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2018-03-27 10:30:54
How to Fund an Idea

 

              Only a decade ago, if you had an idea for a product, invention, or something that required manufacturing, you had a few options. The first and most risky option was to fund it yourself. Perhaps you wanted to create a smartphone app. Unless you possessed all of the necessary skills to create it you would likely need to hire several individuals. You might need a programmer, UX designer, artist, etc. That would quickly add up to a lot of money. Another option to fund your app would be to get the attention of investors. The television Shark Tank built up popularity on the idea of people pitching ideas to such investors. Another option would be to take out a loan. All of these options involved risk.

                Today, all of those options still exist. The new option is crowd-funding. Just as the name implies, crowd-funding is getting money from a crowd of people, or more specifically, the customers. Here is the advantage of this option over most others; the financial risk is minimal. Crowd-funding is essentially the same as the show Shark Tank, but instead of pitching an idea to investors you pitch it directly to consumers. The people that pay money to help fund your idea are simply pre-purchasing the product. Admittedly, crowd-funding works best for ideas that don’t have a front-loaded cost. If the main expense of the product is the manufacturing, crowd-funding is more likely to be a good fit.

Source: https://www.kickstarter.com/

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