Invention Financing and Starting a Business
The Business Plan
To raise money from investors who are not family and the closest of friends, a business plan is a virtual necessity. The plan tells investors the following:
why the world wants your invention
who will buy it
how and where they will buy it
how much money is needed and specifically for what
- the potential return for the investor and when to expect the return
Most often it is the need to attract outside money that motivates an inventor to write a business plan. However, the inventor, more than anyone else, benefits from it. No one invests more heavily. More than anyone else, the inventor must be sold on the plan and on its likelihood of success. A good business plan is an important step toward success.
Business Plan Information and Tools
Money & Inventing - Invention City article - A framework for understanding the economics of inventing.