Ok I have this invention I already pay almost $4,000 just in researching through ISC and Davison (Invention Companies) Now both of them charge outrageous amounts of money just to make a prototype and to submit my invention to manufacturers. Davison charges almost $20,000 for making a prototype and submitting to manufacturers, and ISC charges about $10,000 just for submitting it to manufaturers with no prototype. I don't have that kind of money to pay. The $4,000 I had to pay off with a Credit Card.
Any suggestions.
2007-02-07 08:20:00 · 6 answers · asked by Anonymous in Business & Finance ➔ Investing
My best bet is to find investors.. Get like 4 or 5 investors, and make sure you let them know that there's no guarateed that they are gonna get this money back and that there's a risk involved. Make them all sign a contract to agree to this and therefore you don't have to pay i the cost out of your pocket. Not sure where to go find investors that are willing to invest in that kind of investing but try searching around. People who have money and that money is not an issue, let's like Bill gates for instance, they might not even care to invest on something like this. $20,000 is pocket change to Bill Gates. I'm not saying go talk to Bill Gates, just as an exaple of the kind of people to look for. Good Luck!
2007-02-07 08:38:29 · answer #1 · answered by RSB 2 · 0⤊ 0⤋
Invention companies are a rip-off. You need to talk to a patent attorney. Then you need to make the prototype yourself. It depends on what your invention is, but you can probably find a local machine shop or plastic prototyping lab nearby that will make it for a lot less than $20,000. Don't pay to have it submitted without the prototype - that's a rip off. You might think of partnering with a local university that has prototyping facilities. Make sure that the university is not going to take over your invention though.
Once you have the prototype, see if you can find an entrepreneur's club. You need to find an investor.
2007-02-07 08:49:51 · answer #2 · answered by Brad J 3 · 0⤊ 0⤋
Take your invention and pitch it to investors. If they like it, they will offer you a share of the profits (5-25%). Don't expect more than that. They will be making loads of cash, whereas you will live comfortably. Don't be greedy, because you don't have the cash to finance this, and without it this invention will likely never materialize. A lot of people have good ideas, but few of them take it past this stage. Now, where do you meet investors?
There is a lot of money out there to be invested. At a certain point, rich people don't work anymore but just use their money to make more money. Hence they get richer and richer. Where do you meet people like this? You look on the internet for "venture capital" groups in your city or nearby. Ask them if they'd be willing to hear a business proposal. Start there, and take any phone numbers they give you. Be prepared for blunt people, however. Make sure you've thought about all the problems as well as all the rewards of your invention.
By the way, the invention companies you mentioned sound like a complete rip-off. These business people will know how to get your idea off the ground, that's their specialty. A family friend invented a bucket that helicopters use to dump water on forest fires. He's a multi-multi millionaire. Good luck, and keep inventing!
2007-02-07 08:32:16 · answer #3 · answered by CharlieC 3 · 0⤊ 0⤋
Prototyping you invention, submitting it to manufacturers and selling them the rights - or finding a company to manufacture it for you and then marketing it yourself -- it all takes a lot of money.
Without putting any more money into the process yourself, you will need to find investors to either purchase your idea outright or who will take a large percentage of the profits in exchange for putting more money into the idea at this time and keeping you involved.
You can find private investors online, but it's probaby best to approach someone in your network / sphere of influence.
Regardless of where you find the capital (money) you need to raise, before you present your idea make sure you have the interested parties sign nondisclosure / noncompete agreements.
Good luck with your invention, I look forward to seeing it!
2007-02-07 08:35:18 · answer #4 · answered by Jason 3 · 0⤊ 0⤋
Try to find a manufacturer yourself. If you have engineering drawings already you will be able to find someone that can make it. Work out a deal with them. Like a licensing deal. They make it, sell it and deal with every thing and all you have to do is collect the fees on every one sold. If it's a good product you should be able to find someone serving the industry you are targeting.
2007-02-07 09:43:04 · answer #5 · answered by speedgeek 2 · 0⤊ 0⤋
tell me what it is and then ill tell you
2007-02-07 08:28:21 · answer #6 · answered by n.hort@btinternet.com 2 · 0⤊ 0⤋