If you’ve got an amazing idea, then you’re going to need money to make it a reality. Sometimes, people have access to the capital they need. But most people will need to get help from investors. If you want to know how to get investors interested in your invention, then read on!
Progress from the ‘idea’ stage
People talk a lot about the value of an idea. But the truth is that an idea is really only worth so much. An investor isn’t going to be that interested in an idea alone. You need to take it further. Look into prototyping. Do some market research. Get it tried and tested. Execute! Investors are looking for great ideas that have been well-executed. Preferably, they also want something that’s protected by the law. If you’ve got a patent for your idea, then it’s already a bit more than an idea. (At that point, it’s actually a semi-tangible asset that might be worth something!)
Do you know any other inventors? Do you have friends who are fans of this sort of product, or who work in a relevant industry? Do you know any business owners who have ties with innovative and daring investors? These are the kinds of people you need to get to know. Start getting social! Build up a solid network of people like this. It will make it much easier to find the people you’re looking for. (Note: You’ll probably want to patent the idea before you actually tell anybody about it!)
Work with a third party
Getting an idea prototyped, protected, and prepared takes a lot of time. But if you want capital to take this invention further, then you’re going to have to get developing. Ensuring quality might require you working with a third party. There are companies out there who help people with ideas develop their products. Inventionhome is an example of such a company. What’s more is that the backing of the right company can actually help impress investors.
Develop a business plan
Some people expect investors to do all the heavy lifting. It’s true that investors are often able to bring invaluable business expertise to an enterprise. In fact, there are investors out there who specialize in this and will work with entrepreneurs who have no business sense. But this may result in you handing over a bigger share in various deals than you’d like.
The fact is that many investors prefer to work with people who are business-savvy. Developing a business plan relating to your invention can help you show that you are just that. What’s more is that it helps you show off the true potential value of your idea. Investors definitely need that sort of information!
Of course, you could always get a basic prototype developed and then take to the Internet. Crowdfunding sees you go straight to the people you hope to be eventually selling the product to. Many great inventions have seen the light of day thanks to backing from Kickstarter users. But Kickstarter isn’t your only option. Whatever platform you choose, you have to make sure your idea is presented in a clear and exciting way. Do it right and your idea could even go viral. Nothing helps funding more than virality!