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Even
Thomas Edison had to raise cash. You, too, will need capital to complete your
research and development, and later, to maybe build a business around your new
technology. Unfortunately, finding that financial support can be one of the most
difficult and frustrating parts of the entire process of developing and commercializing
technology. This is especially true for those innovators whose strengths lie
in the technology, rather than in business, finance, and marketing.
You already know there are many different sources of capital: public-sector
sources, such as state-level technology programs, the U.S.
Department of Energy's Inventions & Innovation Program,
and the Small
Business Innovation Research and Small Business Technology Transfer
programs within various federal agencies; and private-sector
sources, including personal funds, family and friends, banks
and other lenders, "angel" investors, and venture capitalists.
Competition for all of these funds—public and private—is strong,
but success is definitely achievable. Your first step in this process
is to thoroughly understand your specific needs, based in part on
having a clear, objective assessment of your technology's commercial
potential. The key is to find and focus on the best source(s) to
meet your needs and then commit yourself to the application process.
There are many online resources that discuss technology commercialization
funding. For example, Dr. Robert Hunter's website includes an excellent
resource
directory for public and private sources of commercialization
funding and George C. Levy's article on The
Entrepreneur Network website offers information on finding financing
for start-up companies.
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