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Here's a common route: 1) Get provisional patents 2) Build a protoype of the finished product, if not possible then graphics showing the final product when po
by ig1 17y ago
Here's a common route:
1) Get provisional patents
2) Build a protoype of the finished product, if not possible then graphics showing the final product when polished.
2) Go to a couple of big customers and show them your product + graphics and get some letters of intent (we'll buy x many of this product)
3) Go to a bank with your letters of intent and get a loan against them. Banks are experienced with this sort of thing, it's a pretty common route for new inventors to go down.
4) Use the loan to tool up and get the product manufactured in a smallish quantity
5) Fulfil the sales you've made and make more sales.
You don't need VC money to take a hardware product to market, most inventors don't take VC money to get a product to market. But if you decide you do need it for whatever reason then the more of these steps you take before approaching the VC the more chance you have of getting funded.
Especially getting a patent and getting sales on the table.