How do we structure a company with one Founder who invented a product while others finance and run operations?

This is a typical problem with any start-up, i.e. intention to trade everything for equity. I am assuming that you're trying to trade equity for cash. In that case I would suggest you to look out for individuals with diversified skills and competencies. The reason being, less the number of individuals less the amount of equity that would be required to trade. Second option could be to look out for agencies to whom you could outsource the business process. I am not at all ashamed to mention that my own company is one such agency. However, my only piece of advice to to try and add some retainership component to your model, apart from equity, as in a long term it's easier for people to lose motivation in absence of any capital gains. The reason being, people don't understand the value of equity in startup. Rather, the time it could take for that equity to turn into something big; it may not happen as well. That's why they say there's nothing called free lunch. In my more than a decade experience working with entrepreneurs and helping them bootstrap, I have learnt that the market out there is crowded with individuals with a lust to join startup as a equity holder. In a short term, they may speak all those rosy language that may sound like coming directly from the Horse's mouth. But, in a long term you realize not everything is hunky-dory. As far as finding a co-founder or a CTO or any other executive team member is concerned, ensure that you put down the roles and responsibilities attached with each title. Apart from above, ensure that you communicate your expectation lucidly and understand the values everyone is required to bring on the table. Usual people who could be a good fit for you, apart from any agency, are people who aren't big on title. Is there anything specific you're looking at? Please feel free to revert with more clarity to receive clarity. I am just a call away. All the best!!

First of all, what you have is a provisional patent **application**. For now, the provisional patent application is not publicly available. This can be a big advantage to you. You can use this time to improve your invention and file additional provisional applications. If you don't plan on making/practicing the invention yourself, you should make sure to try to think of everything possible regarding how that invention can be improved. This would (hopefully) come naturally to a practicing inventor. When you file your non-provisional application, your disclosure will be made public ("published") 18 months from the filing of the non-provisional. While your applications are not publicly available, I suggest waiting until you file your non-provisional application(s) to talk to others. Quite often, provisional applications do not have the detail or the scope that the non-provisional will have -- due to the time spent on getting drawings accurate and making sure everything is included in your non-provisional applications. It is best to have a complete application before talking to practicing companies. Sophisticated companies will take advantage of information not disclosed in your provisional application to file their own patent applications. If your applications are not publicly available (or even they are published), you should sign confidentiality agreements (non-disclosure agreements) with anyone you talk to about licensing or buying your invention. Keeping track of who you talked to with confidentiality agreements can be the basis for "notice" of the invention by an infringer -- when they eventually steal your invention. You can sell your idea anytime, but a provisional application is worth a lot less than a non-provisional application which is worth less than an allowed application or issued patent. Provisional applications are generally not as complete as they could be -- and require additional time and finesse to complete the non-provisional application. In terms of appearances, if you are not willing to put in the money to file the non-provisional application, the invention is likely not worth that much money. Companies as well as non-practicing entities may look at provisional applications, but not for long, and will not give you the kind of money that you may get from selling a fully examined patent. Of course, it depends on how good your invention is.

Simple answer. Assign the ownership of the patent prior to closing any investment that is sufficient to market validate your invention. Investors will require an absolute assignment of ownership of any intellectual property. Given that you don't actually have a patent yet, you will be doing a general assignment that will include all assets and rights around the idea. I would also caution you not to over-emphasize the value of a provisional patent or patent application in-process. There is *zero* value to a provisional patent or patent in-process so don't let this distract you from operating your business and building out your product/service.

There's only one answer to this question and it might sound pretentious: experience. As you go along, you might find some of your experiences remind you of certain stuff other entrepreneurs have said but you will very often find yourself going your own way even if they advise against it. You may be wrong but then again, they might be wrong also. The worst thing you could do is read or listen to too much of what others have done, in their own way, and try to mimic them, believing that the same things will work for your business as well. Take the issue of time, for example. Depending on the stage of their entrepreneurial life, some will argue you should always find time for the gym and disconnect at least a day a week. Ask a 22 year old guy who's pulling in 20K/month, in his pocket, after 2 years of absolute dedication to work and he'll say disconnecting just for the sake of disconnecting is wasted time. Then again, someone who's a master of automating his business may tell you 2 hours / day will get you to the right place in no time. Another example is sales. The world changes at a very fast pace these days. Better communication tools, better CRMs, globalization - the "rules" of who to sell to, where and how to pitch, the very traits that make your product worthy or not, they're constantly evolving. Whatever worked 2 years ago might still work today, but there could be a completely different way to sell that is faster, more cost effective and more in tune to your communication style. Waste too much time being taught about sales when doing a start-up and you'll be blind to your own instincts that may very well be revolutionary :) My advise is to develop and nurture a mindset that allows you to adapt rather than imitate. Of course, if you fell what I said is dumb and would rather be taught entrepreneurship, then that's what you should do. I don't mean that in a bad way. I really think you should follow your gut on what makes a great entrepreneur. Being successful by trying to be someone you're not will be less fun :) Here's an article I wrote about a similar topic, "how startup news is killing your startup": http://thebottomofthings.com/6-reasons-startup-news-is-killing-your-startup/ Good luck!

The answer: do both. The first thing you need to know about patents is that the U.S. now has a first-inventor-to-file system after the American Invents Act (AIA) went into effect in 2013. I have to disagree with Dan above: for hardware inventions especially, a patent is an important part of the business plan. The first inventor who "races to the patent office" now is typically the winner. This means if you do not file for a patent on your invention, you can lose the rights to your invention much easier than before the AIA. The next step is to think about how a patent fits into your business plan. A patent application is but a tool in your bag when starting up. A crowdsourcing campaign on a site like Indiegogo can validate the idea. But it also puts the idea out to the public and starts the 1-year clock ticking on when you can get a patent. For hardware startups, however, if you're not thinking about a patent upfront -- you're likely leaving a massive amount of your product's value on the table.