Getting an invention patented is a moment of pride for every researcher and developer. However, this process often takes up huge sums of money. Thus, there are grants for patents for those intelligent ones who wish to get their new ideas patented but struggle with the financial part of patenting their ideas.
There are also invention grants that provide financial assistance to people who need it. These grants for inventions enable smart minds of the United States of America to get their work recognized. Not only that but it also patronizes them and encourages them to work more efficiently in the field of research and development. However, apart from getting grants for patents and inventions grants, one can also use other methods of gaining funding for inventions.
How to Apply For Grants For Patents
Getting recognition for your hard work is something that everyone would love. This hard work can often be the work of your life and getting that work of lifetime patented gives immense pleasure. However, finance can pose a big problem in your way to recognition. But here are some methods that you can apply to get grants for patents and funding for patents.
- SBIR Financial Request Submission:
The first and foremost method to get grants for patents and funding for inventions is to file an SBIR Financial Request. An SBIR Financial Request is an application to Small Business Innovation Research office stating the financial needs to get your ideas patented.
This s specially for those small businesses and cottage industries that do not generate a huge turnover annually but have interesting ideas that are fresh, genuine, and new. Through the submission of this request, the small businesses can get grants for patents for their research and development department from the branch of the U.S. government that is specially designed and launched for this. If you want Free Laptops for students to use during your invention research then you can also get them.
This method works wonders for creators and developers who own or co-own a small business that is for-profit. However, it has a criterion that at least 51%of the business should be owned by a citizen of the United States of America. The business should also have not more than 500 employees if it wants the said grants for patents. You can visit the official website of the government to know more about this method to get funding for patents.
If you are wondering about the process of application for these SBIR request submissions, then don’t worry. We’ve got you covered. The first thing to look for when choosing this method to get grants for patents is the eligibility criteria. To qualify for these inventions grants, one must qualify as an SBC, he or she should have completed the minimum research per phase, which is 1/3 of research or analytical effort in Phase I and 1/2 of research or analytical effort in Phase II.
One must also mention the place of primary employment for the principal investigator and the location of research and/or research and development. After meeting the eligibility criteria one must check fr the proposal requirements. These requirements are available on the site of SBIR submission. You can go and have a look. Then comes the stage of Identifying Opportunities. There are numerous grants for patents related to various branches and thus, you would have to find the one that suits you and your work the best.
After finding the opportunity, you would be required to look in for a detailed overview of the grant that you wish to apply for. These would include the latest amendments, notices, specific requirements, and various other things. Then comes the portal requirement stage where the application process is carried out. Once your application is registered, it would be reviewed and the last step would be the provision of the award. If you manage to pass all these stages only then would you be given the grants for patents and funding for inventions.
- Appeal to Social Enterprise Foundations:
Social Enterprise Foundations are often called social entrepreneurship and they are another helpful method to use to get your grants for patents. It specifically promotes inventions and thus it is easier to get funding for inventions and inventions grants. It aims at funding for inventions that possess the capability of having a strong social impact.
Non-profit charity organizations, civic-minded personals, and for-profit businesses that gain social returns from providing such grants for inventions and funding for patents fall under the category of social enterprise foundations. There are hundreds and thousands of such institutions that readily give out inventions grants.
They provide PRIs, also knowns as program-related investments to businesses and organizations that are deemed fit for the said amount of inventions grants. however, these inventions grants are those grants for patents that are loan type and are to be repaid in the given time frame. However, these are very low-interest loans that are provided to project handlers and inventors whose ideas are in alignment with the mission of these social enterprises.
- Find and Apply to Angel Investors:
If you are mistaking the title as the name of some company that gives away inventions grants and funding for patents, then let me correct you straightaway. Angel investors are those investors in front of whom you can pitch your idea and get a handsome amount as grants for patents, they also offer grants for iPad.
In simpler terms, it is equivalent to the famous T.V. serial Shark Tank where a panel of investors judge numerous people based on their ideas and decide whether they are eligible for the grants or not. If they find their idea legible, they would provide them the inventions grants.
The inventions grants or funding for patents are often a huge sum of money. It almost ranges between $20,000 to $100,000. However, the grant amount depends on the investor and the invention that you are applying for. here your marketing skills are also put to test. The better the pitch, the larger the sum of grants for patents obtained by the applicant. Small businesses and independent individuals can gain a huge benefit from these Angel investors.
