I Have an Invention Idea but No Money – 7 Ways to Go About It

Last updated on September 21st, 2024 at 10:28 am

 

You have an invention idea but no money and you’re imagining how you can get there to achieve your dream goal. Yes, you might be finding challenges here and there to find companies that pay for invention ideas but that’s part of the journey to success.

And in order to get there you have to move step-by-step in order to get where you’re going. I don’t how you came up with that idea and now you want to get it somewhere satisfying.

But also, you came across this post with a key phrase “I have an invention idea but no money to bring it to life ultimate guide”. It’s not the end since on the other side you’re now among the people with an invention idea still pushing wisely in order to earn out of it.

If you put in the work though you don’t have the money you can make it like others did and they’re earning huge till now. This post is dedicated to you right now in case you have an invention idea but no money to get you there.

You Have an Invention Idea but No Money to Bring It to Life, right?

Most people worry about money as the most difficult thing yet it’s not true. Sitting down to come up with an idea that will work is the most difficult thing in the process.

The idea of making money online came into my mind but I didn’t know that I will come up with a blog. It took me some time to figure out how best I could fit into the making money online thing until when I discovered myself.

And really, it’s not that hard to come up with an idea yet again fun since you come up with something that you want “it’s a calling”. As said, even a journey of a thousand miles starts with a single step.

As in the lines below let me show you how best you can move on with your invention though you don’t have the money but still get there fast.

I Have an Invention Idea I Want To Sell but No Money to Fund It. Here Is What Should be Done

It might be challenging to make your invention a success when you don’t have money to fund it. Therefore, you need to find ways in which you can meet your goal pretty fast before you lose interest or get discouraged.

Individuals and companies are out there looking for ideas to be funded but you just need to do things correctly as outlined.

• Documenting the invention idea
• Carry Out Market Research About the Invention
• Design A Prototype for The Invention Idea
• Patent The Invention Idea
• Create A Marketing Strategy to Let People Know About the Invention Idea.
• Look Out for Funding
• Start Earning from the Invention Idea

1. Documenting the Invention Idea

When you come up with an invention idea you need to keep a record of whatever you have done. Documenting an idea is a strategic move toward your goal because you can be able to literally follow through the process.

It is security and evidence that you’re the one who invented the idea hence no one can claim it at any one time.

Though you might be doing a lot, ensure to document your invention no matter which steps you reach. While documenting there’re questions you need to ask yourself and answer at the same time.

Some of the questions include how did I come up with this idea? how is this idea going to work? and how to sell the invention idea to people.

So, before doing anything further just know that documenting should come first since it makes all other steps much easier like patenting the invention. Though you have written down everything in detail, you can also decide to change some things where necessary in the future.

And it’s fine but still, you need to keep a record of any changes that you make in documenting. You don’t need to be an expert in documenting an invention it’s just a matter of simply writing down what could be used as evidence.

2. Carry Out Market Research About the Invention

When you do market research it helps you understand whether your main goals can be achieved and to what extent. You need to look at the invention idea from a business and legal perspective when doing your research.

And this will dictate your way forward and the future of your business idea in order to grow with best practices. People in the market are ready to welcome your invention only when it can deliver the desired level of satisfaction.

That’s why you need to do thorough research to ensure that you offer the best in the industry to be served. Understand your target market in terms of time, what to be offered, and how to offer it.

Market research isn’t a waste of time because you need to understand whether the market will welcome your idea or not.

Asking About More That You Need to Think About for Thorough Market Research?

• Online And Offline Information Resources

Using both online and offline information resources help you understand your product in the shortest time possible by utilizing the available information. The Internet is an online information resource and offline information resources are also helpful in the same way in business.

• Talk To an Expert

When doing market research, you need to talk to people that have made it and are in the same line of business. People that will guide you on the pros and cons of the business idea wholeheartedly.

Talking to an expert when carrying out your research is key if at you’re to succeed with your invention idea. Therefore, talking to an expert and utilizing online and offline information resources helps you in carrying out an effective initial patent search.

In your search, you need to know whether there’s someone out there with the same business idea. Make use of the United States patent office to understand how best you can go about patenting your idea.

This will tell whether you may have any challenges along the way in time to come in patenting. And some of the challenges include obsolete technology and developments in the process that may hinder your progress in the market.

3. Design A Prototype for The Invention Idea

Though you have an idea in mind and it is also put in writing in the first place that’s not all. You have to make sure that you create a sample of the product that you want to bring to the market.

