Grants for patents are funds that are provided to people who need money to develop their inventions or creations because lots of startup investors don’t have the proper amount of funds to complete their creations. So, for such people,e grants for patent sales an opportunity to complete their inventions provided through various sources. Here, we discuss those sources and strategies to get patent grants.
Grants for patents provide legal protection or security to an inventor. Funding them is necessary time and space to test, manufacture, and eventually sell their invention without getting any risk or threat of competition. So, in this article, we discuss the sources from where an inventor can get invention grants for patents. Read along!
How To Find Invention Grants For Patents?
Securing invention grants for patents can be a bit fulfilling experience for anyone, but it can also be quite challenging. There is a lot of red tape, paperwork, waiting time, and mandatory SOPs that you will have to go through if you are required to own your product legally and also, eventually want profit from its production.
Fortunately, there is some source that provides invention grants for patents, and they provide through some ways that we are going to discuss:
Educating investors on how to secure invention grants, where they can secure invention funding, and the general information about the procedure to secure patent grants.
As the name suggests, that refers to inventors to institutions and organizations that they have already partnered with. These organizations and institutions help inventors to secure invention funding or invention grants.
Institutions and organizations that provide invention grants for patents, consequently provide invention funding and, product production.
Here, some companies may only provide one of the three services, but some will provide all three services. The point is that for inventors it’s become easy to claim legal rights to their invention ideas and benefits from them now or in the future.
In this article, we discuss the third type of finances in depth. Securing a patents grant is not an easy deal, also covering the patent cost. It’s not common for inventors to seek help or support through invention findings or finding invention grants. Now, as we discussed earlier, there are some organizations and institutions that provide patents grants exactly for this reason.
But, before going through such organizations and institutions to claim invention grants for patents. Firstly, let’s look at some effective steps that help you to secure invention fundings. Here are the following steps that you should take before applying for patents grants.
- Simply, outline your creation/invention/development process as detailed as possible.
- Then, Design or manufacture a prototype and after that simply test it.
- Ensure that your invention should qualify for grants for patents.
- Assess your commercial potential of inventions.
- Prepare a file that is USPTO. USPTO stands for United States Patent Trademark Office, which is a patents grants application.
Just go through these stages. This stage will help you to secure your patents grants. Also, these steps will make it easy for you to get invention fundings. Now, let’s look at those organizations and institutions that provide grants for patents. Read along!
07 Ways To Get Invention Fundings
Grants for patents are opportunities for inventors to complete their inventions or creations. As we already mentioned a couple of times, there are some organizations and institutions that provide grants for patents. So, let’s discuss those 07 ways to get inventions fundings.
SBIR stands for small business innovation research. One way to go for secure your patents grants. To get invention funding one has to submit a request for invention grants to the SBIR. They have US government programs that are made to help and support small businesses with their research and development and yes, they provide financial help in the form of grants and contracts.
This is one of the best options for inventors to claim investment funding who own, co-own or manage any small and for-profit business. The inventor should own at least 51% and he or she should be a US citizen or permanent resident. Also, the business they owned should have less than 500 employees to be qualified for grants for patents.
The small business innovation research office covers about 12 federal agencies. They provide invention fundings a maximum of $150,000 for preliminary phases and for subsequent phases they provide up to $1M. So, if you want to secure your invention grants then this is one of the best federal places from where you can secure your patents grants.
- Fiscal Sponsorship.
Fiscal sponsorship is known as a “formal agreement”. In this, the project is sponsored by the registered 501(c)(3) public charity. This fiscal sponsorship that is also known as the formal agreement has some incredibly helpful and supporting benefits, one of the most important is the ability to solicit donations or tax-deductible and also, financial aid under your status of sponsorship.
However, due to the nature of the formal agreement, it is quite difficult and rare to secure invention fundings. Additionally, being a licensed attorney with experience in non-profit legal matters is compulsory for such fiscal sponsorship to take place. So, to get grants for patents, you can also apply for fiscal sponsorship.
- Social Enterprise Foundations.
A social enterprise which is also known as social entrepreneurship is a category for such inventions that have a strong social mission. Non-profit organizations and institutions, civic-minded people, and also for-profit organizations that show social returns fall under this category.
Because of their social enterprise nature, there are some foundations that provide PRIs, or some program-related investments, to organizations that cause consideration for social enterprises. In short, they provide invention grants to those people whose inventions have a strong social mission.
The invention funding they provide is low-interest loans that are given to those people(owners and inventors) whose social mission is in line with this foundation’s mission/aim or interest. So, from here you can get invention funding or grants for patents.
- Federal invention funding.
If the above-mentioned USPTO’s SBIR grants for patents programs don’t work for you then don’t worry you can still turn to the government for help and support. The US government has some active support programs that provide invention grants for inventors whose ideas, initiatives, and concepts line up with US government departments.
These programs that provide invention grants are meant to assist with R&D work that goes with the concepts and ideas, and they can provide invention grants up to million dollars. Simply, apply for patents grants through various federal invention funding. So, through federal funding, you can assist with patents grants.
- Angel Investors.
Angel investors have contrary to some misinformation assumptions that it is not the name of a global company. It is a term that is used to refer investors to decide to sponsor a patentable invention or creation in the form of donation. They provide around $20,000 to $100,000 completely depending on the investor and their invention.
Angel investors are a business tactic for them. The company expects financial recompense in the form of ownership in a small percentage of the innovation and company. However, they deal with the company rarely, choosing to earn from their investment. Some of the angel investors connect with you through networks.
They perceive benefits to their investment. Through this company also you get invention grants. But before making a deal, do investigate properly.
Fortunately, through the internet, crowdfunding came around. As the name suggests, crowdfunding is the process of making funds for the invention or venture through various small donations from lots of people. Inventors can leverage the generosity and curiosity of people so they fund their creations or inventions.
And just because of the internet, it’s been possible to find 100 willing people to donate $50 each as opposed to finding one person to donate $5,000. Crowdfunding is a viable and proven source to donate and support them.
Many websites are there today that make it easy for anyone to set up their campaign of crowdfunding. Some of them are Kickstarter, Gofundme, Causes, and Patreon. So, from here you may get grants for patents.
- Venture Capitalists.
Venture capitalists are quite similar to angel investors. They invest or provide invention grants to inventions or innovations that have a lot of potentials. The difference between angel investors and venture capitalists is that firms always sponsor complex, high-level inventions.
Their invention fundings start at upwards of a million dollars. And just like angel investors, they expect a small percentage of ownership of the startup. Because they have given more than just a small percentage.
Getting investment grants for patents is not an easy deal. You need some strategies and ideas of organizations that provide patents grants. In this article, we have discussed grants for patents, how to find such investment grants and what are the effective steps that one should take before contacting the organizations. Also, organizations and institutions are mentioned above to apply in it.
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