Get grants for patents & inventions funding – Funding for patents and inventions can help you to cover the cost of research, development and help to launch your idea into the market. The funding can range from government grants or loans to licensing and investments. There are different options available for individuals depending on the phase of the process. As a lot of time and effort is involved to secure financing for your patents and inventions it is necessary to identify the right opportunity and learn how to secure funding.
Fortunately, there are plenty of resources available for individuals who need capital to develop their inventions. This guide will throw light on effective and powerful steps that you can take to secure finances and get grants for your patent.
Highlights of this Post
What Is A Patent?
A legal protection for an inventor is known as a patent that grants them the time and space for testing, communicating and selling their invention without any threat or risk of competition. This gives the inventor the legal right to prevent other inventors from manufacturing, selling and earning off of the same invention for a definite amount of time.
Inventors need to secure a patent as soon as possible if they wish to produce and profit from their innovative idea legally. If you want to secure your patent you need to go through the following stages
- Outline your development or innovation process in detail
- Create, design and produce a prototype and then test it
- Make sure your invention or pattern qualifies for patent protection
- Understand your invention’s potential
- File a United States Patent Trademark Office or USPTO patent application.
How To Apply For Grants For Patents And Innovation?
As soon as you find suitable grants for patents and innovation funding that align with your needs and requirements you can apply for them by following the below-mentioned steps
Learn The Eligibility Criteria
One of the crucial steps to applying for grants for patents and innovation is to check the eligibility criteria set by the organization. No matter whether you’re playing for private grants or government-funded programs you need to go through the specific objectives and become aware of them before applying.
Arrange Relevant Documents
The next step is to submit relevant documents along with your application form to prove that your idea stands out from the crowd. This includes feasible growth plans, robust business plans, personal identification documents, and so on.
Complete The Grant Application
The amount of time that you have to spend to complete a grant application form for patents and innovation depends on the program you’re applying for. Grants that are funded by the federal government are competitive and may require more time therefore you need to start applying early.
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How To Secure Funds Or Grants For Patents Or Invention?
Grants.gov
Grants.gov is an online database that assists small business owners including individuals with unique and innovative business ideas and helps them to discover grant opportunities and assistance programs sponsored by the federal government.
You first need to set up a workspace account on the official website of grants.gov and search for grants that align with your needs and criteria. The online database is presently administered by 26 federal departments including the Department of Energy, Department of Transportation etc.
GrantWatch
Another popular grant database next to grants.gov is the GrantWatch that assists inventors in searching for government opportunities and funding opportunities to secure a grant for their patent or innovations.
The system contains a lot of details about more than 28,000 assistance programs and grants among which you can choose nearly 1200 grants that are designed for small business and inventors. You need to subscribe to access the full database. The weekly sponsorship cost is $18 whereas the annual membership fee is $199.
Small Business Innovation Research
Government grants and programs are a popular way to fund a patent or innovation. The United States government has made efforts to support modern ideas or innovations by providing funding opportunities to eligible inventors through a variety of funding programs and patent grants.
One way to get grants for your patent or innovation is to submit requests through the SBIR or Small Business Innovation Research which offers financial help to inventors of small businesses where a minimum of 51% of the business is owned by a citizen of the United States and has less than 500 employees.
Even though the grant is not a viable option for everyone there are abundant opportunities when it comes to avail government grants for inventors.
USDA Rural Business Development Grant
The United States Department of Agriculture or USDA manages the Rural Business Development Grant through which it offers funding for strengthening and growing small businesses that belongs to the rural American communities.
Qualified inventors with unique and innovative ideas can secure funding by contacting the local USDA rural development office or visiting the official USD website. You need to make sure your innovation aligns with the specific rural industry, for instance agriculture.
Grants For Women
As per data from USPTO or the United States Patent and Trademark Office, women inventors with innovative patent ideas get less funding compared to males. Around 21.9% of innovative patent ideas in 2019 were patented that included a minimum of one woman inventor.
Thankfully some organizations address the gender disparities deadline in the world of innovation and strive to close the gap by providing sufficient funding opportunities to small business owners and women inventors. In case you are looking for women’s specific patent and innovation funding opportunities you can look for grants and programs on the official website of www.grantsforwomen.org.
Bizee Fresh Start Business Grant
Individuals who want to fund their patents or innovations and embark on their business journey can turn to this program. The grant helps them to legally register their business and also covers the startup cost. The winner of the program receives a grant worth $2500 including a free gold plan.
The gold plan offers free registered agent services for a year, free tax consultation, corporation services etc. You must complete an application online, make a video explaining how the funding can impact your invention or entrepreneurship journey and submit a robust plan.
Patent and trademark technical information dissemination
This is the government grant program that aims to promote and encourage the young minds of the nation. They want to motivate them by providing help so that they can take interest in the field of invention and development. If you are eligible then they will provide you with every possible help for the grants for inventions and patents.
This program is administered by the Department of Commerce that comes under the office of the Secretary. You can get this grant for inventions and grants for a patent with ease.
These government grants help the students, companies, organizations, faculty members, and others who have the best idea for an invention. The government encourages the young minds because they have creative ideas and when they get the proper help then they can make a big change to a nation which helps to grow the nation technologically.
Also Read : How to Request a Grants from government
Social Enterprise Foundation
You can look for another option where you can apply for a grant for patents and inventions. You can apply with the social enterprise foundation. This foundation is also called social entrepreneurship. You can apply with this foundation to get help for grants for patents.
The foundation aims to promote the inventions which are good for society and that’s why they like to fund the inventions and help the inventors to encourage them to do good work for the community. However, many of the non-profit charity organizations, civic-minded personals, and for-profit businesses that work for social help all come under the category of social enterprise foundation.
