Does anyone have some suggestions on how to actually raise the money? What worked for you? Or what have you tried that didn't go as well as you might have hoped?

Anything helps. Thanks.

According to Entrepreneur magazine, 80% of startups are at least partly funded by their founders. So expect to rack up some credit card debt.

2% of startups get venture capital funding, so that's unlikely. The next best bet after your own wallet, are those of your family & friends. You probably are connected to someone with money, but just have to dig to find out.

Hope that helps!

Bryan Daigle

You need a very comprehensive and professionally prepared business plan if you wish to raise any serious money. jim

I would like to qualify your question. Do you want to raise money to ultimately license your invention, or build a business?

Lisa Lloyd

i need to know how to raise money for my product idea!!

Are you looking to build a business around the idea, or just build a prototype and license?

Hi -

You need an investment grade business plan to raise money and without this is it nearly impossible to raise money from venture capitalist or angel investors. Even raising "friends and family" money will require a business plan as people need to clearly know what they are investing in and how you plan on providing a significant return on investment for them.

Thanks...Jim

Hi -

You need an investment grade business plan to raise money and without this is it nearly impossible to raise money from venture capitalist or angel investors. Even raising "friends and family" money will require a business plan as people need to clearly know what they are investing in and how you plan on providing a significant return on investment for them.

Thanks...Jim

Does anybody still post on these forums. Last one was 4 months ago

We sure do! Read the previous posts about this topic if you are in need of help to raise money....or feel free to start up a discussion....

Thanks...Jim

Thanks for the support Jim!
Although this particular thread has been dormant, we keep it here because it's on a topic that interests our members. If you have a question for this thread, then you're invited to ask. We guarantee you'll get a response from either a member, an expert, or me.

My pleasure!

I only wish more people got involved in these discussions as money is an issue for nearly every inventor and we are happy to give people advice on how to raise it....

Jim, I have a patent and a welath of knowledge in the feild my patent is designed to effect. I have placed all my capitol in the design and patent aspect. Now I don't have anything left to get my business plan together and don't have much experience in writing them. Where does one go to get either assistance or reference materials for a business plan? Should I try to take my idea to a marketing and investment company prior to having that drawn up?

Hi Alan -

Well, you are going to need a business plan for sure if you plan to raise money to fund your project and a professional plan if you are approaching professional investors. There are many ways to write a plan and if you go on line there are many sources that can assist you with the basics, but where you likely will need professional help is in the creation of very detailed market research and the financial models that investors will look at when they consider investing in you.

I would not bring your idea to an investor until you have a well done plan or I feel you will simply waste your time. If you are indeed serious about bringing your invention to the market you will need a great plan to raise the money.

Regards...Jim
www.jimdebetta.com

Jim...I have an interesting alternative to the traditional system of funding you are referring to. In fact Entrepreneur Magazine wanted the story a few months ago but I turned them down as our numbers in this economy are nothing to brag about. I will wait for my one day in Entrepreneur Magazine.

I was talking to a number of professional investors and others that wanted to be my angel investor. Some of these people were right out of Wall Street area so they were big time no fooling around guys....the big leagues of investors.

There were deals on the table, a couple for two million even in funding. I wanted to stay in the game to run my products; I wanted to work. The best deal I could get was about a 25% interest as investors didn't even trust me to run the show, they wanted to hire a CEO.

I decided that a manufacturer would love to add my product to their line and so, if I am bringing such an asset, shouldn't they put up some money?

The manufacturers in my field had stock of raw materials, packaging, shipping departments, office for orders/billing...they had all I needed already! All we had to do was plug my invention right in their system. No need for investors! I even have deals with my manufacturer for advertising funds.

This scenario can only happen with a U.S. manufacturer as I live in the U.S.

I am very happy with this setup. I also advertise all their products and promote all in my travels and I am offered a commission on selling their products.

This situation was quite easy to set up. This may be an option for some. See my website to get an idea of this formula.

I just found it too hard to send investors a check for 50% of profits just to use their money. It is rare they will roll up their sleeves and do any real work for their share.

Now, instead of just royalties, I have a more lucrative business deal, a 50-50 split of all profits and I am on the field playing the entire game! They did even help me with the final R&D.

What do you think? Should others try for this situation?

Ron Komorowski
Inventor of Handi-Straps
www.handi-straps.com