- One source of major grant funding for inventions is the federal government, which offers various programs that provide financial assistance for inventors to develop their ideas into workable prototypes or bring them to market. One such program is offered by the federal Office of Energy Efficiency and Renewable Energy (EERE). The EERE offers both competitive and noncompetitive grants. The competitive grants are awarded to applicants who respond to an EERE solicitation, a past example of which is a need for energy-efficient building technology.
On the other hand, noncompetitive grants are awarded by the EERE for projects that meet certain criteria, such as projects that appeal to public interest or complement another activity of the EERE, or for projects conducted with the applicant's own funding (or funding from a third party).
The federal grant directory at grants.gov provides a comprehensive list of federal grants being offered at any given time (see Resources). A few of the funding bodies include The Agency for International Development, the Department of Defense and NASA. - State grant funds are often available in smaller amounts than federal grants, and competition may be just as fierce. Contact your state's economic development office for information about grant funding for inventors and entrepreneurs in your area. Other state agencies may also offer grant funding for inventions ranging from technological innovations for education to inventions that can benefit the environment or wildlife conservation.
- Private organizations or venture capitalists can also provide much-needed funding for your invention. Organizations such as National Collegiate Inventors and Innovators Alliance and The Lindbergh Foundation grant money for qualified applicants. Wealthy private benefactors and/or venture capitalists can also provide grant money for up-and-coming inventors. Publications such as Inventor's Digest can help inventors keep track of upcoming grant program deadlines.
It is also possible that you could win a MacArthur Grant (colloquially known as the "Genius Grant"). The grant awards selected individuals $50,000. However, a person cannot apply or nominate herself for the grant, but is selected by a committee. However, if you have developed a great invention in the past, you may find yourself the surprised recipient of one of these grants. - In order to have success in applying for your selected grant, you must prove that your invention provides something that will appeal to a wide consumer base, or will provide a benefit for a large number of people or agency. Make sure to read the submission guidelines carefully, submit all required materials and write a persuasive, accurate application. If you have little experience writing a grant proposal, consider working with a professional grant writer or getting tips from an organization such as The Foundation Center, which has several regional centers as well as online information.
- Inventors searching for grant opportunities must be vigilant to make sure that they are not swindled by individuals or organizations looking to make a quick buck on unsuspecting people. Many online grant registries charge you a fee to access their information; in many cases, that information is free to access on other websites such as grants.gov. Other scam artists promise to help promote your invention, but simply take your money and give you nothing in return. Make sure to thoroughly research any grant website before handing over your money or personal information.
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