And here you bring your product to life by coming up with your first model item in the market. This is a very crucial step taken in the journey to success in making your dream come true.

What you have in mind will be recognized and then pushed by manufacturers and distributors when you create a physical model. A physical model of the prototype also guides you in making things right just in case what’s created is not what you have in mind.

Making a prototype is costly you need to find cheaper means of production in case you don’t have enough funding. You must create a product that will be welcomed in the market using cost-effective means.

Despite the appearance of your product and the material used, you need to create a physical model of the prototype for the market, and you are the inventor of the idea.

Asking How You Can Come Up With A Prototype?

You don’t have to look at only a single source of information to guide you in creating a model item. Currently, there are online platforms that you can use like Tik Tok and YouTube to guide you in going the extra mile in your developments.

These platforms are very good sources of information when it comes to online visual demos for anything you can do yourself. So, you can learn how to do things yourself in a very short time yet using cost-effective means of technology.

Since it may be hard to do things alone, in most cases you either need to work with an expert at a cost or partner with a funder.

Mind the security of your invention idea in case you intend to partner with someone else in the process. Therefore, don’t forget to apply legal measures at any stage of your dealings with a product idea in place.

4. Patent The Invention Idea

When you come up with a realistic model of the invention idea you then have to ensure that it’s protected. People won’t be able to steal your idea in case it’s protected under the law.

Worried about patent fees, right? Use patent agents or attorneys to get free legal services through the Pro Bono Program to lower costs by paying only fees required by the United States Patent and Trademark Office (USPTO).

Therefore, you need to understand what a patent is in detail. let’s further break it down in four ways.

• Design patent

This is where the product design is protected legally and no one else is permitted to use it again. In documenting the patent one must include the drawings of the product design.

Companies that process bottled water use different shapes for example for that reason.

• Utility patent

This type of patent contains information that explains procedures and the use of equipment.

• Plant patent

When you come up with a new type of plant you need to patent it and that’s what’s known as a plant patent.

• Provisional patent

Here there’s not much proof of ownership of the invention idea but it explains the process. And since there’re different types of patents, which means one must consider filing a patent that effectively fits the invention idea in place.

At some point to patent, you must be very vigilant in order to avoid complications along the way.

Asking whether you can get paid for a patent. Yes, it’s possible to get paid when you have a patent.

But it’s hard to figure out what you can make since it all depends on various factors like marketing strategy and product type. Really a patent can make money when you make products and then sell them off but under a patent.

People make money by licensing their patents when others make and sell products under that patent.

A patent can be used as collateral in case one wants to get a bank loan. Though it’s possible to make some money with a patent, that’s not enough.

You’re not going to make big sums of money and you can’t get rich by just doing this. If you want to get some good money from a patent you then have to license it to a company that pays well in order to receive some passive earnings.

Wanting to submit an invention idea for royalties? You need to think way beyond that idea that you invented for companies to invest in that idea with confidence that they will profit from it in the near future.

It’s not just about submitting your invention idea to get royalties when one buys your license. So, if you have an invention idea create a prototype and also patent it to give assurance to investors that the invention can be a success

5. Create A Marketing Strategy That Will Let People Know about the Invention Idea

You need to bring your invention close to people to know it in order to start earning from it. When the market welcomes your invention, then you can make money out of your efforts for quite some.

But all that happens in case you keep doing things the right way for the target market. Having a marketing strategy is very important though this may sometimes be determined by the company you’re partnering with.

However, even if you don’t have anyone behind you still there’re lots of platforms to use online at no cost say social media.

Do thorough research about what to include in a marketing plan if you’re to survive in the market because you’ll find competitors.

Look at what people that have made it in the industry have done to guide you in your research. To survive you must have an edge over the other players in the market and those are your competitors.

6. Look Out for Funding

If you want to start making some good money out of your invention you need to know how to get funding for the idea from investors. And before you get an investor, having a physical model prototype in place is very important.

You want to start earning, right? Then let the investor look at the physical product that gives a clear picture of the reasons behind the actions.

Locally, getting a sponsor or an investor seems not easy to some people but there’re trusted sources like Crowdfunding platforms that you can use. On a such platform, you can get access to investors looking for people with great ideas that require funding.

And platforms of the kind include Fundable, Kickstarter, Indiegogo, and more if you want to get funding. There’re lots of opportunities available Other ways one can get funding to grow his or her invention idea are:

Grants – these are offered by private or government institutions to fund your idea. As a new inventor, this is a great way to get funding for your business idea without much hustle.

