3 stages of starting an Invention Idea (Stage three)
The all dreaded ‘R’ word has been haunting every corner of the business word. Yet in these hard times great things do happen as well. As the saying goes, desperate times call for desperate measures, how is that related?
Well as there are more and more budding inventors with their Invention Ideas springing out due to lack of employment, the number of investors are growing too! Yes there are actually people with capital wealth that they want to see grow. The difference between now and two years ago is the requirements they need before they feel comfortable from parting with their hard earned cash. This brings us to the options on how to attract these Invention Investors.
Business Planning
In second stage, which was Invention Business Planning, we practically covered the hard part of the your Invention Idea, which involved the aims, objectives and desired outcomes of the concept. Plus most importantly the Business Plan. No Invention Investor will ever look at your idea without a Business Plan. Some can argue this but coming from someone who have been in the receiving end of investors believe me when I say they will drill you down on every single detail and situation imaginable. They will ask you about you Invention Patents, profits and losses, commercialization plans, exit strategies and list goes on and this is just to see if you know have done your homework.
So as you can see the basic reasons for creating a the plan is prove you have done the Initial Research and that fact you have the extensive Knowledge of the business behind your invention. The is an upside to all this, especially if you live in countries like Ireland, Canada, or the UK.
One of the best options you can go with is the support government backed bodies that specifically designed to help the likes of Canadian inventors or Irish Entrepreneurs from very early stage (incubation stage) to global expansion.
The laser steering story
Last year I personally have had an experience with Enterprise Ireland. I was helping inventors with approaching Enterprise Ireland for an invention based on Laser Steering technology and the support was phenomenal! All the way from Business Planning workshops, networking events, to mentoring sessions and most importantly the connection they provided for potential investors. But all that went horribly wrong when the inventors got greedy by partnering with a shady investor causing the entire project to collapse. They ended up with nothing but the piece of patent paper that is worth nothing and a bad reputation.
It was one hell of an experiece and it taught me the following:
- Partnership contracts mean nothing if these isn’t a TRUSTING relatinship
- Patience IS a virtue many lack and is extremely needed
- Reputation is everything and gaining credibility can only be earned
- All the inventions, money, patents, the business come second to the relationships you make along the way
Give to Gain
To end up this post you are left with one last advice as the owner of the Invention Idea. Share your success and you will gain all you hearts desire.
Best of luck!