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If I have a great idea, and an awesome prototype, what is the best way to seek funding?

If I have a great idea, and an awesome prototype, what is the best way to seek funding? by @R44D

Answer by Raad Ahmed:

It can be tricky to attract investors while the prototype is still in development. If you can pull your funds and simplify spending as much as possible in order to launch the prototype before you approach investors, you’ll have a much better shot of getting someone on board.

However, if you simply need the funds in order to execute the prototype there are a couple of things you could look into.

  1. Reach out to family and friends. Basically anybody who knows you and believes in you as a person could be a potential investor at this stage of the game. Outside investors are likely to be skeptical, but personal relationships have a better shot of hearing you out and believing in your idea.
  2. Get everything else organized. Investors may be more likely to come on board now if you have everything else as organized as possible. Things such a business model, a plan for marketing, realistic expectations about challenges, etc.

LawTrades may be able to help. Our attorneys offer a variety of services to clients including assistance with business development, contracts, and guidance. We’ve already helped over 1000 entrepreneurs just like you at various stages of business development and we’d be happy to help you, too. Check out our website and get in touch if you’d like a consultation.

If I have a great idea, and an awesome prototype, what is the best way to seek funding?

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