National Institute of Standards and Technology
You can look for the National Institute of Standards and Technology, as it provides grants for patents and funding for inventions. They provide help to just a limited area which means they offer their help to a restricted group. They offer help to students, inventors, developers, and faculty members, however, they are different fields of research and development.
An applicant can get the amount of $5,000 as a grant for patents and inventions grants from this organization. The funding depends on the invention idea and this amount can be reached to million dollars as well. But it all depends on the invention and the idea, and how this is useful for the social enterprises, and what impact will be given on the community.
National Collegiate Inventors and Investors Alliance
The National Collegiate Inventors and Investors Alliance is the organization that works for encouraging young minds so that they can enhance their interest in the field of development and inventions. As its name suggests itself it works as a bridge between the makers and promoters. So that they can work together for the welfare of society and reach a new level of development and invention.
The NCIIA provides grants that lie between the range of $1,000 to $20,000. But there are some eligibility criteria as well for this grant. If you want to get the grant amount from them then you have to be a student or faculty member of the institute, only then you are eligible to get the grant.
Economic Development Administration
Grants for patents and innovations including small business grants are provided to eligible candidates through the US Economic Development Administration in combination with resources and technical assistance. The objective of economic development administration is to boost economic growth by promoting innovation and entrepreneurship in society.
Small businesses and inventors secure funding through state agencies and this helped them to secure locations and hire new employees. Inventors looking for opportunities to fund their patents or innovations can search for assistance programs from the economic development director for regional offices and local resources.
US Chamber Of Commerce Top Small Business Awards
The US Chamber Of Commerce Top Small Business Awards addresses the challenges of inventors and small businesses and provides them funding since they contribute to the growth and development of the U.S. economy.
Eligible inventors and small business owners can secure funding up to $25,000. Individuals who are looking for funding opportunities for unique business ideas can receive awards in different categories for instance emerging business, green or sustainable business etc. with associated awards.
Additional Ways To Get Help For Invention
Venture Capitalist
Venture capital is a part of the second or third stage of securing funding for a business startup. They fund innovations and patents that have the potential for high growth. An incredible source of securing funding to bring your patent and innovative ideas to life is to turn to venture capitalist firms.
The firms take financial support from wealthy investors and then invest the money on behalf of ideas or organizations that have a powerful chance of being profitable. You can get your idea in front of a venture capitalist firm and show its value to receive funding.
Innovation Or Business Startup Loan
Securing a loan for a patent or innovation can be challenging. It can be difficult to convince credit unions and conventional banks that your idea will earn a return. If you are unable to secure funding from government grants and private organizations then you can go for a business startup or invention loan.
SCORE and Small Business Association are a few lenders that support startups or inventors. The US Small Business Administration SBA microloans are an affordable choice for funding your innovations and small businesses.
The loan can have strict eligibility criteria and can be tedious and slow however they are worth it. Qualified borrowers get loans up to $50,000 along with guidance from SBA-approved lenders.
Crowdfunding For Inventors
There are amazing crowdfunding platforms for instance Indiegogo and Kickstarter that connect individuals with sufficient funding for inventors. They are different from traditional funding and do not require high fidelity prototypes.
Crowdfunding investors will help to improve your invention, provide you with insights and help you with marketing. Crowdfunding through platforms such as Kickstarter is a unique way to increase capital from anonymous people while retaining full equity in your company.
A lot of time businesses induce the general public to finance their unique innovative products by selling advanced models or copies at prices below the forecasted price. Going for a crowdfunding platform is not only helpful to raise capital for expenses such as the cost of patents but also helps to generate interest and make sales.
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What Should You Consider While Choosing A Funding Opportunity For Your Patent Or Invention?
There are several factors that you need to consider while choosing a funding opportunity for instance amount of funding, the type of funding, the application procedure, the eligibility criteria and the timeline.
The Type Of Funding Available
The first and foremost thing to consider while choosing a particular funding opportunity is to become aware of the type of funding that is available.
For instance, there are grants, scholarships and loans available for inventors. Each type of funding has its own pros and cons therefore you need to choose the right type of funding that aligns your needs.
The Amount Of Funding
The next important factor that you need to consider while securing a funding opportunity is the total amount of funding that will be available to you.
Few funding opportunities offer only a small amount of money while few provide a huge sum. Therefore it is important to consider the amount of money you need to fund your program or project.
Eligibility Requirements
The next factor that you need to consider is to become aware of the eligibility criteria. Few funding opportunities have strict eligibility criteria while some come with lenient or flexible terms and conditions. You need to ensure you can meet the eligibility criteria of the funding opportunity that you are considering.
Application Procedure
The next step when choosing a funding opportunity is the application procedure. Few funding opportunities come with simple application procedures whereas some can be very complex and can require a lot of paperwork. You need to make sure you understand the application procedure before applying for a funding opportunity.
Timeline
The next factor to consider is the timeline while selecting a desired funding opportunity. Few funding opportunities come with short timelines while some can have a longer timeline. You need to make sure you can read the timeline of the funding opportunity that you are opting for.
Conclusion
The federal state and local governments and numerous charities, private organizations and corporations help people to get grants for patents and innovations provided they can fulfill the eligibility criteria. Once you find a grant that aligns with your needs you can apply for the program or grant online and attach relevant documents to secure your chance. It is important to keep in mind that grants for inventors are competitive and you need to make your application professional and unique to stand out from the crowd.
If you’re looking for Business Grants for Felons, Convicted Felons And Ex-felons, check out our Get Government Grants articles highlighting government assistance programs and grants.