I've got a few smalls sponsorships going for me and let me be the first to tell you that it is NOT easy, but it can be done if you know how to get your message across. Like others have said, everyone thinks theirs is the next big thing, that people will flock to it when they see all the cool parts, etc.
The reality is far from this idea. You have to really have something unique and enticing to bring to the table. Product development, guaranteed exposure, high end shop support, etc.
If you want some help, I can send you copies of my own project, links to what I'm doing, etc. and can even put you in contact with a few people I know who have taken the time to educate me on the ways of the force as it were.
EDIT: A friend of mine who knows his way around a sponsorship once told me, "My first trip to SEMA was on my dime. Every trip after that, I had alot of help."
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"I should have just started smoking crack. Its just as addicting and WAY cheaper..." --unknown
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