Unique product. No investors
I've patented my idea in several countries but am having problems sourcing for capital. I've customers who've indicated their interest in my product but I'm unable to locate funders. Everyone I speak to thinks it's a revolutionary product. What should I do?
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Have you tried asking those that you have gone to for their recommendations? – Randy E 11 years ago
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How about getting funding from your customers? I think it is covered in Crossing the Chasm, which is a great book. – Steve Jones 11 years ago
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Why are you "unable to locate funders"? Without this vital piece of information, it is very hard to answer this question. – Steve Jones 11 years ago
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Take a look at that question: http://www.brightjourney.com/q/compete-idea – Frenchie 11 years ago
2 Answers
The fact that your idea is unique is not a good ground to build a business on.
Why is your idea unique? Could that be because nobody has been able to build a business based upon it before?
Who are you speaking to that are saying it's a revolutionary product? Potential customers? Then take pre-orders to build your minimum viable product. Family/friends? Discount their opinions and go and speak to potential customers.
A lot of people will do a 'family and friends' round of funding first to get that initial product built and a bit of traction, then go after larger funding rounds.
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Also "customers" may be useless. What you need is ENOUGH customers. You may be so niche it simply is not a viable business or startup for the investors. Not every business is suited for a startup, even if viable as a business. – Net Tecture 11 years ago
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One other point to make- not all inventors are good, or even adaquate, sales people. Perhaps you need a business/sales person to help you get funding. – Gary E 11 years ago
Another option for you may be kickstarter.com. If you are getting interest from customers, crowdsourcing your product may get you going.
