So to start with, here are some basic truths:
Phase 1: Due Diligence Phase 2: Money Plan Phase 3: Intellectual Property Phase 4: Engineering and prototyping Phase 5: Product Launch Phase 6: Licensing
Don’t Spend a Dime before it’s time!!
This publication is designed to help you avoid unnecessary steps and wasteful spending. If you absolutely insist on reading more than you need in order to be successful, then there are tons of resources out there. For example, the NOLO books are informative. This workbook is for when you are serious about bringing your idea to market via licensing and not as a startup.
First you really need to determine your ultimate goal. Some inventors want to be a startup but just don’t have the skill set. The sooner you can make these early determinations, the less money you will waste. Some inventors have a good idea but make fatal money mistakes and are never able to get to a market. To be a startup you will need the following:
The first 3 are each full time jobs. Which one are you and who can you find to do the other jobs? How are you going to pay them?
Some inventors know they want to license or sell their patent. If you are not sure, we are going to give you some facts that will help you decide one way or the other. At that point you will be able to develop a better business strategy and get to work.
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