Building a team and seeking funding

Many inventions need external funding or support, because the cost of developing a new product or technology often exceeds the resources of an individual or a small business.

There are, however, very few sources of support specifically for inventions. Raising funds may depend on convincing other people and organisations that your invention is a business opportunity with excellent investment potential.

But to stand any chance of persuading them, you may first need to assemble a team. Exploiting a new business idea usually demands a range of skills that few individuals possess - and experienced investors know this. You may therefore have to find other people who can provide the skills that you lack. A team effort should also help you to achieve your objectives more quickly.