11
Jan
2010
Professional partners improve your credit chances
Professional partners are a special category of partners. They do not invest money. Instead, they invest their professional services in exchange for a share of your invention or your business. Patent attorneys, patent agents, professional prototypers, accountants and contract attorneys all have the potential to be a professional partner. Before you get too excited that this will be a way that you can dramatically decrease your expenditures, be forewarned that professional partnerships are hard to come by. Some independent inventors think that when their patent attorney sees their great idea, he will eagerly barter his services for a share of the invention. This is rarely the case. Keep in mind; patent attorneys earn their living by seeing inventions every day, all day. They couldn’t make a living if they traded their services for a share of each invention that came across their desks.
We have heard of cases where a patent attorney did become a professional partner to an inventor but these cases are extremely rare. We mention it here only because it does happen on rare occasions and it may be worth it to you to suggest it if the individual you are working with indicates a strong enthusiasm for the invention. It is something that every patent attorney or patent agent has had suggested to him at one time or another. It doesn’t hurt to ask. and he will not be offended if you ask, but don’t get your hopes up.
10
Jan
2010
Groups that help with credit and loan solutions
You may be thinking, “I’ll just go to a Venture Capitalist. Isn’t that what they do?” The answer is no, rarely, if ever, for you as a small independent inventor. Venture Capitalists are the big time. They invest big money, to be sure, but they want a virtual guarantee that they are likely to make big money on their investment in a relatively short period of time. Independent inventing is entirely too risky for most Venture Capitalists. They are not an option for most independent inventors.
Investment angels, on the other hand, may be a possibility. Investment angels can be found informally among the people previously suggested: doctors, lawyers, accountants and so on. Or, they may be found in formal organizations. For example, many communities have investment angel groups. You can find listings for such groups in your local business journals.
You can find links for several angel investment lists in Appendix B at the back of this book. You can also find angel investors by running a classified ad for them. Your ad should say something like, “Inventor seeks angel investor for patent-pending product. Small investment opportunity. (Your phone number).”
Classified newspaper or Internet ads that you find listing investment angels may or may not be legitimate! They are often “services” that promise to put you in touch with angel investors in exchange for a fee. It is best to find your own angel investors.