Funding for innovation
All innovative ideas need some funding to develop and commercialise them. Before approaching an investor, it is important that you are investor-ready. This includes having:
- a comprehensive business plan that outlines
- your management team, history and skills
- your customers and how you will meet their needs
- the product/service you plan to offer and the supporting technology
- the technology and its protection strategies
- your marketing plan
- barriers to entry
- a financial forecast
- a detailed business structure appropriate for the type of funding you are seeking
- corporate and business strategies for risk management, business development, conflict of interest etc.
- a presentation and pitch to make to investors outlining the business opportunity.
This guide explains how to develop your business plan and identify available funding options.