So that moment of inspiration has arrived and you are certain you have a perfectly formed product idea, what next? The first challenge is how to fund this venture? Well, the good news is, there are many ways of getting hold of funds. The bad news, or should I say the caveat is, it doesn’t necessarily come without certain conditions. To provide a starting point we have pulled together some of the common funding options in the UK.
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It is easy to focus on the new product idea that you are deeply passionate about, after all, it is exciting and rewarding. But equally important is the question of how are you going to sell it? The route to market should not be an afterthought and depending on your product idea, it could influence the design of the product. In this article, the key routes to market are outlined and the relative merits for each are discussed, including, Crowdfunding, Direct-to-consumer, Wholesale/Distribution, Direct to retailer, Online-only retailers, Licensing and Selling your Intellectual property (IP).
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