Raising funding and other capital is typically generated through bank or personal loans for many inventors and small business. Much of this funding is typically used for manufacturing purposes, product development, and widespread marketing or advertising campaigns. However, these older methods are slowly fading, as many contemporary methods to fund that great idea or product development include crowdfunding websites and applications such as Kickstarter, GoFundMe, Indiegogo, or Crowdrise. These crowdfunding sites and application are generally beneficial for many inventors and businesses, and involve less risk.
Crowd funding, however, has now been taken to the mainstream media. Introduce ABC’s a new show called “Steve Harvey’s Funderdome.” This new show provides two or more inventors and/or business owners a small amount of time to pitch their idea to an in-house group of audience members that vote on which inventor or business owner should receive funding for their product or idea. ABC describes the show as follows:
The inimitable Steve Harvey is hosting a new, groundbreaking show on ABC looking for great innovators and entrepreneurs to help fund their American dream. We’re looking for mom and pop businesses, unique and interesting products, or creative ideas that just need a little more money to jumpstart their next phase. You could win anywhere from $10,000 – $100,000, all you have to do is win over the live studio audience and convince them that you deserve to be funded.
This is not like ABC’s exciting show Sharktank, where a group of angel investors, typically consisting of Mark Cuban, Barbara Corcoran, Lori Greiner, Robert Herjavec, Daymond John, and “Mr. Wonderful” Keven O’Leary, listen to pitches from business owners and inventors seeking money or other capital in exchange for typically debt or equity from the “sharks.” This new show also provides another avenue for inventors and business owners to make their dreams a reality, by getting funding for product development, product manufacturing, product production, or product advertising and marketing through an exciting public platform.
We at Johnson Dalal, however, would caution any inventor or business owner desiring to publicly disclose or market their idea or invention to consult with an intellectual property professional, particularly one board certified in intellectual property law, to ensure said invention or idea is adequately protected. This protection may occur through a Federal trademark filing, the filing of a copyright application for a work of authorship, and/or a utility or design patent application.
For more information on how our attorneys can help, please feel free to contact us at (954) 507-4500 and ask to speak to one of our qualified attorneys.
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