How To Get Funding For New Tech Products

0
451
Manager with his colleague discuss about the business plan. Business team working at office. Business meeting in a conference room analyzing corporate reports.

The market for gadgets and technology keeps rapidly expanding. There are more gadgets than ever before, and it is because someone had a great idea. Unfortunately, in today’s day and age, an idea alone isn’t enough to get anything done. When you have an idea for new tech, you need to make sure that you have the funding necessary to develop the idea, create a prototype, and take it to the market.

The good news is that you don’t have to be a millionaire in order to launch a tech idea. There is a significant amount of funding for tech projects, and knowing how to tap into these will make it easier to actually bring your idea to fruition.

Explore Mentorship Programs

There are a lot of different mentorship programs that focus on technology entrepreneurs. AngelPad and Betaspring are two of the most prominent, though there are quite a few others as well. Many of these will involve 10 or 12 week programs where you learn more about becoming an entrepreneur. It takes you through the entire process, and by the end, there is a demoed day where you get to introduce your idea to hundreds of investors.

The investors will choose the top entrepreneur, and with so many investors present, you may be able to get funding assistance from multiple investors. Additionally, multiple entrepreneurs may get the financial assistance that they need.

In some instances, $20,000 for startup funding or more may be provided.

Competitions

Launch, Twitch, and many other competitions take place each and every year. This is where people compete in order to showcase their tech product idea and what it can do. Each competition has a different spin, focusing on energy efficiency, smart phone technology, healthcare products, and much more.

The prizes can vary from credits with various businesses to use towards services all the way to cash. Depending upon the sponsoring organization, it may be as low as $5000 or as high as $100,000.

The Individual Approach

The individual approach can also be taken. Various companies and investors are always looking to have the next tech idea, and they will be willing to fund some of the best ideas out there. Take a good look at what your tech is capable of offering and what industry it will be usedin.

You can then contact various companies and investors with your idea. Let them know that you want to schedule a meeting and simply and at the idea. You won’t want to send out the idea to them entirely unless you have a patent already pending, otherwise your idea could be stolen right out from under you.

It all comes down to being able to show people how your idea is different from all of the other ideas out there. You need to be sure that you are presenting your idea in such a way that the innovation is obvious. You want to have an idea that no one else has thought of, and take a unique approach so that is highlighted appropriately.

There are millions of ideas that get entered into mentorship programs and competitions every year, but fizzle because they weren’t presented properly. You don’t want to be one of these statistics. You can get the funding that you need and bring your product into the marketplace, but it’s going to require a significant amount of planning. You have to be a marketing strategist in order to capture the attention of those who are giving out the money. If you aren’t a marketing guru, then you will want to hire someone to help you every step of the way.

LEAVE A REPLY