You might have a great idea for an invention, but if you don’t have the funding that you need, that’s all it will be: a great idea. Funding is not all you will need to think about – there is product development, marketing, understanding your customers. But definitely if you want your product ideas to be engines of income like some of the most well know inventions like the invention of football or of coca- cola, If you want your idea to see the light of day then you’ll have to secure funding so that you can develop your idea into something more than just a flight of fancy.
Following your comprehensive consumer research and the development of your idea, your next port of call is to arrange funding for the next stages. You might not know it, but there are people that can help. Even before you look into actual funding, look for some invention help with your prototype or other market research.
Are you aware that there are federal agencies and institutions that offer inventor grants to people with ideas that can benefit their operations? So have a look at the grant clearing house of the American government for more information.
The Small Business Administration (SBA) is a superb starting point. Not only can they support you in finding out the information you need with regards to the funding of your idea, but they can also give you support and guidance when it comes to overall business strategy.
There are funding opportunities available for younger people who may feel that their lack of experience or qualifications are holding them back. It’s such a shame to think that the innovative and forward-thinking ideas of a generation aren’t coming to light, just because of their age. If you feel that this applies to you, you should investigate what your local government offers in the way of student funding.
If government grants or student funding aren’t an option for you, you should consider looking at funding from private institutions or organisations, such as banks. Although firms of this kind do have the money available to fund you, you would be wise to take any offer under advisement, as these deals are known to be riskier.
Opportunities such as these are usually high-risk because they are seldom offered without any strings. It’s commonplace for private firms to ask for a stake in your business, and while this may bolster your development, you might be sacrificing vital control and ownership of your idea. It’s wise to take any sort of offer from a private firm under advisement.
Private financing can also be costly for someone who is inventing something for the first time. As the grants aren’t backed by the government, the rates of interest that are charged tend to be significantly higher. Even though this route can be riskier, it is often the only source of funding for a lot of people.
It will definitely help to share your idea with like-minded people. If others can see the wonder in your idea it might inspire them to help you financially. Make sure to possess a business plan prepared so you can influence interested folk at any time.