Make good use of the federal government if you’re stuck with your invention idea and looking for funds. Where other sources of funds fail look no further than the federal government as the immediate option.

It’s not a good idea to sell off your invention idea just because of funding without exhausting private and public sources of funds.

Angel investors – these are people that may back up your invention that is in your family or a friend. Angel investors at times give startup capital or continuous support in the early stages of the business.

We can say these people can help you when you’re stuck but they also want their share when things get better.

Take a loan – ask friends and family members for a loan when things fail on the other side.

This means you’ll have to pay back their money and that’s why you must do your best to make it work. When you get money from such people you avoid pressure with bank loans and other rude money lenders.

Also, family members and friends would like to know that surely this new invention can be a success by demonstrating to them. You can also include some of these people to be part of your business to give them a sense of belonging.

Inventor financing

This is different from looking for help from investors as said in the first place. Here you just need to have a clean track record say your credit score and other finance-related sources.

It then becomes easier for you to get funding to use in production and marketing to enhance your goal. Don’t rush for offers, take time to look out for programs that have ideal conditions and lower rates.

There’re programs that really cater to starters and are not profit-oriented but rather develop new inventors. And such programs include private sector development programs for small business loans.

At some point, there’re some business ideas that won’t even need financial backup to get funding in the first place. All you have to put in mind is ensuring that you work hard to earn in order to profit to expand your invention.

7. Start Earning from The Invention Idea

People invent ideas to solve a problem and at the same time earn despite the challenges that come along. But getting to that point where you can start making money it’s not easy but very possible.

You, therefore, need to understand the best practices that work in order to start earning an income out of the invention. Briefly, some of the things that you have to put in mind in order to get paid are marketing and product quality.

Apply good marketing strategies and offer quality with value for the market to always want more. Making some good money takes time and it’s worth it though it all depends on how much you apply yourself to the strategies in place.

For sure everyone wants to get paid for their hard work because earning is one of the reasons behind the effort input in the invention idea.

FAQs

• Can I Make Some Good Money Selling a Patent?

Making some money with a patent it’s possible but you can’t make as much money as you would wish. You’re most likely to get just a few dollars from companies interested when you sell to them.

However, when you license it to get paid license fees you can make some good money passively. This involves getting into a contract with a company to pay you a certain percentage of their sales, how is cool that?

Some inventors make huge amounts of money this way in the form of royalty checks for a long period of time.

• Is It Possible to Qualify for Royalties with Just an Invention Idea?

You have to offer more than just an idea for most companies to partner with you to start earning royalties. Organizations want proof that they can invest and at the same time make profits out of their money with your invention.

So, it won’t be easy to get a company that may simply accept the invention idea without a clearly defined physical model of the invention.

• How Can I Present an Invention Idea to An Investor?

Getting an investor, it’s also a hard way to go in case you want to get funding at some point. Investors take their time before approving your request and it’s done to ensure that they are going to deal in a product that’s proven to work.

And that’s why you have to put in the work to come up with an idea and a product that won’t get rejected by willing investors.

There’re lots of new products in the market that fail to succeed and that’s why companies take their time carrying out research before acting on your request. Some of the things you have to put in mind before presenting an invention idea or product to a company are:

• The invention has to be original such that it’s not identical to those in the market.
• Consult an expert in product development and design
• Protect the invention idea from illegal actors in the market.
• Design a product model of the invention to be presented when the time comes.
• Develop a business plan

Investors expect you to come ready to present all the above in a formal way that makes everything easy to understand at the panel.

• How Can I Find People to Invest in My Business Idea?

This is also an important stage in case you want to push your dream goal further. You can reach out to different people and platforms that can offer help where necessary in your journey to success.

So, it’s better to document your product idea and a prototype in a way that will entice someone to offer financial support. Investors want to clearly know that the product idea can work that’s why you have to emphasize it in the documentation.

And when it’s satisfying then it’s possible selling them the idea which they can inject their money into.

Conclusion On Having an Invention Idea but No Money

Some people get stuck with an invention idea and no money. And with the question would be “I have an invention idea what do I do next”?

Many people have failed to bring their inventions to life just because they lack financial support. However, this shouldn’t put you down and lose out your idea to people yet there’s something that you can do.

Like you’ve taken time reading through when you do things right as stated you’re most likely to make that invention a success.

Can I make my invention a success when I don’t have any money now? Yes, you can when you do things correctly as stated in the post.