How To Get Funding For Your Invention Idea

So, you’ve got a wonderful idea for a great invention that is going to benefit mankind. The problem is you don’t have the money to get it into production. So, what do you do to get some sort of funding to make your invention a reality?

There’s actually a lot of places as well as organizations where a prospective inventor can get funding. Some of these are from state or federal crowdfunding websites, as well as contests where an inventor can win funding for their idea, along with traditional loans, certain foundations, Social enterprise and fiscal sponsorship, venture capital or by getting a partner with money who can invest in your idea.

Here’s some info on the above examples of ways to get the money you need to fund your invention idea:

Federal and State Grants

One of the best ways to get your patent idea financed is via free money from a grant from federal or state sources. There are 1000s of such grands you can possibly qualify for on sites like grants.gov. You can also get information on possible grants from the US Small Business Administration, as well as the federalgrants.com website.

Another possible grant opportunity is from the U.S. Department of Energy, which provides grants for inventors developing any sort of invention which benefits the environment or those that somehow save energy.

Win Contests

There are also several contests in which you can compete to get money to finance an invention idea. For instance, some business schools have a writing contest, i.e. MIT has a Business Plan Contest where you must be one of the semi-finalists, and then you must submit a twenty-page business report. The final winner will get $100K to use for their business. Plus another such contest is from the University of Wisconsin has a few different business plan contests.

If you aren’t affiliated with any sort of business school, then look into other such contests through places like BizPlanCompetitions. It lists more than four hundred such contests run by several foundations and corporations. Two such contests are the Ben Franklin Technology Partners, which has a $50K prize to the one that offers the top business plan, and Business Owners’ Idea Café has a contest that gives $1000 to businesses which just need to submit an innovative way to solve a basic everyday issue.

Crowdfunding Websites

These days many inventors get funding via crowdfunding websites. Some of the most popular sites include Indiegogo, GoFundMe, Peerbacker and Kickstarter. If you use one of these sites you either have to get the amount of funding you asked for or all the cash gets returned to the investors.

Regional/City Grants

Another type of free money comes from regional and city grants. Sometimes these cities will help out a budding inventor with a couple thousand dollars that might at least get you started in making your patent idea into reality. To find out if your city offers such grants, be sure to check with your city council office or see if they participate in some sort of economic development plan.

Angels

Another source of funding comes from investment angels. These people give money to help out inventors and you can find one via directories like Go4Funding or Gust. An angel doesn’t likely give you the funds without a catch, and they may want some kind of dividend on their investments. Many times these angels are no small potatoes either, as the average amount they have given to inventors is around $600K.

Venture Capital

Venture capital is when someone gives you funding by investing in a business startup. Usually the inventor has already developed their business plan and has invested some of their own monies. Then a venture capitalist steps in and provides additional funding. Usually the venture capitalist expects regular reports on how your invention is going and what your projections are for the future.

Social enterprise & fiscal sponsorship

If the invention you are working on has some kind of social mission, you may be able to get funding via social enterprise. This is also called social entrepreneurship. It includes nonprofits, for-profit companies, and civic minded people.

Or you may be able to get what is called a program-related investments, which is sometimes provided to both nonprofits and social enterprises. These are low interest loans which foundations may give to an inventor if it matches their own interests.

And speaking of nonprofits, sometimes a nonprofit will invest in an inventor. A nonprofit could then act as a fiscal sponsor for an inventor. That means you’d have a formal deal where a 501(c)(3) public charity will sponsor your project if it lacks exempt status. Then an inventor can look for grants as well as solicit for any tax-deductible donations using their sponsor’s exempt status. However, those are rare and you would need a good lawyer to set it up.

What You’ll Have to Furnish

If you apply for funding via a federal or state grant program, you will need to outline your invention idea and come up with a good business plan.

Next, you need a prototype of your invention. It’s best if you can show that your invention idea is going to generate at least one new job, which doesn’t count a job for you. That makes it more likely you will get the funding you desire.

Some places want proof you are serious so if you have a business it’s a good idea to incorporate it as an LLC. Plus, if you also have a partner, it makes your business look more credible and more likely to be offered funding.

