How to Get Money to Fund Your Patent

Aug 2, 2022

Realizing you have an innovative idea to share with the world is the first step in starting your business venture. The next step is ensuring that your idea, also known as your intellectual property, becomes patented. This means that only you have the right to make, use, or sell the innovation for a certain period of time.

You may very well be concerned with how much it will cost to actually get your patent. However, there is no true one-size-fits-all cost when it comes to patenting because the actual amount you can expect to pay will vary based on the type of patent, the size of your company, and the complexity of the idea. With that said, you can expect a patent to cost a considerable amount of money.

The good news is that there are several avenues you can explore in order to help fund your patent and bring your innovation into fruition.

 

Different Ways to Fund a Patent

The types of funding options available to you may vary, but one general rule applies universally: you need to persuade someone or an organization that your future potential product will be useful. With that said, here are a few different ways you can raise money for your patent funding.

 

Venture Capitalists

Venture capitalist (VC) firms are a popular source of funding to help bring innovative ideas to life. Basically, VC firms take money from wealthy individuals and invest that money on their behalf into organizations or ideas that have a strong chance of being profitable. If you can get your idea in front of VC firms and show its value, you could have a strong chance of receiving the funding you need.

 

Angel Investors

If you’ve seen the hit ABC show “Shark Tank,” then you already have an idea of what angel investors do. Angel investors are wealthy individuals who cut out the middle man job performed by VC firms and invest their own money into future products, companies, and ideas that have a strong potential for success and profit. Just like VC firms, you will need to convince angel investors why your product matters and why they should invest in it. Keep in mind that some angel investors will also want a role in the future company in exchange for investment capital.

 

Government Grants and Programs

The government has recently made great strides toward supporting modern innovation by providing funding to qualifying inventors through a variety of patent grants and funding programs. One way to go about getting a government grant for your patent is by submitting a request through the Small Business Innovation Research (SBIR) office, which provides financial aid to inventors with small businesses in which at least 51% of the business is owned by a U.S. citizen and has fewer than 500 employees.

Of course, this grant is not an option for everyone, but there are an abundance of options when it comes to government grants for inventors. We encourage you to visit www.grants.gov/learn-grants/grant-systems.html to discover what financial aid options may apply for your specific circumstances.

 

Grants for Women

Data from the United States Patent and Trademark Office (USPTO) reveals that, while the gender gap among new inventors is decreasing, women still patent ideas and receive patent funding far less than men. In 2019, only 21.9% of ideas were patented that included at least one woman inventor.

Fortunately, several organizations exist today that recognize the gender disparities that exist in the world of innovation and are committed to closing the gap even more by providing funding toward women inventors and small business owners. If you are interested in women-specific patent funding, you can start your search on www.GrantsforWomen.org.

 

The Dangers of Do-It-Yourself Patenting

As with anything, you may be looking at how you can reduce costs when applying for your patent. You may even be thinking, “Do I really need an attorney or can I do it on my own?” However, you should also keep in mind that more patents are initially rejected than they are approved and further response to the USPTO is almost always required. In fact, there are strategies that choose to go this route over an application that may be immediately approved. Strategies vary based on your specific business model and approach to patent protection.

While hiring a patent attorney may seem like more money upfront, your patent has much greater odds of getting approved with skilled patent lawyer by your side throughout the entire process. Plus, a patent attorney can ensure you have a high-quality patent submission that is:

  • Clearly written and articulates the innovation
  • Easy to detect and prove infringement
  • Easily understood by competitors
  • Meeting of all legal standards and structure

How a Patent Attorney at Dana Legal Services Can Help You

You don’t have to navigate the complex world of intellectual property on your own. When you have a dream in the form of a new idea, you need to protect it with the backing of a skilled patient law attorney. That’s where we come in. If you have any questions or wish for professional assistance in drafting and filing a patent application, we would be happy to discuss how we can help you.

Our team at Dana Legal Services consists of patent gurus with decades of experience in the field. Do reach out to us at info@danalegalservices.com, or alternatively, drop your question on our website at www.danalegalservices.com/contact/.

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