Okay, so you have a killer product on paper but can't get someone to pay for it without it being developed and, worst of all, your company doesn't have the cash to fully develop it. If this sounds like you, here's advice we were given.

Sharing risk with your prospective customer:
If you don't have the cash to complete development, you can partner with the prospective customer to obtain financing.

1. Write out detailed specifications/product layout to present to the prospect. Images are great, you want to be as clear as possible.

2. Determine the total cost of development plus your profit. A portion of this will be paid up front by the prospect, and the rest will be received by your company based on monthly milestones. So, if you miss a milestone, you don't get the cash until you do.