One thing is certain, if you are trying to get funding for your invention idea, it’s best to come off as professional and dependable to those you are trying to get the funding from. No one wants to fund anyone who has doubts about their invention! Plus, don’t just send an informal letter or email or do an informal phone call to try to get someone to give you funding. It looks much better if that’s done in a professional manner if you really want a decent response.

Use InventHelp

InventHelp is a business specializing in assisting inventors in making their invention idea become fact. They have the power of many experts in almost any industry you can imagine, as well as staff that are successful in marketing, etc. If they don’t have it they can put you in with the people who can help your invention become a reality.  They are able to do everything a new inventor needs. Here’s a few news articles to show you what we mean:

https://usa.inquirer.net/56347/everything-you-need-to-know-to-be-a-successful-inventor
https://www.techtimes.com/articles/249715/20200518/how-inventhelp-gets-new-inventors-onto-the-right-path.htm
https://inventhelp.com/honest-invention-company
https://collegian.csufresno.edu/2019/07/should-i-use-inventhelp-to-bring-my-invention-to-life/

Keep all the above tips in your mind when you want to pitch an invention idea. These tips will help a new inventor to thrive and succeed in making their invention dreams come true via the help of InventHelp!

Top Health Related Inventions Featured On Shark Tank

Shark Tank is in its 11th season and this hit show has helped many inventors of a wide range of products get their products before the right people, so their inventions could make them money and gain the notice of the public. The “Sharks” are a huge help to these little or unknown inventors get their products before the right people who are interested in handling or selling their product. Most of these products now make a million dollars more for their inventors. Here is a look at some of those products.

Ava the Elephant

An incredibly simple invention, Ava the elephant is a medicine dropper with a friendly elephant head on the dropper. Designed to appeal to young children and get them to take liquid medicine without fussing this eyedropper has made life easier for parents. It also helps assure that young children take the medicine they are prescribed, which is good for their health.

Squatty Potty

Squatty Potty is another simple invention that appeared on Shark Tank and took the world by storm. The device is a simple footstool that raises your knees above your hips so you are in a squatting position when going to the bathroom. This stool actually helps to prevent those blockages leading to painful constipation aiding in overall health. Once the “sharks” became interested in this products sales of this product soared and now most people in the US have at least heard of this simple invention.

Simply Fit Board

The simply fit board is a plastic balance board that allows you to rock and twist your way to better fitness. This board is used to improve balance, strengthen your core muscles and even lose weight in a fun way and while just working out for minutes a day. Most users find this board fun and fairly easy to use and seem to be sold everywhere as well as appearing in a number of YouTube workout videos, all thanks to the Shark Tank and the promotion of the product to the right sources.

Ever Well Health Testing Kits

Another health related invention that has been featured on Shark Tank is the Ever Well Health Testing Kits. While these kits are not designed to take the place of a proper diagnosis by a doctor they do allow people to become more proactive in their health care allowing them to test themselves if the suspect that they have a health problem. These test cover a wide range of health problems including food sensitivity, sexual transmitted diseases, and high blood sugar levels among others.

While these health inventions made it big with the help of the sharks on shark tank, not every inventor has access to this forum. However that doesn’t mean that you can’t the help you need to get your invention patented and before the right people. InventHelp is a company that is dedicated to help you get company off the ground.

If you are an inventor you have probably heard about InventHelp and maybe even wondered what people actually thought about the company. Here are some links that can give you insight into the company and how both employees and inventors feel about the company itself.

https://www.linkedin.com/company/inventhelp
https://www.glassdoor.com/Reviews/InventHelp-Reviews-E152162.htm
https://inventhelp.com/reviews
https://www.jpost.com/Special-Content/Get-Your-Invention-Off-the-Ground-with-the-Support-of-InventHelp-624132

If you like what your read and have an invention that you want help getting to market why not contact InventHelp today?

 

Top Medical Inventions of the 21st Century

Inventions are not only profitable for the inventor, when it comes to medical inventions they are beneficial to the people they save! Here are some of the top medical inventions of the 21st century.

