You might have an idea or invention you believe will change the world, but it means nothing if you can't bring the invention to life. The first thing you need is enough funding to develop a prototype. Luckily for you, there are public and private sources of money to help inventors get their ideas off the drawing board and into the world.

Federal Grants

The most common and perhaps the safest source of funding for inventors looking for grant money is the United States government. The federal government has grant funding available for serious inventors who want to bring an innovation or invention to market. Inventors will find assistance available for research and development of innovations in technology and energy. Application information can be found at the Office of Energy Efficiency and Renewable Energy. Grants can be large or small, and the application process varies according to each type of grant. Some applications are lengthy and require a small investment from the inventor.

State and Local Grants

If you are unable to obtain a federal grant, you might turn toward your state and local governments. State and local funding is usually limited, however, and the competition is usually fierce, especially among individuals looking for a grant. Also competing for dollars are not only inventors such as yourself but research departments of organizations such as private colleges, state institutions or nonprofit agencies. Since funding is at a premium, applying can be extremely challenging, and you will have to prove your worth as an individual inventor with a marketable product.

Private Grants

Many an inventor has turned toward a private individual or organization to fund an invention. Angel investors might take an interest in your innovation, as might a venture capitalist. If your invention or innovation is designed to help a specific target audience or population, you might want to seek out organizations or companies that either serve or have an affiliation with that group. You might want to research prominent businessmen or private investors who you believe would share an interest in your invention. However, you will want to beware when you are seeking financial assistance outside the government. There are many unscrupulous people who are eager to either steal your idea or take your money. Watch out for those who claim they know how to cash in on government or other funding, for a fee. Be wary of the many sites on the Web claiming of "untapped millions in federal aid." Never pay to have your invention seen, unless it is part of a reputable application process, and make sure to have your idea patented before leaving home with your invention tucked under your arm. Innovation is a catalyst of American success, but you don't want to see your dreams dashed or stolen by those who would take advantage of an inventor such as yourself.

Source:

FederalGrantsWire.com

Resource:

US Department of Energy

Invest-usa.com

Proposalwriter.com