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will
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Funding for patent

Hi,
Does anyone know how I can raise funding for a patent? apart from going to the princes trust or getting a loan.cheers.
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dave dave is offline
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Join Date: May 2002
Posts: 3
Hi Will

Sorry if this may seem to throw water on your quest for patent funding ! am afraid that you are search for a needle in a haystack , you may strike it lucky but I very much doubt that you will .
Apart from that here is my view that you can take as advice unless you are aware already .

First off , I have had a patent myself , believe me the costs can escalate and you need to keep up the payments on an annual basis for twenty years .

Next is that to acquire funding then you need to disclose the idea to the potential funder , hence they will have to sign a letter of confidentiality with a solicitor , in short this is a waste of money because there is nothing stopping the funder from passing your idea onto another company where you would need proof that the funder actually did expose your idea .

Next , to get funding then your idea must be new and have potential returns , further more most companies will not entertain ideas unless they are patented or in some cases the idea has been filed for the first year where you would have 12 months of protection from the date of registration , after this date then the expense starts and if you do not meet the deadline then your patent is useless , you can acquire an extension but still it is very little time so its a catch 22 situation.

Next you also have to consider the actual idea , basically you have to think about its concept and its exploitation, ie can you think of all the possible ways to improve or protect your idea ! if you miss a vital detail out then all your money spent on a patent may be lost due to a design loophole , this can have drastic measures on the idea leaving it wide open for other big companies to produce something similar yet without infringing on your idea, in short make sure you protect and highlite a significant area or part of the idea that is vital and prevents anyone from creating a similar idea , ie a wing on a plane is vital if you see what I mean .

Next if you file for registration of a patent for your idea then the first twelve months allows an awful lot of companies out there to take advantage of the above mentioned infringement without any prosecution , ie the company may be so big that they make so much money off your idea that at the end of the day they know you cannot afford to take them to court and even if you did the money they are fined is nothing compared to what they may have already gained by the sale of you idea after being turned into a product .

Next you can always write your own abstract for your patent , you do not need a patent attorney to do this as the patent office will help you through the first steps , this will cover you as stated for twelve months and will save you an awful lot of expense, I know as I have done this myself , its not so hard honest .

Lastly if you want my advice then heed this , I know what you are going through and you are not alone , in all honesty there is very little help in this country for inventors regarding finance , in fact back in 1994 it was about 2% for the whole of the uk , as opposed to germany where the government helps its inventors with about 40% BIG DIFFERENCE and hence gerrmany is top in industry , britain needs to wake up in short , sure plenty of advice but no financing and what little there is then a grant or what ever is difficult to acquire let alone the frustrations that go along with it .

So in short stuff the patent and go ahead and invest in your idea if its that good and manufacture it and get it on the market before others do , this way you corner a niche in the market first and will gain rather than lose all faith in a system that I now find totally useless and only there to line pockets whilst emptying yours.

Lastly stay away from banks , they are quite happy to loan you a secured sum but you can easily end up on the street so never use your home as capital , you can always try to search for a business angel but do check up on this and lastly make sure that they are local in your area as this will help you and help the business angel to get involved, they may even provide you with the funds required for a patent if you have already registered and filed for a patent first .

Good luck Pamela I hope my advice helps so that you know how to keep the wolves from your door .
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drkesorn drkesorn is offline
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Join Date: Nov 2005
Posts: 4
It is a very good advice. However, I have a lot of help about my patent from Enterprise East. You can try.
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Martin Martin is offline
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Join Date: Jul 2002
Location: Luton, Bedfordshire
Posts: 2,726
Quote:
Originally posted by drkesorn
It is a very good advice. However, I have a lot of help about my patent from Enterprise East. You can try.
I think we have hit a new record on Shell LiveWIRE

A reply over 3 years after the thread was made.
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cc123's Avatar cc123 cc123 is offline
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Join Date: Oct 2003
Location: Norwich, UK
Posts: 753
thats hilarious!
i wonder whether he got the patent!
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