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Research and Development, R&D, has given us cars, computers, and a giant world of innovation. Research leads to amazing benefits, but how should research be financed, externally or internally? If a person or a business has an innovative idea, but does not have the financial means to develop the idea, he or she can look to external financing. If a product is financed externally there are important points to consider such as who controls the development process, how the profits are divided, and who holds the patent.
If a development team seeks outside funding to finance the production of an idea or prototype, clarity must exist in determining who holds the decision-making. The bankers or finance-funding group will want some control over the way in which the production proceeds. How much control is released is an important consideration with external financing.
The financing of an idea that would not have proceeded with out external monies is amazing. Many an innovator has been stopped in his or her tracks due to money constraints. Additionally a business may have the same problem. Money makes things happen. There needs to be a clear contract stating profit division before an inventor or company gives up control to external financing. This product may be a million dollar deal. What good is getting financing if the inventor loses the majority of or all of the profits?
Finding external financing may sound easier that it really is. Not too many people or funding groups are ready to give up money to perfect strangers. All homework must be done before proceeding. Some people like Joe Lonsdale, technology genius, has companies that specialize in funding Silicon Valley ventures. However, there are not a lot of Joe Lonsdale companies out there, and what is the development needed is not if the field of technology? Additionally, if an external source, be it a person or company, finances the product, who actually owns the patent. The patent ownership is integral to profits and in some cases legacy of the product.
An individual or company must proceed carefully when considering external financing of an idea. Dollar signs which may allow for product construction should not cloud the process. The product control, profit division, and patent rights and designation should be carefully explored before the go-ahead is given and a contract is signed allowing for external financing.
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