Recently, a new opportunity has presented itself. As a researcher at a super-secret federally-funded national laboratory (SSFFNL) located somewhere west of 100 degrees west longitude, you were responsible for inventing an amazing new technology that is not of particular interest for the laboratory’s main purpose. SSFFNL has a spin-off program for development of laboratory-invented technologies. They will give you rights to use, for commercial purpose, the intellectual property if you have a convincing argument including a business plan. Laboratory life is not what it used to be and you’ve decided to explore your options as an innovator/entrepreneur. So, you have negotiated assignment of the intellectual property and decide to start a company to bring your idea to fruition. You are evaluating locations to start in and have found a small facility that you might rent for development and testing. In doing some initial analysis, you discover the following:
-Unfortunately, you cannot fund the new company without financial assistance. -You estimate you’ll need approximately $150,000 in materials and equipment plus will need to rent secure laboratory space at $500 per month. -Your current life costs about $2500 a month to operate. This includes all the basics. -Health insurance will now cost you $600 a month. -A new computer and subsequent upgrades will be needed: $3000 every six months -A business phone will be needed at $100 a month. -Nitro cold brew coffees cost $4.95 each—you consume about 20-40 per month. -You’ve identified a supplier firm who can make your new item. This supplier expects to be paid 30 days after delivery. -Cash flow starts once you ship your new product to paying customers. Your current estimates place that 6-9 months away after you start your business. You can continue to operate out of your current residence except for development and experimenting or you can rent an office spot for $350 a month. This office spot is sort of a cubicle in a large area of an office building shared amongst similar entrepreneurs with a meeting room available for your use when hosting clients. Alternatively, you could use the conference room on an `as-needed’ basis for $100 per meeting. Summer vacation time is coming up and you would like to pitch a well-meaning (and ready to invest) relative on your idea There are two such relatives (assume they can fund up to $500K) so you have two shots at this pitch.
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