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Do you have an idea for an invention but don’t have the money to finance it? Unfortunately, this is a problem that many developers face.
I Have An Idea For An Invention
Well, not exactly. There are many steps you need to take beforehand, such as researching your idea and the market. This alone may take some time.
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However, when you’re ready to raise capital, you have many options, from borrowing money from friends or family to crowdfunding.
This article will cover every step you need to take to bring your idea to life from start to finish. However, it will focus on what to do if you don’t have the finances.
You did it; you have invented a wonderful thing that will change the world. But this is only the beginning.
Whether you’re selling capital, a license, or your invention, there are five steps you need to take to bring your idea to life:
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If you have an idea, the first step is to test it. The main purpose of researching your idea is to prove whether it is unique or not.
If you have a good idea, there’s a good chance that someone else thought of it and got a great patent.
One way to determine if your invention is unique is to do a patent search on the US Patent and Trademark Office website. You can find their instructions here.
Another option is “prior art search”. A prior art search is another way to see if there are other inventions that are very similar to your idea.
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With that said, in this step you’ll want to document your idea. For this reason, it is important to write a paper trail that includes every detail of your invention.
Write down the date you thought of the idea, its design and functionality, potential names, and anything else you can think of. Sign the date each time you enter the journal.
This will be important for future patent applications, and it will also help you fight claims that you stole the idea from someone else or that you didn’t think of it first.
If you’ve identified an idea for an invention, the next step is market research. Your idea may be one of a kind, but is it really worth it? How useful will it be?
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In other words, is there product-market fit? Product-market fit is the degree to which a product meets a market need.
If the market demand is high, the product will be successful. If the market demand is not high, the product may fail.
Determining product-market fit is critical to ensuring you don’t waste time and resources. If there is no demand for your invention, it should not be marketed.
To find out the need for your invention, you can give potential customers surveys, conduct focus groups, participate in discussions, etc.
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Not only will this determine product-market fit, but you’ll also get an accurate idea of how much users are willing to pay for your invention, how you can improve your product, and more.
Once you have determined that there is a market for your invention, you should create a prototype. Prototyping is bringing your idea to life through a visual representation.
You should think of your prototype as a model of the product’s final appearance and usability. This will help investors, manufacturers and distributors understand the vision you have for your invention.
In addition, your prototype will help you identify any changes you may need to make to the feel, look, and functionality of your invention.
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Remember that having a prototype will be very important when you are ready to file a patent application. Having a prototype will help you raise the money you need to manufacture and bring your product to market.
If you need help building your prototype, use the competition and an anonymous contract. This will protect the intellectual property for your invention.
Now that you’ve created your prototype, it’s time to apply for a patent through the US Patent and Trademark Office (USPTO).
Simply put, filing a patent will give you legal protection and prevent others from stealing your idea and profiting from it.
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Note: Most people file two patents: a provisional patent and a utility patent. This is a strategy to increase legal protection.
As described by the US Patent and Trademark Office, utility patents are “issued for a new and useful process, machine, product or composition of matter, or for a new and useful improvement.”
Simply put, a utility patent is reserved for new machines or processes, as opposed to a design patent, which applies to the production and manufacture of new, non-obvious designs.
It protects the product design, and patent documentation usually consists of unique design drawings and drawings.
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A provisional patent is one you can file without a formal patent application, oath, declaration or disclosure statement.
This allows you to own the rights to the invention without the final product and usually goes hand in hand with a utility patent.
Provisional patents expire 12 months after they are granted, so you must file a non-provisional patent within that period to retain the rights to your invention.
A plant patent is very straightforward; it is a patent for new varieties of plants. However, it does not include sexual and tuberous propagating plants.
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In other words, plant patents are for new varieties of plants that are produced by cuttings or other non-sexual means and do not cover genetically modified organisms.
After creating a prototype, you need to start raising capital to fund your invention and get your business off the ground.
One way to raise capital is to find an investor. For example, you can seek the help of a venture capitalist.
A venture capitalist is a private equity investor who provides capital to startups or small businesses that show significant growth potential in return for equity capital.
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With that said, the most common ways to raise capital to finance your invention are:
Depending on your situation, you may not have to look far to find funding for your invention. Family, friends and others can often be a good way to capitalize on your social network.
If you are raising capital from family and friends, discuss the terms of the investment, such as the percentage of profits they will receive, etc.
You should also consider how your family and friends’ funding will negatively affect their finances if your invention is not successful.
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This can cause problems within this relationship, which is not worth it. In this case, you may want to find financing elsewhere.
As mentioned earlier, one way to fund an invention is through investors. In fact, it may be your best option.
An investor will give you money to grow your business in exchange for partial ownership of your company. You can then use this money to manufacture and sell your invention.
An angel investor will take 25% or more of your company’s ownership to provide you with financing.
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If you want to find investors, it is important that you are good at explaining and pitching your product. If you don’t, getting investors on board will be difficult. Shark Tank, anyone?
One of the riskiest ways to finance your invention is to get a business loan. If your invention fails, you will be responsible for returning it.
If you default on the loan, you will be charged high interest rates and may damage your credit. With that in mind, you should assess your financial situation before doing so.
If you are interested in getting a business loan, check with your lending institution to determine what type of loan you qualify for based on your credit score and other factors.
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Simply put, crowdfunding is a method of financing a venture or project from a crowd of people, usually over the internet.
Paying a lot of money can be a great way to determine if your invention will be successful.
If you have a good idea, you will get a lot of inquiries. If you don’t do this, you won’t get the attention of the “majority”. If your idea doesn’t get a lot of attention, it could be a sign that your invention isn’t successful.
Crowdfunding sites like Kickstarter and IndieGoGo are worth checking out if you’re interested in paying more.
Submit An Invention To Otl
On these platforms, you will present your idea and your invention will be successful and worthy of funding.
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