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Have you thought of an invention? If so, what's the steps to take when you don't have money to manufacture it?
How does one go about raising money?
Aren't there companies/websites out there that one can submit invention ideas to who will help w/ getting an invention ball rolling?
Do you know anyone who's actually been on the TV show Shark Tank & how did it turn out?
Get a patent? They aren't that expensive if you plan to sink even more money into making it. $1-2k or so for a provisional patent I think if you include the fees and attorney
Have you thought of an invention? If so, what's the steps to take when you don't have money to manufacture it?
How does one go about raising money?
Get a loan from SBA, banks, credit unions, family, etc.
Quote:
Originally Posted by Forever Blue
Aren't there companies/websites out there that one can submit invention ideas to who will help w/ getting an invention ball rolling? Do you know anyone who's actually been on the TV show Shark Tank & how did it turn out?
Any & all info would be appreciated!
I'd like to stress the two words before "Shark Tank". I'm a fan. However, it is a TV show. The goal isn't to help out starting entrepreneurs (albeit publicity is rarely bad), but to get big TV ratings.
In fact, I rarely see folks that aren't already somewhat successful on that show. One of the biggest discussion points on the show is sales figures. Well, if you are just trying to pitch an idea, you're not going to have much of a sales figure.
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Quote:
Originally Posted by Mr_Geek
Kickstarter/Indiegogo
A guy I know started what is now a rather decent sized photography accessory/gear company this way. Protoype, patent, video, kickstarter pre sale... raised several hundred thousand for his first product, and went from there.
The first step is getting a patent before talking to any investor, then figuring costs and drafting a business plan.
So either kickstarter/indiegogo to run the business. Or research companies that are in the same field and have similar products and try to see if they want to buy the idea or partner.
Get a loan from SBA, banks, credit unions, family, etc.
I'd like to stress the two words before "Shark Tank". I'm a fan. However, it is a TV show. The goal isn't to help out starting entrepreneurs (albeit publicity is rarely bad), but to get big TV ratings.
In fact, I rarely see folks that aren't already somewhat successful on that show. One of the biggest discussion points on the show is sales figures. Well, if you are just trying to pitch an idea, you're not going to have much of a sales figure.
All this.
Shark tank is a TV show. That was a silly thing to bring up OP.
Like others said, a patent is #1. And I'll echo macroy in terms of how to get funding - at your stage (which I suspect is the nothing but an idea stage, and maybe a model made out of matchsticks), you need money from friends and family. If they don't believe in you, nobody will. In terms of manufacturing, well that's all outsourcing. There are places that offer design, engineering, and manufacturing services so you can look into those for cost estimates. You need a business plan and some collateral for an SBA loan. And you need some skin in the game - you need to risk your own assets.
One tip (and it's a big one) - be wary, very very wary of any organizations (especially on line ones), even if they seem ultra legit, that say they can help you find investors for seed capital. It's very likely all BS.
Never discuss your idea with potential investors, money people, etc. till it is patented for your protection.
You will need a prototype made up to prove it is workable to attract money or someone to manufacture it for you. This can be cheap or expensive depending on what you invented. A picture alone, is not going to sell it to your advantage. Just an idea or drawing, is not going to attract the people with money, or ability to manufacture your invention.
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