At the time I suggested strategic partnering with industry as his technology was game changing and it would be difficult to bring to market without huge investment and very good management (that the company did not have). I asked him to consider my approach as a risk reducing plan B if his plan A wasn’t working.
Like other inventors I have known, he refused to consider the joint venture approach and stuck to his own money raising business plan.
Thirteen years ago I revisited this fellow and was told by him that they were on the cusp of a great new investment that would end all their problems.
Just a few months ago, I called on this company again (new name, same company), my old friend has been tossed out by investors and his reputation within the company is unfortunate (he was brilliant and hardworking).
Still under a million dollars in annual sales, a product no longer miles ahead of the competition, & investors that are worn out and edgy.
Med tech, nanotech, low tech, inventors often believe that the only path to success is more money. Being open to a two track approach (plan B) gives them choices they don’t have when the finance valve closes.
Losing the edge of superior technology and running out of money make success unlikely.