Wednesday, October 3, 2012

Get Money For Your Project

Contributed by Mark Reyland
United Inventor Association of America

As the largest inventor organization in the world, the UIA is always looking for projects that can help inventors. One such project was a Crowd Funding program we helped the people at FundaGeek build several months ago.
Eighteen months ago as Kickstarter and other crowd funding programs started to build in popularity we knew the inventor community would be one of the first in line to use this no risk funding source. So we started contacting each of these companies with our concerns about public disclosure and the effect of posting unprotected ideas on their sites without making sure the inventor knew the risk.

With the exception of FundaGeek, every company we contacted rebuffed our request to notify their users because they felt it would interfere with their business. That's right, in the end crowd funding is a business and the 5% they receive of your pledges is very real profit.

That's when we started working with FundaGeek to develop a portal on their site specifically designed to inventors.

In the FundaGeek inventor model we take traditional Crowd Funding (asking for a single sum of money) spreading it out over time more in line with the inventing cycle. The model encourages you to ask the crowd for incremental funding in smaller amounts that build on each other.  You may ask for $1000.00 in your first round to do research or build a homemade prototype. Then follow that up by showing the crowd what you achieved with the first round of funding and ask for $2500.00 next to apply for a patent and maybe even purchase some form of inventor education program or attend a tradeshow.

We mention this because after many many hours of coaching inventors, Cary Harwin and his team have an inventor project on FundaGeek that is well developed and on track. It's from an inventor named Anwar Farooq from Montclair California who has built a crowd funding program to support the development of his QuicknSilent Pencil Sharpener.

So if you have a moment check out what Anwar built to get the crowd to fund his project and if you have an extra buck laying around show your support for a fellow inventor by making a pledge.

Of course - If you have an invention you are trying to get funding for check out and take the time to build a solid program like Anwar did - who knows you could find the money you have been looking for all along.
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