It is every inventor's dream to create a product that will go on to improve people's lives as well as do well financially in the public market. One of the most challenging problems for these investors is how to get an invention idea started without any money. Although your invention idea may seem expensive and costly to create and produce, there are a few methods by which you can attain the funds necessary to get your idea started.
Friends or Family
Explore the option of asking your friends or family for a loan. Tell your friends or family about your invention idea and explain to them what it's about. If they believe in your invention idea, ask them if they can help fund your idea while you find ways to attain other sources of income. Answer any of their questions that relate to your invention and how you plan to pay them back, as this will help alleviate any doubts and worries that they may have, as well as prevent the potential damage to your relationship that may result from not being able to repay loans.
Apply for a Small Business Innovation Research Grant. The U.S. Small Business Adminstration Office of Technology administers a program called the Small Business Innovation Research Program. Through this program, the SBA helps small, high-tech and innovative businesses by awarding them with funds for their research and development efforts. Earning these funds may inspire and motivate an inventor to continue working and developing their product, as these are loans that that do not need to be repaid to the government.
Share your ideas with angel investors. Angel investors, also known as venture capitalists, are usually wealthy individuals who make small investments in new businesses. If they believe that you have a good idea, they may invest in you by providing you with the sufficient funds needed to carry out your invention idea. Angel investors usually have a lot of experience in a particular industry and are willing to help a person with a unique idea through the startup process, as many of them are entrepreneurs who have also had inventive or innovative ideas in the past as well. You can find angel investors through your local chamber of commerce or university alumni angel networks.
- Photo Credit idea image by Vasiliy Koval from Fotolia.com
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