August 2012

[Thanks to Dave Zedonis for reporting this event.]

For 40 years, David Woll (Woll Enterprises, Inc., davidwoll1948@gmail.com, 317.727.1577) has mentored, advised, and raised funds for new and young companies. He suggested ways for an inventor interested in starting a company to raise and use funds.

First, develop materials that will help persuade people to invest in your company.

• Make a prototype of your invention, so people can experience it. 
• File a provisional application for a patent, to start the process of protecting an investment in your invention. 
• Socialize your budding company with the business community (angel investors, attorneys and patent agents, bank loan officers, distributors, marketers, manufacturers, salespeople, technical advisors, etc.) and keep a record of those relationships that you can show people, as an indication that your company can operate successfully. 
• Write an executive summary of your business plan, to show that your company will likely yield a profit.  Your summary should be realistic – overestimate expected costs and timelines and underestimate expected profits. 
• Plan how to negotiate with people to get the investment you want. 
• Create a 3-5 minute sales pitch that will interest people in your company.

Then use your sales pitch to start a conversation with potential investors you meet at entrepreneur boot camps and startup weekends.

Thank you for your professional advice, Mr. Woll!