The Business Responsible Approach to Inventing

 

 

An updated version of this article is available at:

 

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

 
 

Share

Warning & Disclaimer: The pages, articles and comments on IPWatchdog.com do not constitute legal advice, nor do they create any attorney-client relationship. The articles published express the personal opinion and views of the author as of the time of publication and should not be attributed to the author’s employer, clients or the sponsors of IPWatchdog.com. Read more.

Join the Discussion

2 comments so far.

  • [Avatar for Gene Quinn]
    Gene Quinn
    September 16, 2010 01:45 pm

    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

  • [Avatar for The Mad Hatter]
    The Mad Hatter
    September 10, 2010 05:17 pm

    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