Resources and Funding for New Inventions
Getting New Innovations funded is increasingly difficult in an uncertain economy, and some inventors do not even know where to begin. There are resources available, such as online classes, mentoring programs, slides, and books that can prepare an inventor for licensing processes, pitching ideas to funding sources, and advice on beginning a start-up company. There are also programs and internships for entrepreneurs, as well as seed-stage and early-stage venture capital funding, depending on the impact the innovation will have for the public, the sector involved, and degree of originality exhibited.
There is very little funding for a reincarnation of the same technology, gadgets, and services. Innovations have to be truly unique to qualify for start-up funding, and has to be in a relevant area. One educational and funding resource, for example, is only interested in providing between five-hundred thousand dollars and three-million dollars for start-ups with innovations in the sectors of services, software, clean technology, and material sciences. Inventors or entrepreneurs can learn how to present information, develop a financial plan, and create a detailed executive summary from seminars and events. They can then submit executive summaries for consideration for funding.
Many universities, such as Northwestern, offer fellowships, internships, and start-up funding, as well. The Innovations and New Ventures Office (INVO) basically provides ways to transition innovations developed at the university into businesses that will increase economic growth, and have a positive impact on the general public. There are mentor programs, clinics for commercialization, and strategy classes offered to part-time and full time students, and post graduate students at all the colleges associated with the university. One example is an I2C Fellowship, which is an eight week paid summer program.
Funding sources include the N.XT Fund, which is for early-stage technologies, and NUseed Funds, which helps with support and development of business start-ups. The processes, policies, types of agreements, forms, and informational videos are available online to assist those interested in learning about the opportunities available. Past start-up businesses have been in the sectors of biomedical, design and robotics, communication and information technologies, and physical sciences and nanotechnologies. Inventors and entrepreneurs with creativity, and a solid business plan, can find support, information, programs, and possibly seed funding from reputable resources.