Unlike other business, technology business is much difficult to market. An invention or technology must be proven to be novel and useful by an expert to be considered as patent-able.
And once this has been established and people agree, funding can now be discussed.
Here is the list of the different types of funding that can be considered by engineers and scientists:
- Grant – available from DOST (Department of Science and Technology), various government agencies, multilateral agencies, private foundations, etc.
- Loan – try to get a loan from people you already know for the simple reason that they are often the only ones who will give you a loan.
- Equity – an agreement to give partial or full ownership of the business to the person/community who gave the equity.
- Venture Capital – is a more sophisticated form of equity for those small to mid-sized companies who expect to grow really big.
- Bootstrap – bootstrapping simply means to fund your startup by the sales you generate. So, instead of borrowing or asking for money, you basically pay salaries only when your customer has made a down payment, or given the full amount.
Getting funding and making a sale may seem extremely difficult for many engineers and scientists, but like many things in life, is simply a matter of determination, even in this poor economy.