- I'm now patent pending. A long and somewhat arduous process. But it's done and submitted, with the blessing of my patent attorney. About $5000 down, and perhaps two or three years to wait. But I can open my mouth now (a bit) and let the world know what I've got and how I intend to use it (at least as much as I dare).
- I just had a big audit today from the government agency that oversees contractors. I think...
I passed, which means I may be okayed (in the next couple weeks... paperwork takes time) to proceed to the two year contract! Yippee! Well, almost. I'll drink a toast when the contract is in hand.
Well, those are the two biggies! I have been considering lately inviting investment in my company. I've realized over the past six months or so, as I've been buried in administrivia (yes, entrepreneurs too, not just faculty), that what I most want is to focus on the research. I had been thinking that taking on investors might be a means to facilitate that. I had been thinking that selling off a bit of the company might be a way to buff up the cash-on-hand in order to hire some more staff for administrative details, and that it might permit me to acquire the expertise and commitment of others to the success of the enterprise, whose money would be on the line as well.
It's not entirely past tense, but it seems to be moving there. See, one of the issues that has arisen lately, as I approach the point where I actually have this two year contract in hand (as well as a full staff of employees, with salaries and benefits to cover), is that the government pays in arrears. The company invoices about once a month for expenses already incurred, and about a month later they pay. Okay... so what covers those two months of expenses? Problem, you see?
When it was just me, I could pay myself a couple months later. That was the plan, you see: We moved somewhere we could afford, and we calculated that our savings could cover us for a while. But now those savings are significantly diminished, in large part because we put a big chunk into buying this house, then another even bigger chunk into buying the office building. And... I can't expect new hires to be happy enough to go a couple months without pay. So... I have to be creative.
In the past week, I've gotten word from one bank that they'd be willing to issue me a line-of-credit sufficient to cover those expenses. But I'd have to pledge my personal savings and such (you know, things like the house and cars), and pay about 6% interest. It's possible the state may offer my firm a bridge loan at 2% (but they aren't exactly quick in making a decision). So, I'm still considering taking investment, but not entirely enthusiastically.
Meantime, woo hoo! I... I can't believe I'm here, that I'm sitting on top of a company doing the most exciting research I can imagine, creating jobs, owning a home and an office. All is well in the land of us. What a change!