The Business Responsible Approach to Inventing

By Gene Quinn
September 3, 2010

 

 

An updated version of this article is available at:

 

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

 
 

The Author

Gene Quinn

Gene Quinn is a Patent Attorney and Editor and President & CEO ofIPWatchdog, Inc.. Gene founded IPWatchdog.com in 1999. Gene is also a principal lecturer in the PLI Patent Bar Review Course and Of Counsel to the law firm of Berenato & White, LLC. Gene’s specialty is in the area of strategic patent consulting, patent application drafting and patent prosecution. He consults with attorneys facing peculiar procedural issues at the Patent Office, advises investors and executives on patent law changes and pending litigation matters, and works with start-up businesses throughout the United States and around the world, primarily dealing with software and computer related innovations. is admitted to practice law in New Hampshire, is a Registered Patent Attorney and is also admitted to practice before the United States Court of Appeals for the Federal Circuit. CLICK HERE to send Gene a message.

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Discuss this

There are currently 2 Comments comments.

  1. The Mad Hatter September 10, 2010 5:17 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

  2. Gene Quinn September 16, 2010 1:45 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