If you have a great technology idea, you will need financial resources to develop it. An inventor or entrepreneur should develop a long-term financing strategy for their technology. The following checklist can help you develop the right financing approach.
If, however, you desire a high level of involvement in the business, then you’ll likely incorporate and need to develop a business and financing plan. Consider adding an entrepreneurial partner or team members if your skills and experience concentrate largely in the technology-development area.
After working through the checklist above, you should have a better sense of what kind of financing is appropriate for your situation. If you have determined that you are NOT ready to accept outside investment or cannot access investor networks for your business, a “bootstrapping” strategy may work for you.
If you ARE ready to accept outside investment and believe that you can access sufficient financing from investors, develop a long-term financing strategy for your business that plans for equity investment and the use of debt to start and scale your business.
Canadian Bankers’ Association. Retrieved April 9, 2009, from http://www.cba.ca/lang.php.