The greatest challenge for an inventor is money. You have to have money to invent. No one invests in an idea. You have to have intellectual property protection and a working prototype or a very detailed 3D-CAD drawing. Unless you are working for a company and invent under its name, you have to be able to support your idea in the early stages. Do an asset inventory; know what resources you have and determine how much you are willing to spend. Then treat every penny like it’s your last.

If you are going to get “investors”, get a transactional attorney to explain all of the issues. I have a client who always wants his patent attorney to do his transactional work. This is like having a pediatrician do brain surgery. Get the right people for the right job. Cutting corners can land you in the “fatal mistakes” category.

Once you’ve identified the assets you have available, find out what it’s going to cost and budget the necessary expenses. I like to help my clients plan and budget according to their project’s scope and their financial and personal abilities. Different projects have different scopes, needs and agendas. It’s important to understand what your’s are.