 AbioCor Artificial Heart

In the beginning of the 21st century it was ushered in with an artificial heart called the AbioCor in In July 2001. Several surgeons in Louisville, KY created it via the AbioCor, Inc. medical company in Danvers, MA. It is much more advanced than previous versions of artificial hearts because the recipient doesn’t have to be confined to a bed and connected with tubes and wires to  huge contraption.

Instead, it is actually inside the person’s boy, no console, nothing outside to constrict movement at all! It runs via a battery pack you can wear on your belt.

Mind-Reading Tools

Believe it or not in 2006 a type of “mind reading” tool was invented by scientists working at MIT Media Laboratory. It scans the person’s brain and helps doctors see their emotions. It’s called an Emotional Social Intelligence Prosthetic. Rana El Kaliouby unveiled it at the Body Sensor Network Conference.

Bio-Artificial Liver

Dr. Kenneth Matsumura is who thought up this amazing invention! It uses liver cells together with machine components, thereby the term bio-artificial since it combines mechanical with living tissue. The recipient has their blood put through a circulation device and it goes through a special membrane which ensures the cells are not rejected by the recipient. This way the cells can be used to detox the person’s blood similar to what a real liver does. It received Time’s Invention of the Year in 2001.

Face Transplants

Sadly many people lose their very personality when their face is damaged via burns, animal attacks, bombs, etc. In the past not much could be done to make them look normal again. However, back in 2005 a plastic surgeon came up with a procedure to do facial transplants from a dead donor to a live recipient. This may not make them look exactly like they did before, nor does it make them look exactly like the donor, but it can help them to look more normal.

The Camera Pill

This came out around 2008 and made it possible to have a cheap and less invasive check for esophageal cancer without anesthesia. It is in the form of a pill that’s only 1.4mm in size and simple for the recipient to swallow. It is a form of a scanning endoscope invented by scientists at the University of Washington. It’s made of one optical fiber that’s used to light it up as well as 6 other fibers that collect light, and those seven fibers are inside the pill the person swallows.

An electrical current in the pill makes it so the fibers inside it bounce around and the electronic eye in it views the person’s esophagus pixel by pixel, then it forms it all into a 2D color image for the doctors to see. The resolution isn’t as good as the standard endoscope, but it is still a step in the right direction to make cancer checks less expensive and less invasive.

Stethoscope for Smartphones

Believe it or not there’s an app for smartphones that works just like a stethoscope. It was invented by 3 graduates of business school, so they were not even doctors or scientists. It records the person’s heartrate digitally and can even detect heart murmurs accurately. It caught 50 percent of standard murmurs and a third of more advanced murmurs, so you will have to see your doctor for further tests. Still, it is a great step forward for the world of medical apps.

Bionic Contact Lens

You may have seen the Star Trek character Geordie who wears a visor to help him see since he is blind. Well, this bionic eye is not a visor, but it was invented by scientists at the University of Washington in Seattle. They combined a sort of imprinted electrical circuit with a regular contact lens made of elastic to create it, and it lets the wearer see via superimposing digitized images into their natural vision. This eye can even feed them things like a weather report or a map. Plus it also can do things like test for bacteria, viruses or a person’s cholesterol levels and send it to their doctor’s computer.

iLIMB Bionic Hand

In 2007 a man named David Gow invented the iLIMB, which was the first mechanical hand that was able to use each of their fingers separately. That was world famous because the recipient could hold a cup easier, etc. Each finger has its own motor.

If you are a budding inventor,  InventHelp is the company that can help connect you with the experts you need to get a patent, etc. Here are some news articles that you can take a look at:

Use these hints to help you to learn about becoming an inventor and making your dream come true. InventHelp can make that possible and help you with all the tools you need to do that in a much simpler fashion.

The Most Innovative Tech Inventions At CES 2022

The Consumers Electronics Show (CES) 2020 was held in Las Vegas earlier this month and the list of innovative tech inventions was truly amazing. The inventions presented ran the gambit from a toothbrush that brushes your entire mouth in just ten seconds, to a toilet-fetching robot to water recyclers and computers for artists.

Samsung Sero TV

This year’s winner of the CES Innovation Award the Samsung Sero TV is unique in that it switches from portrait to landscape mode and back again making for a whole new viewing experience.

