You might have a great idea, whether it’s a product or a service. You’ve even done some research and established there could be a market for your idea. You might even have created a prototype in your shed so roughly know how it’s going to function. Now what?
Well, quite simply, without some form of funding to help take your idea to market, that’s where the story might come to a sad end. The traditional bank loan is always an option, however, with the pandemic people (and banks) are looking at stability above taking a risk. There is one solution, however, which has gained popularity over the past few years. Crowdfunding.
the practice of funding a project or venture by raising money from a large number of people who each contribute a relatively small amount, typically via the internetOxford Dictionary
Quite simply, and using the above definition, crowdfunding is about getting funding from a crowd. Simple. That crowd is found on the internet and there are several established options which cater to this. We will go in more detail later, however at this stage it’s good to know there at least some options.
So how does this tie in with what we do here at Ideas Portal? Again, simple. We know how difficult it is for ordinary people with modest bank balances to take their product to market. The cliché scene in Dragon’s Den where all the dragon’s frown at the sad inventor who’s mortgaged their house in pursuit of their idea.
With that understanding we want to be able to help inventors all the way through their journey. We’ve currently working with one and hope to document the full journey as and when we can. It will involve crowdfunding amongst other aspects and we hope you stay tuned to follow us throughout this.
There are three main things that you have probably heard about which you may need: an elevator pitch, a pitch deck and a business plan. In this article, we explore what these are and when you might need them.