Support Programs for Inventors and Startups
Public support programs for inventors and startups are often out of reach for most organizations aiming to innovate and create novel products.
Between excessive bureaucracy and the lack of institutional focus on innovation, the truth is that inventors often face extreme isolation.
If you find yourself adrift in the ocean of patents and the lack of support to develop an innovative product.
If you find yourself adrift in the ocean of patents and the lack of support to develop an innovative product — We can help you!
After more than a decade working with inventors and entrepreneurs from Spain and the United States, we have designed 3 acceleration programs for inventors and startups.
What do Let’s Prototype’s support programs for inventors and startups consist of?
The different support programs for inventors are collaborative working environments where the Let’s Prototype team provides financial and technical resources to support inventors and tech startups in the design, development, and launch of their innovative products.
The acceleration programs for inventors and startups cover the three key stages of the product development cycle:
Phase A: Feasibility study of the project in technical and business terms.
Our goal is to help inventors assess the business potential and identify the state of the art through prior art and patent searches.
Co-create a development strategy that helps define the next steps without wasting time or money.
Phase B: Turning an idea into a tangible product is essential to attract early customers and investors. Unlike startups focused on software solutions, prototyping physical products is neither fast nor cheap. In this stage, we help demonstrate the technical feasibility of the product and support inventors in obtaining the first physical unit of their product.
Phase C: We can add strength to face the major challenges of product commercialization and industrialization. Having gone through this process many times, we have developed a method that helps minimize the natural risks involved.
Clarifications about the Support Programs for Inventors
These are not public grants: None of the support programs for developing innovative products designed by Let’s Prototype are publicly funded. These are private collaboration programs in which Let’s Prototype provides financial resources and technical capabilities to support the development of tech startups or entrepreneurs working on innovative product initiatives.
These are free programs: The support programs for inventors and tech startups offered by Let’s Prototype are completely free of charge. It is true that Let’s Prototype will take part in the ownership structure of the initiative, depending on the technical and financial resources provided for the development of the project.
These are not open programs: The support programs for inventors and project acceleration programs related to innovative products, promoted by Let’s Prototype, are exclusively focused on the development of innovative physical products with clear competitive advantages — preferably related to IoT technologies, Machine Learning, AI developments, or mechanical/electromechanical systems that significantly improve existing products.
Plazas limitadas: El comité de análisis de ideas, elegirá en el primer trimestre de cada año las 5 mejores, o las que mejor encajen en la estrategia y recursos técnicos de Let´s Prototype. En función del estado del arte de las iniciativas elegidas, se inscribirán en el programa de aceleración para inventores que mejor les encaje.
Our resources are limited and primarily dedicated to clients who cover the full cost of our product design and development services. For this reason, we can only support up to 5 projects per year through our acceleration programs.
The selection of innovative projects eligible for the support programs for innovative product development takes place exclusively during the first quarter of the year.
General Requirements to Apply for Support Programs for Inventors and Startups
Market Knowledge: Determined by the promoters' understanding of customer behavior, alternative solutions, and the competitive advantages offered. It is essential to demonstrate this knowledge and provide data that supports the scope of the opportunity.
Financial Resources: If you do not have the minimum financial resources to co-invest in the development of the product and the business, you will not be eligible for any of the programs. Financial resources must be verified through confirmations of service contracts that are partially subsidized.
Time Availability: The program contracts will require a minimum time commitment to the project. It is essential that the three projects we select each year to receive private resource investment are led by an entrepreneur or inventor who is fully committed to their development.
Commercial Capability: Demonstrating commercial ability is essential for business development. This can be shown through previous experience in managing the sales channels intended to be used in the development of the new business model.
Support Programs for Creating New Products. Innovative Ideas Contest.
Idea Contest: Let’s Design
🎯 Objective: Define technical details of the invention and demonstrate its technical feasibility.
