How Inventors Can Raise Startup Capital – Ask Evan

hi I’m Evan Carmichael and welcome to a
video edition of ask Evan in today’s
video I’m going to answer a question
from one of my readers michael michael
is an inventor he’s created a lot of
products towards the ski and snowboard
industry and they’ve sold for a lot of
money but it’s always been for somebody
else so now he wants to branch out for
his own business and reap the rewards
from his own inventions he’s trying to
raise money to create a business plan to
go for government funding and ask my new
on what you should do so first of all
congrats Michael it’s a great step to go
on your own start your own business
instead of working for somebody else
takes a lot of guts to do it for writing
your business plan I don’t recommend
that you hire somebody to help you with
your business finder it doesn’t have to
be a super complex document but you want
to make sure that you have your own
ideas in there and it’s not somebody
else doing it for you you don’t really
see a lot of successful businesses that
have been set up by somebody else
reading their business plan so it
encourage you to to write a business
plan and try to do it yourself if you
can and generally work with government
funding it is an option but it may not
be the best option for you to look at
governments can be super helpful but it
can also take a really long time to get
the funding and often there are strings
attached to it that you may not be able
to go with so I would encourage you to
try to look at other options if I were
you I would probably try to contact some
people in the ski industry there’s a lot
of investors who put money to various
key products figure out how much you
need for your next invention so don’t
think about your whole suite of new
ideas coming out think about what’s the
next invention that you want to launch
try to find some people who know some of
the products that you’ve created and
believe in this investment and encourage
them to want to get involved and
hopefully they have money to bring but
also a little bit of experience and
connections within the ski or snowboard
industry and then use the money that you
make from that person mention to fund
future inventions and it could be again
with the same partners or you can go out
on your own and do it yourself that’s
what i would do i’ll try to connect with
people
who I know or who know me through the
products that I’ve created if you have a
big track record of success inventing
cool products in the ski snowboard
industry and I try to focus on that
instead of going for the business plan
and document root you can still try if
you think you’ll have a much greater
checks success working with individual
investors who know your industry and who
believe is how the products is created
so I hope that helps Michael for
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you