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How do I raise capital before I have a patent.
It seems a patent costs upwards of $10k, with my new idea I am currently working on prototypes, and would like to do a dry run to find the interest (likely at a lowered price. I have enough capital for either a test for proof of concept (hopefully) OR a patent.
What suggestions do you have? Where can I learn more? Where can I learn more about testing the market (how many I need to reach, etc.).
I’ve read books, none agree, some websites appear to be made by folks who’s only idea was starting the website for advice. I have big hopes but a realistic outlook and need help in these areas
Best Answer
I am sorry but this is day dreaming. Investors give you money not because they see hope and potential, but because they are sure that you can make them money. A patent and a prototype is very far from clearing the bar of investing.
Other points
First check if the idea is anygood. Then check the patent system. Check https://patents.google.com and see who else has filed something similar. Likely there is someone who has already filed a similar idea and it never made it to market. That doesn’t mean yours can’t. See how they reference other patents and show how their filing is an improvement on prior patents.
Do as much of this as you can prior to meeting with a lawyer.
On one hand, it is cool to protect your idea. On the other hand, investors want to see you have acted on your idea before they invest in you. Millions of ideas are sent to them ... if you only have an idea and has not even considered any patent search, you are cutting into the line.
Question asked by
u/jfqind
Date
May 23, 2020 at 4:23:18 PM