Shhh...
Learning to keep it a secret- this is hard one for a social being like humans. We thrive by the likes and appreciation of others and when we have found a great idea that can revolutionise the world I can tell you for sure, its a tough job to stay mum.
Unfortunately, the world isn’t as nice as we were made to believe and you will have to protect your ideas with all your might.
Of course a time comes when you have to disclose your idea to individuals who will help you in the journey for example: the designers, patent attorney, investors and even friends n family.
Many organisations and professionals will be covered by ethical conduct to keep your information confidential. However, if in doubt get a Non-Disclosure Agreement (NDA) signed prior to discussing your idea.
Unfortunately, the world isn’t as nice as we were made to believe and you will have to protect your ideas with all your might.
Of course a time comes when you have to disclose your idea to individuals who will help you in the journey for example: the designers, patent attorney, investors and even friends n family.
Many organisations and professionals will be covered by ethical conduct to keep your information confidential. However, if in doubt get a Non-Disclosure Agreement (NDA) signed prior to discussing your idea.
Money matters
Money - An essential ingredient for your invention. Great ideas sprout out of a desire to change our current situation; on the contrary, a content n satisfied mind lacks the need to change even the slightest routine (Read the page on 7 triggers for invention)
Many of us inventors have learnt in the hard way that budgeting is essential before you endeavour on this journey to bring the invention to life. One could develop great inventions in a garage but when it gets to the stage of design n tooling, patent protection, 3D prototyping, Business plans, marketing etc it needs real money.
Write to us if you need help to understand the costs involved at various stages of development of your invention.
Many of us inventors have learnt in the hard way that budgeting is essential before you endeavour on this journey to bring the invention to life. One could develop great inventions in a garage but when it gets to the stage of design n tooling, patent protection, 3D prototyping, Business plans, marketing etc it needs real money.
Write to us if you need help to understand the costs involved at various stages of development of your invention.
Funding
Here is a fun fact for you: Zilch.. is the worth of an "Idea" in the cut throat world of business.
You can scan a hundred episodes of Shark Tank or Dragon's Den and I guarantee you will only find fine combed businesses presented in front of investors. These have come past the stage of an Idea to a product already with a foot in the market. A granted Patent is welcomed whole heartedly by the sharks. Its very rare that an investor will put his money at a concept stage even if he sees the potential in you. But, how can an Inventor raise the funds to build his idea into a product? Inventors have funded their inventions with all their life savings, re-mortgaged their houses, taken loans from banks etc. With personal experience, I can tell you this can be the hardest phase in chasing your dream where one has compromised on basic essentials of life just to fund the development of the product (not recommending you to do so). This part is seldom appreciated by an investor even though they might have walked the same path years ago. Oh well.. worry not, some day you too shall have a great success story to tell and the hardship will be worth it!
So, how to get the funds. Start by building the product or prototype with no investment at all.. with what you can get in your garage, a local DIY shop etc. Next step is self-funding followed by F&F friends and family. This should get you to a point where you can prove not just to yourself but to a few others that the idea works.
Next step you can approach Angel Investor groups who are have small-medium size funding and they benefit back from tax refunds for funding start-ups (depends on local government policies).
Further stages would be to enter Venture Capitalists funding rounds which would require you to be well prepared with not just your pitch, but business plans with forecasts and answers to all questions. If you think there could be anyone who can put a price on your soul, this is where you will meet the one! therefore, its important to remember "Failing to prepare is preparing to fail". With the dawn of Social media and world wide connectivity, newer methods of funding have originated like Crowd Funding; Kickstarter, Indigogo to name the most popular ones. These can help you raise a significant sum of money without losing the equity in your company -the share of the hosting website. Remember that the products funded here are mostly the ones that appeal to the masses and also have a cool-factor to them. If your invention fits the profile then this is definitively a good option.
Obviously, we can't cover the entire chapter on funding in a few lines. So, get in touch with us for further advice on where, how and to whom you can pitch your idea for funding.
You can scan a hundred episodes of Shark Tank or Dragon's Den and I guarantee you will only find fine combed businesses presented in front of investors. These have come past the stage of an Idea to a product already with a foot in the market. A granted Patent is welcomed whole heartedly by the sharks. Its very rare that an investor will put his money at a concept stage even if he sees the potential in you. But, how can an Inventor raise the funds to build his idea into a product? Inventors have funded their inventions with all their life savings, re-mortgaged their houses, taken loans from banks etc. With personal experience, I can tell you this can be the hardest phase in chasing your dream where one has compromised on basic essentials of life just to fund the development of the product (not recommending you to do so). This part is seldom appreciated by an investor even though they might have walked the same path years ago. Oh well.. worry not, some day you too shall have a great success story to tell and the hardship will be worth it!
So, how to get the funds. Start by building the product or prototype with no investment at all.. with what you can get in your garage, a local DIY shop etc. Next step is self-funding followed by F&F friends and family. This should get you to a point where you can prove not just to yourself but to a few others that the idea works.
Next step you can approach Angel Investor groups who are have small-medium size funding and they benefit back from tax refunds for funding start-ups (depends on local government policies).
Further stages would be to enter Venture Capitalists funding rounds which would require you to be well prepared with not just your pitch, but business plans with forecasts and answers to all questions. If you think there could be anyone who can put a price on your soul, this is where you will meet the one! therefore, its important to remember "Failing to prepare is preparing to fail". With the dawn of Social media and world wide connectivity, newer methods of funding have originated like Crowd Funding; Kickstarter, Indigogo to name the most popular ones. These can help you raise a significant sum of money without losing the equity in your company -the share of the hosting website. Remember that the products funded here are mostly the ones that appeal to the masses and also have a cool-factor to them. If your invention fits the profile then this is definitively a good option.
Obviously, we can't cover the entire chapter on funding in a few lines. So, get in touch with us for further advice on where, how and to whom you can pitch your idea for funding.
Development
Various factors decide the next step in your journey. What materials are required for building your invention? It could be a physical material like metal, plastic, rubber etc or an electronic part with silicon semi conductors, digital display screens or biological material like human/animal tissues or a non-tangible ones like software codes. What are the organisations that need to approve the inventions prior to launch? like the FDA, MHRA and other relevant bodies.
Each invention has a different pathway depending on a multitude of factors. We can help you understand this once we understand your invention better.
Each invention has a different pathway depending on a multitude of factors. We can help you understand this once we understand your invention better.
Time factor
As an inventor, we all wish to have our inventions built and ready to launch by tomorrow. But,when we involve people and processes it adds time to this. The time taken for a market analysis, design, prototype, approvals etc. could be painstakingly long. This could span from few months to years. For example, if you are inventing a new medical drug or similar invasive medical devices you are looking at a decade worth of testing, research before the launch. An efficient team can help you deliver the results in quickly so that the invention is launched into this world at the time when it really matters.