There is a terrific tech invention that you have been working on for months, and you have finally brought it to the point where you are ready to share it with the world. Perhaps this is something you have been working on in your spare time, and you’re not really sure where to go from here. Having an incredible invention is one step, but taking it to the next level may actually be the harder part. There are a few things you should do (and shouldn’t do) to get your tech invention off the ground.
Patent First, Funding Later
Before you enter in the realm of looking for funding in any capacity, you need to protect and patent your invention. Patent applications can be tricky, and it’s best to sit down with someone who has completely been through the process. However, it’s important to keep in mind that if you sell your invention, you have only 12 months thereafter to patent it or it is lost forever. Also, do not share your invention publicly until it is patented. This becomes a grey area, and it’s very easy for others to steal your work.
Looking for Funding
If you are starting from the ground floor, crowdfunding may be a good place to start. You’re going to have to garner some interest in your invention before you are able to secure crowdfunding. This may conflict with the advice of not sharing your invention publicly, so tread carefully. This may be a good time to think about a personal loan as a start up for you business. Just click here to learn how to secure a loan from a reputable, trustworthy lender.
Financial trading is a great way to secure funding, but it can be a rocky start for those that aren’t familiar with the financial world. This is perhaps a good time to sit down with a financial guru on how to wade through CFD (Contracts for Difference) trading, which provides a great amount of flexibility to the person in search of funding.
Here, you can look for several key investors who are willing to back up your invention, and believe in it strongly. But as anyone who has watched the show “Shark Tank” knows, this may come at the high cost of giving up control of part of your startup, or agreeing to special financial terms if and when the invention takes off. This is a great way to get started, but you may relinquish some of your personal control and ideas to get your invention out there.
Friends and Family
Social media and programs such as GoFundMe are a terrific help, if someone believes in your product and invention. As mentioned before, this is a touchy road to take, as you don’t want too many details of your invention getting out before it is patented. However, turning to trusted friends and family for a small or medium loan is a great way to boost your startup or invention.