Author: Pamela Swift

How To Raise Money For An Invention

Post author By Pamela Swift
Post date August 23, 2007
1 Comment on How To Raise Money For An Invention

Inventor Resource: The initial funding for independent inventions normally comes from ‘friends family and fools’, but once this is exhausted, and you need to progress to the next stage of development, you will need to find other funding.
Grants
There are a number of publicly funded grants available for innovative businesses, some of which can be applicable to inventors. There are two levels of grant suited to independent inventors, and each will require some funding commitment from the applicant, aside from the grant. ‘Micro projects’ are described as ‘simple low-cost development projects lasting no longer than 12 months’. With a maximum grant of £20,000, this is probably the most appropriate for inventors starting out with the development of a new product. ‘Research projects’, lasting 6-18 months, can receive a maximum grant of £75,000, with the aim being ‘to investigate the technical and commercial feasibility of innovative technology’. For more radical inventions, perhaps using new materials or advanced technology, or involving external partners, these are appropriate.
Loans
Do not re-mortgage your house in order to pay for your invention, no matter how brilliant it may seem. If one piece of advice comes through clearly time and time again from inventors who’ve ‘been there’, it’s this.
Small business loans are suitable, however. By presenting yourself as an entrepreneur — a businessperson looking to involve the bank in a mutually profitable relationship (even if you think of yourself as a ‘garden-shed-in-your-spare-time’ inventor) — you stand a good chance of receiving a favourable loan. If your business takes off, quite apart from the interest on the loan, the bank will want to have you as a customer, since business banking charges are a significant proportion of banks’ income.
Venture Capital
Venture capital is most often appropriate for inventors who have made significant progress with their invention and are well on the way to turning it into a successful business. In this sense it should not be seen as a first option for funding your invention. Venture capitalists, or private equity financiers, are looking to make significant returns on the money they invest — which typically belongs to others, as part of a fund — and clearly want to maximise the upside of the risk while minimising the downside.
How Do I Raise Money for an Invention? [Inventor Resource]

Branding

Better Than The Rest

Post author By Pamela Swift
Post date August 22, 2007

Mind Petals: Business brochures and commercials that ridicule their competition, insult customer intelligence. I don’t want to buy a car from a guy who tells me why everyone else in his field is unworthy of my patronage. I do want to support companies who state examples of why their “unique” strategies work better. We’re not stupid consumers. We don’t expect companies to endorse their competition. So, as entrepreneurs, we need to advertise as consumers.
If there’s something you don’t like about what your competition does – set yourself apart by showing how your system exceeds their quality. Nothing portrays this better than testimonials from satisfied clientele. Your customers are more apt to believe in your product if they see results from their peers.
Post testimonials on your site and brochures. Beat your competition without spitting a negative word their way. New businesses successfully beat the veterans all the time. Just remember that how you choose to run your company now – sets the tone for your permanent professional image.
Dis-count the Competition? [Mind Petals]

Sales & Marketing

Quality Press Releases

Post author By Pamela Swift
Post date August 21, 2007

BusinessKnowHow: Press exposure can significantly impact a small businesses’ success. Press releases are not just for big businesses; many small businesses find press releases to be an inexpensive way to gain exposure and attention. It is not uncommon for reporters from magazines, newspapers or blogs to scan press releases as a means to locate content.
Here are some tips to enhance the exposure and quality of your press releases:
1. Relevant
First and foremost, it is important to decide what information should be included in your press release. Information that is newsworthy and relevant will have the best chances of gaining the attention of an editor.
2. Customize
Giving your press release a personalized touch, especially for bloggers and online journalists, can be helpful in gaining attention.
3. Summarize
By creating a succinct summary of the announcement, editors will not need to reword, or condense a lengthy release. The first paragraph or two should clearly state the announcement, so that if an editor’s space is limited, they can simply use the summary in their publication.
4. Swag is Good
The press loves freebies, and by offering them, there is a chance potential customers will keep your name in their mind.
5. Thank You
If you are interviewed or receive an especially complimentary review be sure to thank your press contact. As strange as it might sound rarely are the editors thanked for the coverage they provide.
6. Honesty
The more truthful the release the more likely that it will get ink. Avoid using superfluous adjectives that inflate the use of your product or service. Keep your press release factual.
7. Keywords
Be sure to use keywords and keyword phrases in the press release so that it will be easily located by reporters looking for specific material.
8. Demand Attention
Carefully select the title for of your press release so that it attracts attention. The title should contain key points related to the announcement. A good title is critical. If the title does not gain the interest of the editor, it will not matter what the body of the release says.
8 Steps to Positive Press Exposure [BusinessKnowHow]

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