What to Do With an Invention Idea but No Money

Since the creation of the world, ideas have been a significant way through which all products that are in use today came into existence. From generation to generation, different individuals come up with various invention ideas that are developed into products. The products that result from the invention ideas are vital for our daily life processes. The vast majority of products from invention ideas are modified and improved upon through the use of technology so that it can conform and meet the need of each generation. That said, an invention idea cannot be turned into a product without money. Money is a vital unit that acts as a vehicle and platform to turning your invention idea into products. Today, many people have brilliant invention ideas but have no money to turn them into a product. Once there is no money to turn the invention idea to product, such an idea will not go beyond documentation.

Summary of How to Solve an Invention Idea but No Money

The table below summarizes the points you need to note while you have an invention idea, but there is no money to turn it to a product.

What to Do With an Invention Idea Points to Note
Document the Invention Idea
  1. Put the rough invention idea into writing.
  2. Make use of the invention journal.
Be RealisticBe sure that the idea will work out perfectly.
Research the Invention Idea
  1. Search if there are related products.
  2. Confirm if the idea is novel and unique.
Design a Prototype for the Invention
  1. Create a prototype of how you want the product to be.
  2. How to create awareness among target users
Apply For a PatentPatent the invention idea to safeguard it from people that can steal it.
Market and Promote Your Invention
  1. Create a business plan on how to promote the idea.
  2. Strategize on how to turn the idea to product.
Source for Funds
  1. Approach investors.
  2. Source for Loans from organizations, government, friends, and family.
  3. Seek for grants from government and financial institutions.

Best Ways for With an Invention Idea but No Money

Best Ways for With an Invention Idea but No Money
Best Ways for With an Invention Idea but No Money

If you have an outstanding invention idea you have conceived within you, but you have no money to implement and turn it to a product, you need to know what to do so that it will not end up on your shelf or in your mind. Therefore, today, I will be telling you all you can do when you have an invention idea but no money to turn it to a product.

1. Document the Invention Idea

If you have just conceived an excellent invention idea, the first thing you must do is make an effort to document it. Documenting the idea is a vital process to patenting to ensure the idea is yours and not stolen or taken over by another person. While documenting the idea, you must write down how the idea can be turned to a product, the target market for the product, and how the product will be promoted when introduced into the market. You can document all this information in the inventor's journal. After the idea and other cogent information are properly written, you can involve a third party to append his/her signature as a witness.

2. Be Realistic

Before you think about how you can turn your invention idea to product, you need to acquire realistic information about the product. Study how the product will be of advantage to the target users. Also, look into the prospect and the future of the product in the market. Furthermore, you need to look at the possible shortcomings that may confront the product when introduced to the market.

3. Research the Invention Idea

After you have documented the idea and stated all vital information in the documentation, you need to carry out a thorough search on its novelty. The concise research will give you full assurance that the invention idea is unique and not yet implemented by anyone. While carrying out your research, it must cover the business, legal, and market section of the product. To make the research process effective, you can do an initial patent research and market research. In the initial patent research, you need to search from websites and sources to ensure that such an idea does not exist. You can also do a non-patent or prior art search where you will search for a design that is similar to your proposed product designs. Also, in the market research, take a survey of people's thoughts about your invention, how related products have thrived in the market, and the cost of existing products that will likely compete with your invention.

4. Design a Prototype for the Invention

Design a Prototype for the Invention
Design a Prototype for the Invention

Now that you have documented and carried out thorough surveys on your invention idea, you need to design a prototype for the idea. The prototype to be designed must contain detailed information about what the product will look like - when you start producing it. With the product's prototype, your target consumers can see and have an idea about the product. It also gives experts and professionals an idea of how the product will thrive in the market when it is finally introduced to the consumers. Peradventure you have no clue on how to create a well designed and concise prototype, you can pick up some materials to read and watch educating videos to learn and become an expert in creating a prototype.

5. Apply For a Patent

After you have gotten a well-designed prototype for the invention idea, you need to apply to patent the invention idea and the proposed product. When you patent the proposed product, it will be safe from people that look forward to stealing the invention idea. With patenting, you can take your time to source for funds to turn the idea to product. You can patent your idea through a utility patent and design patent. The utility patent is created for new invention processes and machines while the design patent is created for manufacturing new products and non-obvious designs. Either you choose a utility patent or design patent, you need the services of a qualified patent expert to guide you through the process. There are some steps you need to follow when you decide to higher a professional to help you patent your invention idea. The steps are highlighted below

  • Have your detailed documentation and prototype about your idea in place
  • Verify the authenticity of the patent expert by confirming that the expert is listed with the United States Patent and Trademark agency.
  • Interview the patent expert. In the interview, ask for his professional and technical background.
  • Discuss your invention idea with the patent expert so that he can have detailed information about the kind of patent service you want from him.
  • Discuss the charges and all the costs you will pay for the patent expert services.

6. Market and Promote Your Invention

Now that you are sure that the invention idea and the proposed product is yours, you need to create a detailed business plan that will help you strategies how best you can implement your invention idea, turn it to product and make it thrive in the market. Also, you need strategies on the methods you will use to promote the product among the target users.

7. Source for Funds

Source for Funds
Source for Funds

The detailed marketing plans and outlined strategies on how you can promote your invention is the best yardstick through which you can have an idea of the amount of money you need to turn your invention idea to product and market it. The methods through which you can source for funds are discussed below

  • Look For Investors

Since the invention idea is patented, you should be confident in searching for investors that are financially competent in assisting you to turn your invention idea to product. When you meet one, you must be prepared to convince them to spend their dollar on your invention idea. Also, have a detailed plan on how both of you will benefit from the deal.

  • Inventor Financing

Inventor financing involves the request for financial assistance from organizations and governments to finance your invention ideas. Before you approach the investor financing institutions, you must consider your credit score. You can also contact the government for funds. All these financial options come with terms and conditions.

  • Source for Loans

If you have an invention idea, but there is no money to turn it to a product, you can seek loans from family and friends. While doing this, you can make a written agreement and create a plan on how the money will be returned in due time.

  • Seek for Grants

Today, there are many financial institutions, banks, and government and non-governmental agencies that provide grants to people that have novel invention ideas and have no money to turn them to products. You can approach any of these institutions to apply for grants to finance the idea and turn it to a product.

Conclusion

Today, the vast majority of people have inventions that can be turned to a product, but they lack money to proceed with the idea. Discussed today is all you need to do to keep your invention idea running and turn it to a product when you have no money. Follow them and start and turn your invention to products.

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