You’ve had a brilliant idea. You’ve designed it and had some prototypes made up. It looks perfect and you’re sure that you’re going to be able to achieve a lot with it. But how are you going to fund production?
Cash flow is a problem faced by many inventors – the costs of getting a product to market can be incredibly steep. It’s not an easy process and any money which you’ve saved up is only going to go so far. Investment might be the best option for you.
Finding somebody to invest in your idea isn’t necessarily going to be easy, but there are some steps which you can take that will help.
Make sure that you have a good business plan in place which will show exactly how you plan to proceed. If you are able to demonstrate your intentions and your understanding of the processes involved, you’re far more likely to win somebody’s trust.
Begin the conversation with manufacturers so that you have an idea of costs and time scales. The more information you have, the better equipped you are to sell your invention to an investor. Showing that you’ve made plans and have started building business relationships will make your product more desirable.
Understand your product, the industry and know it all inside out. The more you know, the more you can negotiate. Knowledge is power, and by having good knowledge and a good invention, you’re far more likely to secure the investment you need to bring your idea to life.