How to Raise Funds to Patent Your Invention


How to Raise Funds to Patent Your Invention

Patenting your invention is often a necessary part of the process of bringing your idea to market, and a clear-cut legal way to protect your invention. But patenting an invention, considering you need to secure the services of a patent attorney and pay fees for patent applications, is not cheap. Developing an invention is also likely to draw heavily on your cash reserves. There will come a time when you need to raise funds for your product so that you have the best chance of achieving a patent and putting your legally protected product into the marketplace.

Look for Informal Investment

Usually the first place people go to look for funding is their immediate circle of friends, family, and colleagues. This is especially useful when you may not have experience or demonstrable success to show investors. You can try for smaller amounts that will help get your invention off the ground. Since the risk is high at this stage, other investors may not be willing to put in their capital.

Seek Out Formal Investment

If you have exhausted friends and family for their investment, seek formal funding from investors such as angel investors or people with an interest in your particular field. You will be able to secure larger amounts, but you will need to show that your product has already demonstrated success and that you have a valid business plan.

Identify Your Costs

You need a good idea of exactly how much money you need for the patent and the development of the invention. If you ask for too little it can be just as harmful as requesting too much. You should seek expert advice on putting together a cost analysis of exactly how much you need. This proves that you are serious about the process and are willing to spend the time considering exactly what you need in order to develop the invention, as well as showing you have a plan for how to get the money back.

Put Together an Economical Patent Application

It is a good idea to cut costs in the places where you can, and use your money where it will bring you the best returns. So, for example, you can spend money on hiring an experienced patent attorney to get your application accepted, but you can start the process off with patent writing software that automates many of the processes where human skill is not required. It is worth remembering that it is not a good idea to try and cut corners on the application itself, which should be skilfully drafted.