What You Should Do With an Invention Idea But No Money – 2024 Guide

Not everyone has enough imagination to come up with a great invention idea. Sometimes, it happens that people spend a lot of time researching, learning about things and brainstorming until the perfect concept appears in their mind.

Sometimes it takes less time – it simply comes in the form of a splendid moment of inspiration. Circumstances don’t matter much if the plan is awesome. Let’s say that you’re having this super cool plan in your head. You can imagine every single detail about it, regardless of whether it’s a kind of business, a sales invention or a great product.

You’re sure that it would make a real boom in your town, your state… in the world, why not?  And all that seems so palpable and achievable until you start thinking about your bank account state. You know very well that good ideas need to have a good base, but in most cases, in order to get patented and find their way to the audience and users, they also require some cash.

You would be surprised if you knew that, in order to achieve the financial opportunity for your scheme, you need to go through a couple of steps that don’t include any money at all. It might look like something unattainable, but don’t let this feeling ruin all your dreams. There’s always a way. And, just because we know that you can do this, we’re bringing you some really useful tips on how to manage to finance the opportunity of your life.

1. Be realistic

What does this mean? Well, we know that you must believe that your awesome project must succeed. You may not be able to find any disadvantage and it might look perfect. Maybe it is. But before you start flying too high, be realistic and be honest with yourself. Answer some questions:

1. Will this be useful for most people? If not for most people, for whom then?
2. Does this idea have a future?
3. Are there any similar concepts that gained success?
4. Are there some parts of your plan that should be worked out?

Try to be as unbiased as you can. And then follow the next step.

2. Hear another opinion

Here, we can advise you on two types of opinion – the opinion of other people around you and the opinion of a professional. Let’s talk about the first one first. This doesn’t mean that you should walk around, showing your project scheme and asking what they think, or posting it as a Facebook status.

This means determining a mini-group of people you trust – the ones who you can rely on. Present your plan to them and you’ll get valuable feedback, but make sure to encourage them to note all good and bad sides they can think of.

About the second type, well, it’s also important to find some kind of support in the form of a person who will be your mentor and give you a helping hand through all this. Achieving this, you’ll make sure that you’ll always have honest and professional feedback and a good piece of advice in case there’s something that could be even better or that could be enhanced efficiently.

We’re sure that the last thing you want is wasting your time on something that doesn’t have chances to turn into a successful project. Teams of professionals, like Inventhelp, can assist you with making a great overview for your plan, so make sure you learn more about them and their other services.

3. Get to know the market

Now when you heard all kinds of comments and did your best to improve your invention before you start coping with attempts to reach funds for carrying it out, it’s time for the next step. Remember the question from step 1, saying: Are there any similar concepts that gained success?

It’s a key sentence now, as you’ll have to dig deeper in order to find out the answer. Make sure you do the best research in your entire life – most things and information can be found on the Internet, however, you can also use other assets if you have some.

Try to find out if anyone did anything similar to what you’re trying to do and, in case there are any competitors, have a closer look at their concepts and compare. If necessary, improve your idea by adding some extra features that could throw a shadow to other similar things on market. The best possible scenario – your idea is pretty unique and there’s no one who managed to come up with something similar. Of course, this increases your chances to make this work.

4. Think about possible expenses

Take into consideration all costs that might emerge. Here we have one more reason to perform that amazing research we were talking about in the previous sections. If you want to get a slight idea of the height of your expenses, all you need is to use this way to learn more about it.

This way you’ll already be partially ready to give more information in case some of the people you informed about your idea decide to give it a chance. In case you listened to our advice and got yourself a mentor or a person in charge for leading this project with you, they could also provide you with some information and rough estimation of the funds needed to carry this out.

5. Think about people who might be interested in financing your invention

It’s crucial to find a target group of people, businesses or particular institutions which could be eager to listen to your story, contact them and represent your idea in the best possible way. Distributing your invention pattern to people who don’t have anything to do with the sphere of your interest is waste of time and a mistake.

For example, let’s say that your invention is related to gardening – you won’t search for potential sponsors in the sphere related to vehicles or motorcycles.

Sit and make a list of all entrepreneurs, businesses, companies or individuals to whom it would be worth showing what you came up with. You can find their contacts, such as phone numbers, email addresses and social media profiles  on the Internet – and then all you need to do is show them what you have for them.

If you read this carefully, then you’ll notice that not everything here goes around money itself. Before we’re able to find a proper funding way for our invention to be implemented successfully, first we need to make it worth it. That’s a basic thing and something which, once it’s done properly, could bring you the success you didn’t even dream of!