What Can I Do If I Have An Invention Idea But No Money?

If you don’t have money, you can still move forward with an invention idea. Naturally, you may be worried that your limited financial resources will keep you from developing your concept. Fortunately, new inventors can follow several guiding steps to get over this economic hurdle. After all, you have already done the hardest part by coming up with a creative innovation. Keep reading to discover the next key steps to take if you have an invention idea but no money.

Document With An Invention Record

To move forward with your innovative idea, you first need to document it with an invention record. Ideally, you want to create an information trail showing exactly what you thought of and when. This way if anyone comes forward claiming it was their idea, you have proof that it’s yours. Therefore, you should record as many details as possible such as how the product works, development plans, marketing analyses, and how it can be sold to the public. The more detail, the easier it is to prove that the concept is yours. If you have an invention idea, it is crucial to document it with an invention record.

Conduct Patent And Market Research

Next, you need to conduct patent and market research to get your concept off the ground. To ensure that your invention idea doesn’t already exist, you can search the United States Patent and Trademark Office database. In addition, you should perform a prior art search to determine if there is design work similar to your idea. If your concept is taken, you will not be able to patent your idea. You should also conduct preliminary market research to determine if people need and are willing to purchase your product. There are many free market research methods to gain insight into prospective consumer behavior. With proper market and patent research, you can avoid wasting your time with the wrong invention idea.

Build A Mock Up

If your invention idea is available and projects a successful market, you can build a mock up of your idea. Luckily, you can build many initial prototypes at home using off-the-shelf resources. Your mock up doesn’t need to be expensive or fancy to be effective. Ideally, it should convey what your product will do and approximately how It will look. If you are not the design type, you can contract a product development team to build your prototype based on your sketches. To move forward with your invention idea, it is essential to build a mock up.

File For A Patent

Once you’ve built a mock up of your concept, you need to file for a patent. Essentially, there are two different types of patents to choose from: utility or design. Typically, utility patents are for new processes or machines. On the other hand, design patents are for new non-obvious ornamental concepts. Before you submit your patent application, you should have a patent attorney look over it. This will prevent others from infringing upon your intellectual property through a loophole. To lower the cost of a patent attorney, look for a  smaller patent firms for less expensive services. It is essential to file for a patent to protect your invention idea.

Promote Your Product

Furthermore, you can promote your product to start making money from your concept. The best way to start marketing your invention is through digital media. For instance, you can promote your product by using a company website if you choose to start a business. Plus, modern social media platforms offer a free way to share your product with the world. If people are intrigued by your work, they will share your innovation. Surely, this is a great way to reach new investors as well. Once patented, you should promote your product to start generating revenue.

There are several key steps you can take if you have an invention idea but no money. First, you need to document your idea with an invention record. Next, conduct patent and market research to avoid wasting your time on the wrong invention idea. Then, build a mock-up using at-home resources if possible. In addition, you should patent your idea to legally protect your creative innovation. Furthermore, promote your product using free digital media platforms to intrigue your audience as well as investors. If you have no money, follow these key steps to get your creative invention idea started.

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