful with your invention. So what is a more realistic amount of money to spend on licensing an invention? For most ideas if you are careful in how you approach the process it will cost between one and several thousand dollars. Most of my ideas stay in the $500 to $5000 range. Keep in mind this is with me doing all or most of the work. If you have to hire someone to make a prototype for you and if you do not choose the right patent strategy or service provider the process can cost MUCH more.

Now that we have established that turning your idea into a success is going to cost some money let's talk about the available sources for funding invention ideas.

The best way to fund your idea is to use your own money. You can do this through savings or your own credit i.e. Visa and MasterCard. Since it is your money on the line you want to find out as quickly as possible if you have a winner or not. Unless inventing is a hobby, evaluate your idea for profitability first.

The next place you can look for money is your friends and relatives. Usually these people believe in you and want you to succeed. If they have extra money they are a prime candidate for helping you get started with your idea. Once again make sure you have a winner before investing too much. Start small, test and evaluate.

After exhausting the first two sources for funding invention ideas you can look for more experienced money. This typically comes in the form of angel or venture capital investors. These investors are far more sophisticated and expect you to have a solid plan for making them money. You do not want to approach these types of investors until you have progressed far enough with your idea to know that it works and that someone is likely to want to buy it. A business plan also helps, actually is mandatory, in these situations as well.

Often it will take time to get funding for your idea. If it does take longer than you expect don't get discouraged. Keep at it and keep working on your idea. Don't give up too easy. Unless the idea is not any good.

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