5.
Re: I have an Invention Jan 29, 2008 1:30 PM
in response to:
simon5932001
Simon, this answer assumes you've completed a conceptual study and are moving into the next three stages -- exploratory development, prototype development, and pilot testing.
As you know, I'm sure, exploratory development is essentially your proof-of-concept on paper, and the output of this stage will include a detailed set of specs and cost figures for your prototype. Universities, sponsored foundations, and commercial labs have tens of thousands of people who do exploratory development all day long. The unfortunate assumption is that anything worth exploring is already being explored there -- so private individuals either have to fund this stage themselves with personal loans, or convince an investor that they have a truly unique idea that nobody else has thought of (which is rare -- see the story "They Stole My Idea" at http://smallbusinessonlinecommunity.bankofamerica.com/docs/DOC-1640). Seeking an investor means you have to trust the details of your idea to somebody who has the money or who knows someone who has the money.
Prototype development, depending on the invention, can be expensive. By definition, the output is a working version to test with, not something that is going to generate revenue -- so this is not exactly fertile ground for investors. Again, private individuals generally fund this stage themselves, or else take on one or more partners at this point who will share the cost (and eventual returns) and who can add necessary skills and expertise to complete the prototype.
Pilot testing either reveals the need to back up one or two stages (in order to revise the general design or build a new/improved prototype), or confirms that the design is sound and ready to move forward into advanced development. Pilot testing can also be costly, but the best way to offset this is to find a beneficiary -- a firm or organization that has nothing to lose and everything to gain from participating in the pilot test (much the way pharmaceutical companies find volunteers for drug trials).
This is all general info (but then so is "something to do with energy"). Anyway, I hope it helps a little. Best wishes.
