How to Get Backers for New Product Ideas

Idea in the mind.

Confidentiality of your ideas is very important as you look to collaborate with others in the pre-patent stages of the capital-raising process. Finding funding is usually the largest obstacles inventors face when trying to produce and market their product. It can seem like a much smoother process if you have a defined procedure to guide you through the steps to take.

Instructions

How to Get Backers for New Product Ideas

1. Ensure that you maintain ownership of your idea for the invention. One of the first things to consider is to establish the date of conception, which states you as the original inventor of the product by writing the details of your idea on paper, signing and dating it with your name as the "inventor" and having it notarized.

2. Create a prototype of your invention to demonstrate to your potential backers the functionality and effectiveness of your design. Providing them with an example of the invention encourages confidence that the invention is able to work as promised.

3. Explain the feasibility of the success of your product in the market through a professional business plan. This should describe how you will make money with your invention.

4. Make a list of about 20 to 100 manufacturers or backers that you intend to approach. Start with looking for companies who already create similar products. Research trade shows and industry directories such as "American Business Directories" or "Thomas Register."

5. Send companies a succinct and professional marketing letter that introduces you and informs them of your patent application filing. Explain why you are approaching their company and how your product can be an asset to their company.

Tips & Warnings

• You may want to seek legal advise about patents and confidentiality agreements.

• Consider contacting an invention development organization: The Invention Commercialization Service of the Thomas Walter Center for Technology Management in the Ginn College of Engineering at Auburn University performs this service. You can contact them at www.eng.auburn.edu/center/twc/ICS/index_print_preview.htm.

References

• Dreams To Market: New Innovator Guide