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Stop chasing the $$
It amazes me how often inventors will chase money. I hear from inventors all the time that they have applied for a SBA loan or a SBIR grant or some other government funding. I am not claiming that these resources don’t exist. But at best it’s a long shot. Don’t waste your time as it is precious.
These programs have very specific criteria and it’s incredibly rare when an independent inventor can take advantage of them. You can honestly chase the money for years for an invention that you don’t even know if it will make any money.
This waste of time can actually undermine your chances of ever getting a product to market. By the time you realize that you are not going to get any money or by the time you actually decide to dip into your savings account, someone else has taken the very product you thought of first to the marketplace.
In fact, most applicants want the funding for filing patents and getting prototypes done; but the truth is you have to have the patents and the proof of concept before anyone will seriously consider funding.
We often chuckle about the 3 F’s: Friends, Family and or Fools are an early stage inventor’s best option for funding. Taking money from anyone is tricky and sometimes contentious, but the 3 F’s are a lot faster than the government options.
Join us virtually for the Inventors Roundtable virtual meetings: https://www.meetup.com/InventorsMentoringandFunding/. The meetings are free and we answer all your questions about the inventing process and service providers. You can read the Inventors Galaxy Guide. It’s also free and takes about 30 minutes to explain the steps involved and what your options are. You can also contact me at Rita@InventorLady.com.
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