I Have An Invention Idea But No Money: Here’s What to Do!

You as entrepreneur ask what to do if you have an invention idea with no money

No matter how good your idea is, you may think

I have an invention idea but no money so what to do right now?

Are you going to give up your invention idea just because you don't know where to go?

There are few affiliate links, if you click a link and make a purchase, I may receive a commission at no extra cost to you

I have an invention idea but no money

Or are you going to stand still beside your invention idea to prove it is worthy

In this article I am going to discuss if you have an invention idea without any money

What to do if I have an invention idea but no money?

Sometimes when speaking with friends and family it can happen that one of us comes with an invention idea and wish for money to implement it

It doesn't have to be a physical invention

Just a piece of software or mobile app is suffice

Validate your invention idea

You won't believe me if I tell you that I thought about an app for selling or trading used clothes or accessories

I thought about it when I went through my closet with many tops or pants that I know won't be wearing

Anyway validate your invention idea see if it is worth it

I listen to others' invention ideas, I criticize them to prove they're not worthy

You can do the same thing by discussing your invention idea with someone you trust

Make sure to write down your thoughts writing down why you think your invention is really great

At the same time, write down why you think your invention is sucks

Keep a detailed note of your invention

Now you have an invention idea but just a hazy thoughts

You have to lock yourself and write it down in details

Cover all weak points by filling up the gaps

Actually so many invention ideas are given up because of not filling up all gaps

e.g. Uber app what will entice drivers to sign up if they get paid small fees

Answer: Uber takes small fees and passes most of the profit to drivers

They make profit from the volume of daily transactions

Make sure your invention does not exist

What if you have an invention idea and the money to cover it

But your invention already exists

This happens most of the time where you think of an invention idea only to find out that it already exists

Just go and search United States Patent and Trademark and see if you find your idea

Apply for a patent for your invention

Now you have an invention idea

But you only have it in your mind or documented on papers

What if someone else comes up with the same invention idea

That's why it is highly recommended to apply for a patent for your invention

In US, you can apply for patent by going through patent process overview

While in Canada, you can apply here for your patent idea

Although you can pay fees around $500 to register your patent

That's a good decision to make as you'll secure your invention

You don't have to transform your patent into a physical invention

Take a loan to fund your invention

Taking a loan is the only solution if your invention idea is great with no money to transform it into a physical product

Actually don't apply for a loan without registering for your invention patent

By doing that you would know if you are pursuing a valid idea that will help the world

Or you are just a dreamer who came with an idea that it is not worth it

Search for invention grants

A site like www.grants.gov helps you search for grants to fund your invention idea if you have little or no money

The only way to find an invention grants is to keep searching

Ask a family or friends to do an invention joint venture

If you have an invention idea but no money you can look for a partner

You need someone who is open minded

A family member or friend who is trustable and knowledgeable

Sell your invention idea for cash

If you have an invention but you are short in cash or don't have money

You can sell you invention to many places willing to pay for your idea

Somewhere like Sharper Image you can email them at productideas [at] sharperimageonline.com

Also you can reach out to 3M by submitting your idea here

Can you make an invention without money?

Short answer is yes

It is a conditional yes if you have an invention with no money

But you have to prove that your invention is applicable and feasible

How? actually it works best with digital inventions like software or mobile app

You can start a draft version of your invention without any money

All you have to do is create a prototype of your app

It is highly recommended to be a software developer otherwise you will incur money to hire a freelancer to do it for you

For physical inventory if you have a blueprint on how to build your invention then it will be somehow convincing for whoever is going to buy your invention to built a draft copy of it

How to become an inventor?

First an inventor is someone who develops an idea in his/her own industry or expertise

To become an inventor you have to do the following

1- Choose an industry

I myself as a software developer I tend to think about new software ideas and mobile apps

It makes sense to think about new ideas in your own industry or experience

2- Know everything about the invention business

Yes this is what is called invention business starting from finding a mentor to looking for someone to sponsor your invention idea if you have no money

3- Develop your ideas

Your primary focus is to think about inventions that make life easy for others

If you target to think about an idea that reduces time for users that would be considered an invention

4- Build a prototype

Prototype is a preliminary model that you can use for product demostration

It doesn't have to be perfect or complete as long as it conveys the idea

5- File a patent

After coming up with an invention idea if you are short in money then you have to file for your patent idea

You don't want your hard work to be vulnerable to others

6- Build and sell your invention

If you have an invention idea and got the money from whomever it is coming from your own pocket

Or you have a sponsor may be a family member or a close friend

Again you file its patent and begin the building process to sell it for high price than if it is just a patent

7- Keep generating new ideas

When you complete your first invention idea don't stop there

One idea can lead to another and once you gain experience and confidence you know the process and you can build more invention ideas

Where do I go if I have an idea for an invention?

First place to go to is the U.S Patent and trademark office

Another thing to think about is to consult an attorney with experience in patents

Can you sell your idea for an invention?

There are many places to help sell your invention idea for money like patentauction.com

By the way the above site is the pioneer but there are more competitors like

pctxs.com

portal.iam-market.com

ipnexus.com

How much money can inventions make?

If you have an invention idea with no money then you have 3 options

Option one is to sell your invention idea recommended to file it as a patent

This option is the least money you would make

You can expect to make less than $50,000

I have provided few links above to sell your invention idea

Option 2 is to license your invention and a company which agrees to fund your invention idea will give you some flexibility to manage your invention till it becomes a real product

You can then get a lifetime percentage of the total sales

Option 3 is to produce and market your invention idea by yourself

Although it will cost you money but you have full control of the return of investment


Michael launched Wealth of Geeks to make personal finance fun. He has worked in personal finance for over 20 years, helping families reduce taxes, increase their income, and save for retirement. Michael is passionate about personal finance, side hustles, and all things geeky.