Trying to take your invention from idea to market takes work, time, and money. Even with putting your full time and effort into developing your idea, it may still be difficult to make ends meet. You might decide that you want to reach out to potential investors to help fund your invention. Seeking out investors is a feasible path for some inventors to take, but you have to make sure you follow protocol when reaching out to investors so they pay attention to what you have to say and consider your invention as a viable investment.
In any case, be sure to contact potential investors a few times before reaching out to them for funds. If in the first email they receive from you, you ask for money, they are probably going to instantly delete it and forget all about you. It is polite and customary to engage investors in conversation about your invention before going in for the hard ask. Follow this guide when contacting potential investors.
Get on LinkedIn
When your friends and family namedrop an acquaintance you aren’t familiar with, you probably look at their Facebook profile to get an idea of who they are and if you might know them. In the business world, LinkedIn essentially functions the same way. On the leading professional social network, you can use your profile to describe your work, explain your career goals, share your experience, and post your projects. As an inventor, you can use LinkedIn to describe your invention idea. Please reach out to your attorney before doing so.
LinkedIn also allows you to search and message other people on the platform. Before you start reaching out to investors, create or update your LinkedIn, being sure to check that you have the most up-to-date information available towards the top of your page. Include a clear, professional headshot of yourself and include in your bio that you are an inventor who is currently seeking out investors.
Update Your Website
When you are networking with potential investors, you will probably be either emailing them or chatting in person. Either way, your website will be listed on your business card or in your email signature. Prepare for the increase in web traffic by sprucing up your website. Read through and make updates/corrections as needed, add some recent photos, and make it clear that you are looking for funding for your invention. Investors should have a clear idea of why they are visiting your site in just a few seconds, so make it clear and easy for them to understand.
Create Your Pitch
Once you have identified investors and got in contact with them about your invention, you can craft your pitch. Pitches should be personalized to the person you are writing to so the potential investor knows you are writing to them individually and not just spamming a bunch of people. Keep pitches short. If a potential investor is interested, they will reach out to you for more details. Here’s an example you can follow to craft your pitch letter or email.
- Introduce yourself and your invention. Remind the potential investor how/when you met and how you have reached out to them before.
- Explain your invention with as many details as you and your lawyer feel comfortable providing. Tell how your invention can benefit others.
- Tell them why you are reaching out to them and specifically ask that they consider investing in your invention.
- Provide the numbers on how much money you are seeking out overall and explain the benefits for investors.
- Explain your business plan briefly and mention that you are prepared to provide more in-depth documentation, as well as any other requested information, if they are interested in investing.
- Thank them for taking the time to read your pitch and let them know that you hope they will be in touch. Provide your contact information at the end.
Pitching to potential investors is an exciting step to take with your invention. By updating your social media and website and creating a short, personalized, and engaging pitch, you can contact potential investors in an effective and professional way.
Originally published atblog.inventhelp.com