💰 Service price without support: €15,000 – €20,000
💸 Financial support: 100%
Idea Contest: Build Your Invention
🎯 Objective: Manufacture the first functional prototype
💰 Service price without support: €25,000 – €35,000
💸 Financial support: 100%
Idea Contest: Launch Your Invention
🎯 Objective: Industrialize the product
💰 Service price without support: €50,000 – €100,000
💸 Financial support: 100%
Frequently Asked Questions About the Programs
How can I register for the Ideas and Inventions Contest?
To apply for the support programs for inventors, you must send your application to hello@letsprototype.com.
Step 1: Application and signing of the confidentiality agreement.
Step 2: Submission of the innovative project report.
The project report must contain a maximum of 10 pages and provide clear documentation of the following:
- Justification of the business opportunity.
- The experience of the promoting team in sales or product launches.
- Document the sales strategy.
- Declare availability of financial resources for the development of the project.
After the presentation, the 10 projects that are most interesting or best align with the strategy of Let’s Prototype will be invited to an in-person interview with the idea analysis committee. They will be responsible for selecting the 5 winning initiatives and the inventor acceleration program to which they will be enrolled.
How many spots are available per support program for inventors?
The support programs for inventors offer 5 spots each year. Access is granted through the ideas contest. There is no set number of spots for each support program for inventors, as 5 spots are opened for all support programs for inventors.
What are the benefits of the support programs for inventors?
Throughout the process, you will receive technical support and financial assistance for the development of your innovative product.
Let’s Design Program: Depending on the technical disciplines involved in your project, you will work with experienced professionals in product development. You will collaborate closely with them until you achieve the final design of your product, along with the technical definitions needed to clear up any doubts about the feasibility of your invention.
Build Your Invention: You will obtain the first functional prototype of your product, subsidized by 80% with resources from Let’s Prototype. Of course, you will have the technical means and human resources to achieve this goal.
Launch Your Invention: Launch Your Invention is the most advanced acceleration program from Let’s Prototype. You will receive a tailored strategy for the industrialization of your product, the selection of compatible suppliers, as well as the right methods to achieve a competitive product. You will also have access to professional private investors who can support you throughout the industrialization process.
Do the support programs cover the patent for the invention?
None of the support programs for inventors include the funding of the product’s patent. However, the “Let’s Design” program will provide you with the necessary materials to design the ideal strategy to protect a product’s intellectual property.
What do I get in the “Build Your Invention” program?
Build Your Invention is a program designed for inventors with innovative ideas. It allows you to test the main hypotheses behind the invention and clearly define the real possibilities of manufacturing it. If you need to show investors, the industry, or potential interested brands the credibility of your invention, a patent alone is not enough — you need to present a functional prototype that looks like a final product. That’s exactly what we do.
How much do the support programs for inventors cost?
Access to the innovation support programs is completely free of charge.
The Bedia family, founders of Let’s Prototype, has its own private investment vehicle for the acceleration of innovative product ideas.
The technical and financial contributions in each support program for inventors are calculated as follows:
Let’s Design: between $15,000 and $20,000.
Build Your Invention: Between $30,000 and $50,000.
Launch Your Invention: Between $50,000 and $100,000.
Along with the Bedia family, there are other private investors who support the venture capital investment operations.
How long do the support programs for inventors last?
Let’s Design: Average duration of 90 days.
Build Your Invention: Average duration of 180 days.
Launch Your Invention: Average duration of 180 days.
What options are available for innovative projects with AI?
Access to any of the acceleration programs for inventors is easier for inventors and startups aiming to develop products that integrate AI to offer their value proposition. This is mainly because these products are closely related to the daily work of our team of product development experts.
Is there a special program for IoT products?
There is no special IoT project acceleration program. However, our IoT product development team in Madrid, along with our engineering team in the USA, will provide services in the development of the three acceleration programs.
Is a prototype required to access the programs?
No, a prototype is not required to access the acceleration programs. The very purpose of the programs is to support inventors with great projects who lack the technical or financial resources to bring them to market.