Organizations That Provide Inventions Grants
Not only can an individual try the before said methods but he or she can also give a shot at applying to organizations for inventions grants. There are numerous organizations both non-profit as well as for-profit that provide such grants for patents and funding for inventions. However, you would have to be very specific when it comes to applying for grants for patents in these organizations.
- National Institute of Standards and Technology:
The NIST or The National Institute of Standards and Technology offers various grants for patents and funding for inventions but these funding for patents and inventions grants are only restricted to set strata of society. It is only available for student inventors and developers and faculty members from different fields of research and development.
The grants for patents and inventions grants provided by this organization to the applicants amount to $5,000. Sometimes this grant amount also reaches to over a million dollars. However, this majorly depends on the kind of idea that is pitched by the applicant and the applicant’s marketing skills. These higher amount grants are provided to institutions that offer higher education, hospitals, non-profit organizations, for-profit organizations, and government agencies. More information on their official website.
- National Collegiate Inventors and Investors Alliance:
Just like the above one, this organization is also specifically working to encourage young minds to work wonders in the field of research and development. The National Collegiate Investors and Inventors Alliance, just as the name suggests works as a bridge between the makers and the promoters.
This means that the inventors or the developers of a particular product or idea are supported by investors who act as promoters of the same product by not only providing funding for patents but also offering them a price for their product to be sold under the company’s title. The investors in the alliance provide grants for inventions. The National collegiate inventors also help with rent near me for your invention research Place.
The NCIIA provides and offers E-Team grants for patents and grants for inventions that range from $1,000 to $20,000. To be eligible for these grants for inventions and funding for patents, you must either e a student or a faculty member of this institution. Also, to get these grants for inventions, you must have at least two active students involved in the project who would be working on perfecting the product.
Some Of The Government Grants For Inventions
Apart from these reputed organizations that provide grants for inventions, there are various other ways to get funding for patents and government grants for inventions, and grants for patents take up a huge space in that field. These government grants for inventions are not distributed statewise but are backed and supported directly by the federal government of the United States of America.
- Patent and Trademark Technical Information Dissemination:
The main aim of this program is to promote and encourage young minds of the nation to work passionately in the field of research and development and enhance the technological aspect of the nation as rapidly as possible. To do so the program offers
and funding for patents to eligible applicants.
This program is run and administered by the Department of Commerce that comes under the Office of the Secretary. There are no criteria of age or post to apply for funding for patents and funding for inventions provided under the government grants for inventions offered under this program. Also, there is no fuss about submitting documents or fulfilling the beneficiary eligibility.
- Granting of Patent Licenses:
As mentioned earlier, the process of patenting a product or idea takes up a huge amount of money and often individual inventors or developer companies do not have such kinds of funds to go through with the process of getting their ideas or product patented. Thus there is a provision for that in the government.
The government grants for inventions provided under this program encourage the citizens of the nation to work enthusiastically for the development of the nation. Independent individuals, organizations, and companies with satisfactory and convincing plans to commercialize their ideas are deemed eligible for the funding for patents and funding for inventions provided under this program.
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Different Ways To Get Funding For Inventions
Apart from scholarships and grants for inventions and grants for patents, there are several other ways to generate funding for inventions and funding for patents. One of those several ways is to take up a personal loan to continue with your research work and when the benefits start to flow in, you could repay the loan.
Another option to generate funding for patents and funding for inventions is crowdfunding. Crowdfunding is a very popular method to generate grants for inventions among the youths as it takes less effort and is also less time-consuming if we opt for an online source of crowdfunding.
All you need to do is organize a fun event in view of crowdfunding that can help you get to the target amount of funding for inventions and funding for patents. If you are opting for the online method of crowdfunding, then it becomes much easier as you would only have to create a post sharing your and pitching your ideas and stating the amount of funds required. One should always remember that the post should not be lengthy as it would make the audience lose interest. One can also ask close friends and relatives for smaller amounts as funding for patents or funding for inventions.
Obtaining grants for patents is the biggest relief for individuals who have given all their time and energy to that one idea or product that can change the way of the world. These grants for inventions and funding for patents provided by various agencies have helped more than thousands of citizens get their ideas out in the market. These inventions grants enable youths to work passionately in their fields of expertise and come out with a breakthrough.
For more information, you can contact the respective agencies as they would provide you with a detailed overview of the funding for inventions programs that they offer.