5 Steps to Solve I have an Invention Idea but No Money

(Last Updated On: April 16, 2021)

The invention is creativity. I have an invention idea but no money- this is a common dilemma of the many going to be inventors. What to do in this situation? Just keep reading.

I have an invention idea but no money

In this article, I am going to answer when you find I have an invention idea but no money!

I have an invention idea but no money – Start

Step 1:

The first step in studying the way to invent one thing (in the event you do not have already got an idea) is to come back with an idea for an invention!

You can do that by brainstorming, sitting down, and attempting to determine what the world wants or needs that it would not have already got.

Another means is to pay nearer consideration to your day by day life and your actions and always ask your self what invention would make issues higher within the state of affairs you are in.

For instance, in the event, you’re sitting at your desk at work and a fly is continually touchdown on you and buzzing around your head, you’ll suppose, what may I invent that might make this fly go away and by no means come again.

Then you’ll begin brainstorming! Maybe a spray that kills flies, a fragrance that repels flies, or possibly a robotic that has lasers and automatically locks on and shoots flies!

The subsequent factor it’s worthwhile to do is a market analysis and determine who would purchase and use your invention.

Step 2:

Market analysis is essential! You may discover your invention useful however not everybody else might imagine so.

The very first thing you need to do is share your invention concept with a number of shut associates and ask them in the event that they suppose your product would have value.

Don’t share with anybody you do not believe as a result of if it’s a nice concept they may steal it from you!

Next is to go surfing, seek for merchandise which can be like yours, and see who’s shopping for them and the way a lot they’re paying. Is your product like nothing else on the market?

Try and discover individuals who you think would use your product and speak to them about it!

You’ll be taught if they might really use it, how unhealthy they need it (how a lot they may pay) they usually may even have the ability to counsel methods on the way to make it higher!

Step 3:

The subsequent step in inventing one thing is to make a prototype of your invention! The simplest way to do that is to purchase a notebook and use it as a logbook or journal.

Keep monitor of your inventing progress, create drawings of your invention, label every little thing together with the supplies you will use, and describe precisely the way it will work.

Another means you may make a prototype is by utilizing a CAD (Computer-Aided Design) program in your laptop to make 3d prototypes.

These applications are possible to be taught by yourself but when your invention is difficult you could need to rent a professional designer to construct one for you.

The last item you are able to do (and more likely to be the most costly) is to seek out and pay a professional engineer or designer to truly create your invention.

Step 4:

Patents! Patents! Patents! A patent makes your invention your property in order that if anybody needs to make use of your concept they must ask you first or pay you to make use of it. Patents only last 15-20 years.

During this time you can be the one in a position to make your product which is nice since you’ll have nearly no competitors out there! Besides merchandise which can be much like yours or accomplish the identical duties.

First, you will need to search patent databases and ensure no one has a patent much like yours. You can rent a patent lawyer or officer to do that for you which of them makes issues so much simpler.

They may enable you to fill out and ship in your patent software which you will have to do immediately.

Step 5:

The final step you will want to do is discover a good producer who will mass produce your product and ship it to you or your prospects. Search Google for abroad producers or attempt the Thomas Register Online web site to seek out US-based ones.

If your invention is heavy and actually advanced and it’s worthwhile to have it made and shipped rapidly you will need to discover producers within the United States.

However, if it’s an easy invention, you want large portions made and are OK with ready longer for shipments, then abroad could be higher.

Having an excellent producer is important to the standard and pace at which your invention is made so you should definitely analyze them totally!

While people usually paint being an inventor as a really glamorous job, that isn’t all the time the case.

You’re all the time considering, studying, and attempting to determine the way to make your creative work.

I have an invention idea but no money – further explained

Once you’ve gotten “the” concept and also you’re able to run, which means extra onerous work. Whether it’s creating an app that firms like Nizek assist with otherwise you’ve received a brand new concept for a car of the future — it’s not going to be simple or low-cost!

