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DIY - Bootstrapping Your Invention |
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Written by Bryan Daigle
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Many of the world’s most successful companies - Microsoft, Dell, Apple – were bootstrapped to extravagant success.
Similarly, it is sometimes important to investors that inventors bootstrap their own innovation. Bootstrapping enables an inventor to legitimize and add real value to the invention. Furthermore, inventors should stay in touch with investors and companies, who could help them bring their invention(s) to the marketplace.
Some ways of bootstrapping inventions include: - Approach a reputable company and obtain a substantial purchase order for the invention.
- Consider the purchase order from a retailer or wholesaler to be a bankable asset.
- Approach manufacturers directly and discuss a joint venture.
- Bootstrapping involves low risk level and reduced upside possibilities, but it can be a good first step towards getting a toehold in the market.
- Bootstrappers often have unique and unconventional ideas. They can be very creative
- Research is critical in bootstrapping. It allows you to learn more about the market, the requirements of the target audience and the design requirements of the product.
- Observing other inventors and businessmen can help generate new ideas, but deviating from the norm with innovative ideas can help develop something unconventional.
- Secret bargaining strategies can work wonders when dealing with businessmen and companies.
- A positive attitude with a smile on the face, can generate positive responses from people.
Bootstrappers enjoy more freedom, as they are less pressurized by external investors. |
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