In one of the multiple books that I have read, the author suggested to “Commit first, and then figure out later.”
I am proud to announce that a provisional patent application has been filed for my invention. I currently have a fully executed Option Agreement with the UWM Foundation and we are finalizing the licensing agreement.
Meanwhile, I have been extremely fortunate to have a fully executed Partnership and Investment Agreement in place with Brooks Stevens, Inc. a local Industrial Design company. They’ve committed to a S.A.F.E. (Simple Agreement for Future Equity) investment to the amount of US $21,000 towards the production prototype of my device, I am responsible for the other US $21,000. Based on our current timeline, the production prototype will be ready no later than June 1, 2018.
At this time, most banks are saying that the $21,000 is a very small amount for a loan, I’ve tapped out my friends & family to get this far.
I would like to know if anyone knows possible grants that I can apply for or any other possible suggestion for honoring my financing requirement. I learned that it is good to “commit first and figure out later”, and by signing this SAFE I’ve done just that, now I am trying to figure it out.
Here’s the link for learn more about my product: https://www.linkedin.com/company/leanvo/
Thank you very much!
The last company I started focused solely on creating patents and licensing. We created over 44 patents.
Even though we patented something which is now universally used in every cell phone with a camera we ended up spending 5 years in court and spending millions.
I'd be happy to give you some tips on licensing and the potholes you may encounter.
Whichever author suggested that you commit first is crazy! - learn and then plan, and then plan again - then if things look worth it then commit!
First and foremost thank you for your service and thank you for posting this great question.
After doing a little research, I stumbled across this article on NerdWallet.com:
Reach out if you have any other questions or if you'd like a tour of ACP AdvisorNet!
Erik - ACP Staff
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