The simple answer is yes, you could potentially get funding based on an idea. However, it is not a easy nor is it usually in the best interest of the business. The reason is that solid investors want to see more planning and organization. Formulating a solid business plan, creating a prototype, establishing responsibilities throughout the members of the company—all of these things and much more express to an investor that you are serious and determined to do what it takes to keep the business operating successfully.
However, this doesn’t necessarily mean that without these things you won’t get funding. Some investors will take a chance on a very good idea, but it will come at a price. Often, then less planning and organization on your part the more likely an investor will ask for a bigger piece of the pie. Quite simply, they are taking on a bigger risk by working with someone who only has an idea.
While ideas are great, they are only one piece of the puzzle. It would be in your best interest to consult a startup attorney about proper planning and organization so that you can attract the best investors for the long-term.
can connect you to a quality start-up attorney. Our business has already assisted over 1000 entrepreneurs with their business development. Our rates our affordable and we like to keep things flexible to better assist you. Check out our website to see our services and to learn more about what we offer.