Just Get Started

It’s simple to get misplaced in all the belongings you want you could possibly be doing to get your invention off the bottom and to neglect what you could possibly be doing proper now.

Document

Anyone can have an idea however you want to have the ability to show that you simply got here up with the concept earlier than anybody else.

To just be sure you can show that you simply got here up with the concept, you need to write down as a lot as you’ll be able to about your invention. Make positive thus far any of the papers.

Don’t suppose that you may date a paper and folks will take your phrase for it. You can do what is known as the poor man’s patent.

Put the papers in an envelope and securely seal it and mail it again to your self by licensed mail.

You preserve that letter in case anybody ever says they got here up with the concept first.

Make Sure It’s Going to Be a Hit

Just asking a number of your folks for his or her opinion and getting a thumbs up is just not market analysis. You have to ensure that the market goes to be prepared for your product.

If your product is simply too late or too early — each is unhealthy. You have to hit the candy spot that may help you present the people with what they need when they need it.

Create a Prototype

You have to create a prototype of your invention. You’re mainly bringing all the issues that you simply documented to life.

This prototype will permit folks to get extra of an understanding of what your imaginative and prescient is and the way it’s going to be a success.

You shouldn’t file a patent earlier than you create a prototype. As you’re creating the prototype, you’ll have the ability to come throughout any flaws that your invention has so you’ll be able to repair them.

If you aren’t positive about the way to create a prototype, you’ll be able to try numerous books on the subject.

File a Patent

Now it’s time to file a patent when you’ve labored out any of the kinks and you’ve got a completely functioning prototype.

You ought to know that there are two sorts of patents. One of those is known as a utility patent and the opposite is known as a design patent.

Utility patents are for brand new processes or machines and a design patent is for manufacturing new and non-obvious designs.

You can undergo the paperwork your self however it’s a good suggestion to get a patent skilled to look over it and ensure every little thing is hermetic. You don’t need to lose out on huge bucks on a technicality.

Market Your Invention

The advertising of the invention is the place issues can get actually costly and since you don’t have any cash, you may suppose you’re at a standstill. The excellent news is that there’s nonetheless hope.

Put collectively a marketing strategy and format your greatest plan to market the product. Write the plan as in the event you had your advertising want listing. Now it’s worthwhile to exit and get the cash.

Getting the Money That You Need

While you don’t have any cash, there may be all the time somebody that does who’s in search of a chance. The important methods that you may get cash to get your invention off the bottom are traders and inventor financing.

Finding an Investor

If you need to discover an investor in your invention, you’re going to must get good at pitching and explaining your product.

You’ll additionally be prepared to surrender a bit of the corporate. You’ve seen shark tank earlier than, proper?

While not all traders are as a lot of sharks as these guys, you’ll discover it isn’t too far off.

Using Inventor Financing

Another choice is inventor financing. Depending on your private credit score and different elements, you could possibly get inventor financing.

Make positive to examine for presidency applications which can be obtainable akin to small enterprise loans.

Some folks discover out they don’t want any monetary backing as a result of their innovations do properly without outdoor assistance and little paid advertising to begin.

Once income begins to are available in they merely pour them again into the enterprise.

Creating a World-Changing Invention

If you need to create a world-changing invention, you’ll get previous the “I have an invention idea but no money” part and get to the “I did it anyway” part.

Once you’ve got accomplished these steps it is possible for you to promote your product to the world and hopefully make some huge cash!

This is a quick guide that can assist you to get began so if you’re nonetheless curious please learn a few of our different articles that may enable you much more in your journey to turning into an inventor!

Take the leap as we speak and acquire innovative knowledge that you simply will not neglect.

Learning the way to invent one thing could appear troublesome, however, it may be very rewarding as soon as you work it out.

Innovators want new concepts and motivation every day or they will run up dry. Join our neighborhood of inventors at Invention-HQ and be taught whereas serving to contribute to others.

I hope this article on I have an invention idea but no money was worth reading. Read more to learn how to be a good inventor.