There are invention investors (angel investors, small business investors and others) who are willing to put their money on the line to get new inventions off the ground. I’ll show you how to get help from invention investors in the most understandable way possible.
In It To Win It
First, understand that the angel investor is in it to make money. They’re taking a gamble that things will go the way they expect. If the investor has been at this a while, you can imagine they’ve already heard it, seen it, experienced it, made money from it, and been disappointed by it. So my best advice when approaching invention investors is, don’t wing it.
Be Prepared To Approach Invention Investors
The Boy Scouts have it right. Be Prepared. Prepared in mind and prepared in body. Being prepared in mind will mean that you have all the facts about your invention idea, you know how it will work, who will buy it, and why they will buy it. You will be able to make profit projections and show the invention investors how you came to those numbers. You’ll also have a back up plan or Plan B if you want to call it that. You’ll have visuals, whether it’s drawings or a basic prototype and you’ll have documentation that explains everything you say verbally that you’ll leave with the invention investors.
To be prepared in body means to take good care of yourself in the event you’ll need to think quick and act fast. Make it one of your goals to be healthier than you’ve ever been. Your physical appearance needs to be neat, clean and professional. Imagine yourself as an owner of a glass company wanting to hire a sales manager to go to customer’s homes and discuss different window options for their house. Would you hire you? If so, we’re ready to continue. If not, what can you do to turn that “no” into a “yes”? Then do that!
Sometimes Reality Hurts More Than Puffy-Fluffy Smoke, But At Least It’s The Truth
Before getting started with invention investors, there are some cold hard facts you may or may not already know about making money with invention ideas. Brace yourself, it won’t really hurt.
1. The invention process takes money even if it’s just a small amount. Period.
2. Ideas are a dime a dozen. Period.
3. Inventions will not make you money unless you have clear goals and the ability to put them in action. Period.
4. Unless you understand what you can do with your patented idea, you’ll leave money on the table. You may not even need invention investors. But if you did understand the sky is the limit.
5. Invention investors wouldn’t spend a minute looking at an idea that’s not presented properly to them. It’s not only insulting, it’s also a waste of time.
That wasn’t so bad was it? Yep, there’s more…
Why Do Most Inventors Fail?
Let’s look at the most common reasons.
1. The inventor spends all their money and time doing things wrong. Invention investors quickly shy away from it.
2. The patented invention is not something consumers want or need. Investors will turn the inventor away immediately.
In both cases the inventor worked really hard with zero results. He can’t get funding from invention investors or even his parents. His idea is done.
Money does NOT a successful invention make. Knowing what to do with the invention is what makes it successful. And successful inventions will make the inventor money.
What A Job! I’d Take It, How About You?
Let’s say I hired you to come up with great ideas. What a fantastic job! But there’s a catch. Every idea you bring to me has to be put through a process which costs you between $200-$500. It might involve a thorough USPTO patent search, a business plan, a provisional patent application and a drawing of the new inventions, much like what invention investors might want.
Some of the ideas you bring me I love, some… not so much. For the ones I love, I agree to pay you 5 times what you paid for the process. If I super-duper love the idea, I’ll pay you 7 times more than what you paid.
Who wins? We both do.
I will win because you’ve done the preliminary leg work and have brought me a great idea that I can put out to my team to get this cool idea into the marketplace. You win because you’ve just earned from 5-7 times what you invested into the deal.
Because of the “catch”, you won’t bring me junk because it would cost YOU money, not me.
How many ideas could you bring me in a week, a month, a year… a lifetime?
Start thinking in those terms about your ideas and how you’ll be approaching invention investors and you’ll not only see the money that can be made, you’ll do everything in your power to make sure everything is done perfectly right!
