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Coming up with a great invention idea is only a small (albeit the most important) part of developing a new product. One common hurdle for individual inventors is how to finance a new invention idea.
Funding every phase of the invention process can be very expensive, especially for first time inventors who are not sure what to invest their resources in.
Patents themselves are not cheap, and that is only the beginning of a new invention’s toll on your wallet. You need promotional materials to market your new idea, such as drawings, prototypes, websites, brochures, and more.
The final bill will easily reach the thousands before you even talk to a manufacturer. So how do individual inventors find the money to get started with their invention idea?
Invention Investors or Partners
One option for budget minded inventors is to bring on investors or partners with the financial resources to launch the new product idea. While this is an attractive solution, there are some caveats.
Most investors are aware that inventions are extremely risky and all too often result in a 100% loss.
This unfortunate truth makes finding financial partners very difficult. Those that are willing to part with the cash often want a large stake in the potential profits or ownership of the invention.
Until this point, chances are that you have been 100% in control of your idea. You conceived it, built it, and made countless design decisions without consulting anyone. Are you prepared to now have to relinquish even partial control to a partner? How about %50 of your idea?
Many inventors cannot accept having to report or confer with another person on their inventions.
In a positive light, you now have a partner. Someone that you can confide in and bounce ideas off.
This can greatly benefit your invention’s development and help you see new avenues and marketing strategies you have not seen before. You just need to have an open mind and loosen your grip a little.
Ultimately only you can decide which is the best route for you and your idea. Remember though, timing is everything, and if you have to wait too long to raise the required funds on your own, you could be out of luck.