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The Business Responsible Approach to Inventing

Written by Gene Quinn
Patent Attorney & Founder of IPWatchdog
Zies, Widerman & Malek
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Posted: Sep 3, 2010 @ 5:48 pm
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An updated version of this article is available at:

 

http://www.ipwatchdog.com/2012/09/22/the-business-responsible-approach-to-inventing/id=28173/

 
 

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Posted in: Educational Information for Inventors, Gene Quinn, Inventors Information, IP News, IPWatchdog.com Articles, Technology & Innovation


About the Author

is a US Patent Attorney, law professor and the founder of IPWatchdog.com. He is also a principal lecturer in the top patent bar review course in the nation, which helps aspiring patent attorneys and patent agents prepare themselves to pass the patent bar exam. Gene started the widely popular intellectual property website IPWatchdog.com in 1999, and since that time the site has had many millions of unique visitors. Gene has been quoted in the Wall Street Journal, the New York Times, the LA Times, USA Today, CNN Money, NPR and various other newspapers and magazines worldwide. He represents individuals, small businesses and start-up corporations. As an electrical engineer with a computer engineering focus his specialty is electronic and computer devices, Internet applications, software and business methods.

 

 

2 comments
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  1. Gene,

    Nicely written. I would like to add something though.

    When budgeting, budget for failure.

    That may sound silly, but I’ve seen product development stall because one step was more complex than initially estimated, and the money needed to spend time to fix the problem wasn’t in the budget! Make sure you have enough leeway budgeted in so that if you need to, you can spend the extra time needed.

    Yes, this is obvious, and it’s covered in every budgeting seminar I’ve ever seen (including doing your home budgeting). But a hell of a lot of people just don’t do it, and they fail because of bad budgeting.

    Wayne

  2. Wayne-

    I couldn’t agree more. You should always believe you will be successful but plan financially as if the worst case will happen. I think that is a huge problem many people run into. They believe the project will succeed, which is necessary, but don’t have proper contingency plans.

    When budgeting I always do so conservatively, estimating high in terms of expenditures, and then also adding a fudge factor. So I figure out what I think things will cost on the high end and then multiply that by 120% or 125%. No matter how good the planning and how realistic the estimates you will always forget something or various pieces and parts will take longer and/or be more expensive.

    -Gene