Inventor Resources: Mentorship, Funding, and Support

One of the questions I frequently come across has to do with what the next steps are once determining that applying for a patent may be right for a client.

This involves determining whether one should use outside legal assistance, where to attain funds for a start-up venture, how to go about building a prototype for a concept idea, and whether or not to consider licensing of a patent — before or after one may even be granted — just to name a few.

Unfortunately, I do not have direct solutions for a lot of these questions; fortunately, however, there are networks of individuals that do.

As mentioned in a previous post, connecting with the right individuals can make all the financial and long-term difference for new (and seasoned) inventors.

Specifically in regards to the above stated concerns, reaching out to local resources, such as small business incubators, angel investors, and mentorship programs are a good start.

The following is a brief list of national programs to assist new inventors and their businesses successfully get off the ground:

SBDC — reach out to your local branch to set up a discussion, ideally in person and one-on-one, involving your concerns and finding out what resources they may have to guide you through to realize your end goal.

Your local SBDC representative(s) most likely will have expert and specialized experienced in one or two aspects of business development, with a network of individuals and associations to put you in touch with.

SCORE — like your local SBDC, SCORE is a national network with regional presence that will set you up in virtual meetings with individuals to discuss concerns specific to your needs, as well as offering a wealth of relevant monthly online webinars.

SCORE has a larger network with greater access to many individuals who are experts in their field.

Both SBDC and SCORE include volunteers — many retired but highly qualified — willing to enthusiastically lend their time to assist budding entrepreneurs and inventors.

Business Incubators — there used to be a national database of business incubators in the United States with a search for local agencies; however, it appears to now be an international association with a membership fee. I recommend doing an online search or asking around within your regional network for local incubators that may be able to assist with items such as product development and prototyping

Business incubators may be able to help with that final step of realizing a product or bringing something to market once filing for a patent has begun.

Application for a patent is just the start — recognizing what your needs are and then reaching out to those that are specialists willing to offer their time and expertise can make or break the future of your entrepreneurial endeavors.