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If you have an idea for an invention, it can be expensive to bring your idea to fruition. If you discover an idea for a new product or an innovation to a current one, you deserve to receive profit from it and credit for it. To do that, you need financing to develop your idea. Here is how to get grants for inventions.
How to Get Grants for Inventions
Research to determine if similar products have already been brought to market. Verify that no patents exist for products similar to your invention. Before you invest your time and money in promoting your invention, make sure it is truly a new concept.
Create a business plan. Include as much detail as possible. You stand a better chance of receiving a grant you apply for if you can provide a detailed plan of action. Determine your target audience and clearly spell out how that audience will benefit from your invention. Include how you plan to market the invention and the details relating to its production. If you can effectively communicate how your invention benefits a specific segment of society, such as people with disabilities or minority groups, you increase your chances of receiving grant money.
Create a model or demonstration of your invention. This will help you to communicate the value of your invention to potential investors. When applying for grants, the creation of your prototype will contribute to your understanding of its benefits. This understanding will make it easier for you to communicate your worthiness for the grant in your application.
Visit the Small Business Administration's website and www.grants.gov. Search for government grants. Grants for small businesses are hard to find, but exploring this option is a good start. This is especially true if you are a minority or other group that the U.S. government wants to promote.
Contact your state's economic development office. Ask about programs for entrepreneurs and inventors. Find out how to apply for available grants. Request contact information for other state agencies that may be able to assist you in your search for grants.
Seek grants from private investors. Find businesses in your area that could benefit from promoting your invention and approach them for funding. Stress the benefits that promoting your business would bring to the company.
Seek a joint venture partner. If you can't fund the development of your invention through government or business grants, a partner who stands to gain from your invention may be able to provide the funding you need.
- Complete Idiot's Guide to Cashing in on Your Inventions; Richard C. Levy; 2001
Since 2009 Jesse Lanclos has been a proud contributor to various websites. Lanclos specializes in a variety of subjects including business, personal finance, technology, health and fitness. He holds a Bachelor of General Studies from the University of Louisiana.