Small amount of funding for prototype?

Question

I want to build a working prototype to a final-product standard, for a product I want to eventually be having manufactured and sold etc. I need about £300 to £400 at most, and may be able to get away with it at less than £300. This would pay for all the materials etc. Unfortunately I'm on a tight budget, and I start uni this year, so I won't be in full time work any more, and I'd like to get it completed this Summer. Where can I get such funding from, does anyone know any universities or organisations that do this (in the UK)?

Answer 1

Be a bit careful if the project is still being developed while you're at uni, as Uni's are quite often a bit "mean" when it comes to intellectual property ie they often tell say you should ASSUME that they own ALL intellectual property you create while at Uni (Well mine did!). They may have some legal grounds for that claim if your idea has some bearing/input from your course. (so read any small print!)

As to funding.....

Depending on your age/circumstances the Princes Trust may be applicable.

If you would be able to put a business together on the back of the idea, and can write a business plan, you may be able to get some funding from regeneration projects. Perhaps approach some businesses/bank (although they'd want a cut)

may be worthwhile approaching CAB. While it's not really there area, they may be able to offer some advice, and or keep a list of local/national government funded loans/grants. They would certainly be able to help with any legal stuff, and perhaps give you some assistance in "form filling".

Answer 2

The University I went to had a fabrication shop in it's engineering department.  If you are a student it should be easy to get access to it when you attain upper division status.  Probably difficult for a freshman, or whatever they call a first year student in the UK.

Answer 3

I know I'm going against the principles of engineers and students but give up drink for a semester (or less!) that should more than cover the £300 you need! Asda smart price noodles are a meal and they're 9p...

If you can scrape the money together yourself you don't have to pay anything back to anyone... Not knowing what the idea is, it makes ideas for funding very difficult. Personally, I suppose I'd shelve the idea until your final year when you can use the knowledge you've gained in your course to refine the design, and use it for your final year project, or go solo after completing the course.

Get friendly with the storesperson and the lecturer who's in charge of the machine shops at your uni, then ask them for a favour. They're usually very interested and happy to help, beware of the IPR mentioned previously though.

I had a friend at uni who came up with an idea for gas turbine engines, for which he landed a job with Rolls Royce, I have a feeling the uni tried to keep the IP but he proved they had not funded the project in any way and he was allowed to keep the IP himself...

Bank loan is probably not the way to go for such a small amount of cash... have a look through all your stuff and see what you can sell on eBay?

Answer 4

you're not asking for a lot of money. you are probably stuck with asking friends and family. that doesn't always go well.

if you were working on a bigger project you could make a proposal and market it to venture capitalist who are basically a group of rich people who like to give money towards brilliant ideas they feel will make them more money.

Answer 5

There goes my hero

Answer 6

If you get a Canadian to do it, they might (under certain circumstances) be able to get $0.68 back for every $1.00 they spend on R&D - it's called the SR&ED tax credit.