Funding Opportunities

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.