All I Need Is Money
How to Finance Your Invention or Great Idea
The top title above is the renamed book from Jack's original title. The revised book includes revisions by Jack and some additions by Mr. Stim, the publisher, but I have not read the new version. I cannot imagine it being worse, only even better, and it ships faster.
What beginning inventor doesn't need money? This book provides some insights on how much money you'll need and where to get it. Whoa, hold on, slow down, it won't tell you any magic tricks or incantations that guarantee a beneficent funder that takes all the risks will be found. In fact quite the opposite. It tells YOU in explicit terms what YOU must be doing and accomplishing in order to even get the attention of prospective funding sources. The first bummer in the book is that funding sources will necessarily always need to see the potential for "extraordinary profit." That's in Chapter 1. The next bummer, in Chapter 2, is that funding sources will want to see your neck on the line (or at least some real "bleeding" money) along with theirs otherwise why should they trust you.
But don't give up yet. Jack goes on to explain just how you can tackle those two issues and why you really want to even if you DON'T decide to seek outside funding. Of course his book does not go into the depth of how to accomplish valid forecasts of "extraordinary profit" that books like Will It Sell?... do but he does hit the key piece, independent evaluation. Unfortunately he pushes a more expensive than necessary way to do it though adequate info and resources are noted that you should be able to figure out and find less expensive ways.
The book is also great in that it preaches the same "hold the big patenting expenses till later" that I've been yelling for years. It covers the basics of how you do that but again that is not the point of the book. Once you objectively know you have a worthy invention and you've taken appropriate steps which surmount those aforementioned hurdles then, and only then, will it be possible for you to effectively use Jack's funding instructions. And those instructions run the gamut from "gas money" all the way to IPOs (Initial Public Offerings). You won't use this book for an IPO though, you'll want to use it for the beginning to middle level financing that can get you positioned for an IPO.
Discussed are banks (unlikely sources unless you pledge an asset, such as your house), strategic partners (from attorneys to manufacturers), and angels (both local and remote) for the earlier costs of business startup or for getting the ducks in a row for licensing (which seldom happens without either a proven prototype or a full patent application). For the venturing route the book also goes into second stage investors such as investment bankers and venture capitalists that will be interested in a proven, revenue-generating business complete with a solid management team.
This book is an essential addition to any just starting inventor's bookshelf and is probably a good acquisition for even experienced inventors too.
© Copyright 2004 James E. White, All Rights Reserved
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