Q: I have a patented idea and a prototype. I tried on Kickstarter but didn’t make my goal. Where else can I get funding?
There are a few options depending on your needs. If you have the wherewithal to take your product all the way to market but you just need money, you could consider hard money lenders, angel investors, friends and family, or other people who might understand the value of an investment in your product. Every different source will have a different cost. Hard money lenders charge significant interest. Angel investors will require a lot of up-front work to demonstrate why you are likely to be successful. Business deals can strain personal relationships. Additional crowdfunding campaigns or strategies might be another good option. Understand that the more comprehensive a business plan you have, the more convincing a case you can make to each of your prospective investors. You need to demonstrate why your product will result in a profit.
If money is not the only barrier, and you need expertise in product development and manufacturing, then you might consider licensing the patent or entering into a business relationship with a company already producing similar products. It is possible to do this yourself, but many people choose to engage a professional to find a suitable buyer or licensee. Many patent attorneys frequently do IP licensing or sales. I recently wrote about why free attorney consults are the best deal going in the legal industry. A free consult with a patent attorney could be useful to determine whether licensing or sale might be a good option for your technology.
In any event, you have options. You have transitioned into the business phase of patent ownership. It can be a challenging phase, but don’t give up- you’re getting there!
