Why You Need Unbiased Feedback Before Searching for Funding for Your Invention

By Melinda Martin | For and about inventors

Apr 08

Considerations for funding for your invention.

It has been jokingly said that FFI is the first stop for an inventor with an idea and in need of validation and funding. Haven’t heard of FFI?  Sure you have: it’s Family, Friends, and…. idiots.

Untold millions of dollars are spent on product development each year based on recommendations from the FFI. Now I am not trying to be offensive, and I apologize if I am, but when an inventor describes his idea, he usually includes the statement, “And then I showed it to my mother, father, sister, brother and best friend and they all thought it was the most amazing thing they have ever seen!”

As wonderful as it is to receive encouragement from friends and family, it would be a huge mistake to use that feedback as the basis of one’s decision to invest their life’s savings and several years of their life on an unproven product. For that, you need the advice of individuals who understand the retail and consumer goods industry and know the market in the relevant product-category, well enough to give you an unbiased assessment. 

A qualified “NO” is much more valuable than a well-meaning “yes” from a friend or family member. A convincing “no” means you walk away from the idea without spending another penny and are immediately free to begin working on your next problem-solving invention. A “YES” means you a have lot of work to do and much of it is going to be expensive.

Find Funding For Your Invention

So what am I saying? Advice is great, but choose your sources very carefully.  You are about to make some expensive decisions.  You want to ensure that the advice is not emotionally charged or unlearned. Get with a company that has retail experts with a long history of successfully taking products to market. AON Invent can be this for you, but there are other options open to you.  And when you find a source that can give you that advice, take it very seriously.  There is a lot at stake in this for you and your financial partners.

FFI or AON Invent’s Step 2?  The choice is yours.

About the Author

Melinda is a blogger, graphic designer, and stay-at-home mom living in Palestine, Texas.