I have a billion dollar idea, but no money. What are my funding options?
My idea is to get everyone involved in children's lives. Take the power away from iPads and tablets, and put it back in the hands of human beings. I want to do this in a fun, educational way. I have no money for my idea. What funding sources should I look into?
Man, the issue is, a lot of people have billion dollar ideas. The problem is getting someone to believe in you.
Networking is imperative and time is an issue. The longer you wait, the quicker it will be for someone else to create your idea.
With no avenues for getting funding, you need to use networking to find someone that may know someone.
-LinkedIn may be an avenue.
-Small Business Association meetings.
-Check with your banker, they may not be interested, however they may know someone.
-Check with your professional support; your attorney, doctor, accountant.
You need to think different than everyone else looking for money. I wish you the best of success. Gil
Your idea needs refinement. Children model parents. Change parent behavior and children will follow.
There are many companies that secure financing for small business, and also education forums that support based on the goal you have. I can put you in touch should you wish....I can be contacted at Christine@maiaglobal.com
If (in reality), your idea could profitably generate the funds you mention. Then your first step is to protect your Intellectual Property. Do this before you head out in the shark infested commercial venture capital or business finance world. Talk to an IP lawyer to see what you must have in place to ensure you receive your fair share of those billion dollars you aim to realise.
Research, research, research to make certain someone else has not already (or may be in the process) of developing something similar.
Every great new idea will inevitably face some form or opposition or competition, who or what are they and how will you overcome their attempts to derail your aspirations.
Create a clear business plan, know exactly how much funding your new enterprise will need to establish itself, develop product, acquire resources and go to market. When will you break even and what ROI could an investor anticipate receiving (other than equity).
I review billion dollar business ideas regularly; occasionally I even have some of my own. In reality many of them will never reach that level of success and at least 3 out of 5 are commercially non-starters. So be realistic and never be perceived as self delusional wannabe entrepreneur. The world is full of great ideas that go nowhere, or worse gradually bankrupt their inventors.
your local Small Business Administration office has many options. Small Business Development Centers are also a key resource for funding.
You may have to sit on idea awhile. Do painstakingly detailed Start-Up/Funds Needed List - plus Cash Receipts projections and Cash Flow forecasts by the month for 3 years. Banks & other lend, but you will need 20% + or - of the total. This may mean working 2, 3 jobs, changing living or spending habits, etc. until you accumulate funds and additional savings to live off during initial stages. If it was easy, everyone would do so. Keep planning and Good Luck
As John Eustace mentioned below and I quote:
"Your first step is to protect your Intellectual Property. Do this before you head out in the shark infested commercial venture capital or business finance world. Talk to an IP lawyer to see what you must have in place to ensure you receive your fair share of those billion dollars you aim to realize."
The second step is to create a business plan and have it readily available for interested parties.
The third step is to start volunteering your time and go into schools, and assist the teachers with reading and storytelling. Go into shopping malls, McDonalds, bookstores, supermarkets, etc and with the help of the owners, set up a small area for reading and storytelling for the kids. Offer them prizes and surprises for re-telling your stories. Also, invite the press to join you - they are always looking for something to talk about.
If you can make this fun and build on that fun, you will soon realize funding from sources that you never dreamed of.