Summary

In this episode of Ask Christa!, Christa Dhimo addresses a listener's dilemma about whether to prioritize product development or seek funding for a prototype. She emphasizes the importance of understanding market research, protecting intellectual property, and building value before approaching investors. That puts you in a position of strength. The conversation explores various funding strategies, including seed funding and the significance of prototypes in demonstrating product viability. She also provides perspective on how to keep the future potential of a product in perspective.

Key Takeaways

· A prototype can demonstrate practical application and market potential.

· Seed funding is often used to prove the concept of a product.

· Freedom to operate allows for unhindered product development.

· Intellectual property protection is essential before seeking funding.

· Funding can help develop a prototype, but self-funding is also an option.

· Prototypes can sometimes be funded without prior development.

· De-risking a product increases its value to potential investors.

· Building value in a product is key before attracting investors.

· Investors look for future value in a product when considering investment.

· Self-funding a prototype can strengthen your position with investors.

· Early product protection saves time and enhances negotiation power.

Additional Resources

Elliott, J. (2023, March 10). When to share your invention prototype. CO- by US Chamber of Commerce. https://www.uschamber.com/co/start/strategy/when-to-share-your-invention-prototype

Federallabs. (2019, March 27). Understanding Intellectual Property (IP) [Video]. YouTube. https://www.youtube.com/watch?v=UqZJPuyK9VY

WIPO - World Intellectual Property Organization. (n.d.). WIPO - World Intellectual Property Organization. https://www.wipo.int/portal/en/

WIPO PAGE FOR THE USA: Country. (n.d.). https://www.wipo.int/directory/en/details.jsp?country_code=US

WIPO PAGE FOR PATENTS: Patents. (n.d.). Patents. https://www.wipo.int/en/web/patents

WIPO PAGE FOR IP: What is Intellectual Property (IP)? (n.d.). About-ip. https://www.wipo.int/en/web/about-ip

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Disclaimer
The Ask Christa! show is designed to provide accurate and practical insights into common business challenges and workplace issues. Dr. Christa Dhimo stands by the information she shares and the resources she provides; however, every situation is unique. Listeners are encouraged to use this podcast as a helpful resource while also seeking additional, qualified, professional advice, including but not limited to legal, financial, medical, or other professional advice, as warranted. Ask Christa! and its host disclaim liability for actions taken solely on the basis of the information provided here, especially if taken out of context.