If you have a great idea but no money, how would you proceed?

[Theoneinthemiddle]

Let’s say your idea was green, cheap and easy to make with proven benefits and commercially viable. How would you go about getting it to the market?

Bearing in mind patents could cost hundreds of thousands?

I don't think patents do cost hundreds of thousands of pounds though. And if you haven't patented your idea and it is good, someone will just steal it.

You need to patent it. But even then it will probably get knocked off if someone can profit from it.

I'd start by writing a business plan so I could identify the financials involved and then pitch to a potential investor or lender.

Write it all down in as much detail as you can and write copyright ( a c in a circle) then your name and date.
Print it off and send it to yourself so that you have an official date stamp on the envelope which you need to keep. Keep it sealed. Probably sign over the seal and sellotape over it before you send it.

Keep it very safe.

Then approach Patents Office with your idea. Inform them that you have copyrighted it and , so I believe, you can patent your idea. I don't think it's a huge amount of money and there might even be a sliding scale.

Apologies if my advice is outdated or wrong.

You should get in touch with your local library. They often have a BIPC where you can get advise about starting a new business or patents etc for free.

There are government grants available depending on your innovation sector and how close to market you are

Thank you all. Some interesting answers! The patent process is initially about £300 ish however many objections get raised throughout the process which is where the spending of money comes in. Back to the drawing board for me!

How do you know what objections will be raised until you patented get it in, spend the £300 and then cross those bridges when you come to them.

If it's cheap and easy to make would it even be something you'd get a patent approved on?

And again, if it's cheap and easy to make would it even be worth it considering it's the design you're protecting and not the idea / concept etc. If it is as commercially viable as you say a patent won't stop someone else designing their own and flogging it on AliExpress.

If it was me I'd start formulating a business plan and spending time in small business / entrepreneurial spaces on Reddit etc.

You might find your best bet is to be the first rather than 'The Only'. Find an edge by creating a brand or manufacturing in Britain etc. Research government grants, loans, investors, crowdfunding etc. If it's relatively simple and easy to make, maybe a Kickstarter would be enough for a first batch. Research where your customers are, who they are, what they need, how you're going to help them. Get all of that down on paper and then think about a patent.

If you have an idea you need some money to get it started plus business acumen and time. If you're lacking any of those then you need to find someone who has them but no great idea and pay them (if what you're lacking is business acumen and/or time) or give them some stake in your idea (if you're also lacking cash). Maybe watch some dragons den to get an idea?

I feel like this about a book idea - great idea but don't have the time or writing ability to get it written down. "Ideas are cheap" is a quote for a reason!