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A.
These are typical
problems that entrepreneurs face everyday. If you do not have a
friend or family member that could advise you (and perhaps help
you with financing) I would recommend that you start by drafting
a business plan (or hiring a team to help you in this
capacity).
When choosing a team you
may want to look for someone who can coach you through the early
stages of your company. Of course all of this will cost you
money. So there you have the typical chicken and egg
problem.
Many of the young
companies that I advise begin by raising $50-100k from their
friends and family. That seed round helps them to reach a few
milestones (obviously the milestones vary by company): the
creation of a business plan, a presentation for potential
investors, a prototype, development of the management team and
beginning to secure VC funding.
As far as
confidentiality, this is always going to be a concern. My advice
is to have anyone you discuss the idea with sign an
non-disclosure agreement (NDA) at this early stage.
Filing a patent will cost
a lot of money so you want to make sure that a patent will truly
protect your idea before you go down that path. Are you planning
to move to California? Unfortunately I do not know enough about
what you are doing to advise you on the issue of living in
Illinois and planning a business in California. I will say that
laws vary from state to state so you may want to contact a
California attorney to answer your legal questions.
About
the PowerHomeBiz.com Guide:
 Lisa Segal is a
New York State licensed Certified Public Accountant. Prior to
founding Convergence Consulting Group, she was the CFO of Retail
Promotions, LLC, a developer of patent-pending technology in the
retail space. Ms. Segal was a senior consultant at KPMG Peat
Marwick, where she developed and implemented financial
strategies, global restructurings, initial public offerings, and
spin-offs for many Fortune 500 clients, including Pfizer, Pepsi,
Fuji and Carl Icahn/ Lowestfare.com. Ms. Segal earned a Bachelor
of Science with honors from the Zarb School of Business at
Hofstra University and a Masters in Taxation at C.W. Post.
The opinions expressed in this
column are those of the author, not of PowerHomeBiz.com. Users should not
treat the Guide's response as legal, accounting, or professional advice as all
answers are intended to be general in nature. Such advice can only be properly
given by qualified professionals who are fully aware of a user's specific
geographical areas or circumstances, such as an attorney or accountant.
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