I want some financing for my innovation. I have a detailed concept and a draft of my innovation but lack the equipment and financing. I lack knowledge about such things, and I hope this place would help me. So, what are the options that I can avail?
Hi, Adam, informally you can ask from family and friends for financing. Formally, there are two types of financing available; debt and equity or the mixture of both. It can be provided by banks and individuals in the form of venture capital fund, business incubators, business angels, capital market options and bank financing. The decision to opt which option solely depends on your ability to take the risk and paying back the debt. In the end, if you don’t have the capacity to finance your project, you can license (sell) it to other businesses.
Business angels, sometimes also refer as angel investors tend to be wealthy individuals or retired corporate executives who invest directly in small companies. They are often leaders in their own field, and their investment can go well beyond money. They often also contribute their experience and network of contacts as well as their technical and management knowledge. I hope that helps.