Ace ConceptD 7 Ezel

This computer is made for artists and has a double hinged screen which allows the computer to rest flat and enables the screen to rotate into angles that makes it appear as though the art work is floating, allowing artists to view from work from a new perspective.

Hydraloop Water Recycler

This innovative water recycler implements 6 maintenance free filtration techniques that can recycle up to 85% of gray water for reuse in toilets, pools and irrigation systems.

Prinker Temporary Tattoo Printer

If you are looking for a professional tattoo, but don’t want to permanently color your skin, this temporary tattoo printer will accomplish that goal. You can even choose between a monochrome or color tattoo. This tattoo machine is expected to be available by the middle of the year.

Charmin Rollbot

One of the most innovative and unique technological inventions is the Charmin rollbot. With this little robot you never need to worry about being stuck on the “throne” without any toilet paper again. This little robot connects to a smart phone and will come into the bathroom to bring you a new roll of toilet paper. How fun is that?

Often inventors need help getting their inventions to market. Some may need help with making a prototype to get financing to put their invention into production others simply need access to resources InventHelp can help you get the help you need to see your idea for an invention come to reality.

In most cases, inventors who have new and innovative products don’t have the ability to connect with the businesses that could best use those inventions. Having a company that helps team you up with the right business for your invention can help make your business a success.

As a new unknown inventor it can be difficult getting established businesses to take your calls, no matter how great your invention may be. That’s one of the areas where new inventors can benefit from the help of a professional company that is dedicated to teaming up new inventors and their inventions with businesses that can benefit from a specific invention. InventHelp is a company that has the right contacts to put new inventors together with the businesses that can most benefit from the invention that you (the inventor) want to market

Who knows, perhaps your new invention will be one of the most innovative tech inventions at the 2021 Consumer Electronics Show.

 

How To Patent And Protect Your Invention Ideas

If you’re an aspiring inventor, wanting to change the world with your creations then you’ll need to keep reading. Even if you have a great idea, the possibility of someone else stealing it, or someone else thinking it up after you do is always there. Imagine spending years thinking up your new invention only to have the title as inventor snatched away from you, from somebody who only copied your idea. In order to prevent this, you’ll need to get yourself a patent. A patent will give you the exclusive right for an invention, meaning you are the rightful owner and are free to use and modify your creation as you wish. Here, you’ll find out exactly how to patent an idea.

1.) Know if your idea can be patented. Before you can patent an invention or idea, you need to determine whether or not it is actually eligible. Do research on proper patenting laws specific to your country before proceeding to patenting, or further steps.

2.) Make sure it’s actually unique. Is your new product something that’s been done before? Is it similar to somebody else’s creation? You need to think long and hard about whether or not your new idea is actually unique, useful, and plausible. If it can’t be put to practical use, and can’t benefit or make the lives of you and other individuals easier than before, then it isn’t very patentable.

3.) Make sure your idea isn’t patented yet. Look through the patented inventions not only in your respective country, but also around the world in order to determine if your invention hasn’t been done before, else you’ll only be wasting your time and effort for something that isn’t going be to able to take flight.

4.) Get professional and legal help. Everybody, especially individuals who happen to dabble in inventing and innovative ideas, knows that filing for a patent can be a long and arduous task. In order to help you out, you can get professional help. Consider all of your options. If you would like, you could hire a specialized patent attorney considering they’re more the qualified to help you out. However, this option can be rather expensive. If you want an easier solution, why not visit InventHelp, a website which has helped a wide myriad of scientists and inventors patent their work through their patent referral system. It is far more convenient, and can be less costly than hiring and consulting with a professional lawyer on your own.

5.) Determine what type of patent you need. Once again, you can make your process easier by going to InventHelp – they’ll guide you along the way and give you all of the information you need and refer you to a patent attorney, so you don’t have to research and debate about all sorts of patents. Make your invention get out to the world faster and easier, and head over to the InventHelp website as soon as you can to get free information. Great talent shouldn’t be kept a secret, after all, but should be shared to the world (after it’s protected with a patent).