Developing a new invention can ultimately be highly lucrative, providing your invention is commercially viable and contains new components. But it is difficult to find the money to finance a new invention through the development and patenting process when you do not have demonstrable proof of the success of the product. In order to get legal protection for your new invention, a patent is required. Get help developing your product to secure this patent from the following sources.
Try Banks and Building Societies
But beware, banks, building societies and venture capitalists are extremely unlikely to loan or invest money for a new invention or to provide the money to patent an invention. These institutions deal with products that have been developed by professional managers, and are at the point of being brought to market or already on the market. Don’t be discouraged if applications for funding from these sources are declined.
Family and Friends Investment
You are unlikely to get full capital from family and friends but many people may be willing to invest smaller amounts that would not affect them negatively if they lost. You can present your invention in the best light and offer a small stake in the business, linked to the amount of the investment.
Get Angel Investment
Private investors are often called angel investors or business angels and they have their own money that they are willing to put into worthy new ventures. They look for the right product, the right business plan, and a convincing market. If you can put together a package that showcases your product in a positive light, you may be able to secure business angel funding.
Partner With an Existing Business
Draw up a legal agreement when you are going into partnership with an existing business otherwise you risk losing money or reputation. The partnership must be equal, and you must stand to gain from the relationship – don’t give up control of your product for quick cash.
Get a Grant
Look around for subsidies, grants, and awards that could help you develop your idea and bring it to market. There are a variety of schemes available so do your research to find out a viable form of funding for your product.
Invest in Yourself
Secure the services of an experienced patent attorney when you are developing the application for a patent, particularly areas that are tricky to patent like software patents. Getting a patent can be difficult, and an attorney or consultant will help boost your chances of success and save you money in the long run.
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