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Is funding available to manufacture and market a patent-pending product I developed?

Veteran

walter nagel Honolulu, HI

During my last 5 years of deployment I have worked with my son to develop a patent-applied for construction/carpenter tool needed throughout the globe. What we need at this critical point is to make a production model from our working prototype and stock inventory for on-line and big box sales.

10 August 2013 4 replies Small Business

Answers

Veteran

Anthony Miklaszewski Plainville, MA

I recently went to the Daymond John Academy a few weeks ago. They will help you If you join their upper ranks. I'm thing about joining with my http://thelittleuglybottle.com/.
Sounds like a great time

Advisor

Alan J. Zell Portland, OR

Walter, take Tom's advice and contact SCORE as soon as possible. Their consulting is FREE. What will do is help you develop a realistic business plan as well as guiding you through putting together ideas of how to bring your carpentry took to market.

In addition to the free consulting, most SCORE chapter offer workshops for a small fee on many aspects of starting a business.

Btw, SCORE has been challenged by the SCORE HQ and the US Small Bus Adm to work with veterans coming back into the business world

Alan

Advisor

James Mingey Oregon City, OR

It depends on the amount, your own risk level, credit rating,. etc. For instance, if you need $50k to finish the prototype and do the patent work, marketing etc and you have good credit go to the nearest bank ands ask. If they reject you and they offer SBA guaranteed products, ask them to take a second look. In either case or and especially with more capital required, you'll need 20-30% investment on your part and they'll want the house, cars, etc. pledged as well.

If you're short on cash or you need patient money without some personal risks , research forming an LLC or Sub-S corporation to raise money for the deal or down payment required by a bank.

Yes there's capital, typically no grants though

Advisor

Tom Cal, CFA San Francisco, CA

Walter,
Sound like a fun project. Good luck and be sure to invite us all to the celebration when you are a gadzillioaire!

It would be cool and courteous if you keep us updated and let us know how things turn out. Especially let us know what is helpful and what is not, so we and others can all learn. Summarize what you learn in a neat little article and come back and post it for other s to benefit.

* If you have not yet done so, you may wish to contact a lawyer so you can ensure you have correctly protected your idea. (patents, non-disclosure agreements (NDAs), etc.)
https://www.google.com/search?q=lawyer+protecting+your+idea

* This search found resources that discuss building a prototype of your idea
https://www.google.com/search?q=building+a+prototype+of+your+idea

*See SCORE.org: I am guessing that many funding sources other than "friends and family" might require you to have a business plan, and/or at least a presentation of some sort. SCORE.org might be able to help lead you to other helpful resources, advisors, mentors, consultants, etc.
http://hawaii.score.org/
http://www.score.org/

* Also research and reach out to angel investors:
https://www.google.com/search?q=hawaii+angel+investors

* IVMF (Institute for Veterans and Military Families)
The IVMF at Syracuse also has resources for entrepreneurs, including an entrepreneurial bootcamp for Veterans. It can't hurt (other than, worse case, a few minutes of your time and a few minutes of theirs) to email or call IVMF.

http://vets.syr.edu/su-hosts-third-annual-entrepreneurship-bootcamp-for-veterans-families-march-8-16/

Also read prior posts to research your question. This site has both a word search tool and a topic search tool.
try:
* see prior posts
https://acp-advisornet.org/questions/topic/entrepreneur
https://acp-advisornet.org/search?Search=patent
https://acp-advisornet.org/search?Search=patents

* Also use search engines to research your question. There are many neat resources for entrepreneurial Military Veterans:
https://www.google.com/search?q=resources+for+entrepreneurial+veterans
https://www.google.com/search?q=military+veteran+entrepreneur
https://www.google.com/search?q=military+veteran+entrepreneur+bootcamp

e.g.
http://www.forbes.com/sites/shaunso/2012/10/10/five-programs-you-must-know-about-if-youre-a-veteran-entrepreneur/

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