With any new technology, there are three key questions that must be answered: Will it work, will it work, and will it work? Credible data must back up the proposal. Sometimes, there's a way to do this more affordably. A university or government laboratory can sometimes be enlisted at little or no cost, for instance. R&D often leads to a "chicken-or-egg" situation, where there's a need for proof of concept to attract the money and talent, but a need for money and talent in order to do the work that will provide the proof. If you can establish the market need and the proof, or at least a strong likelihood that the proof is within reach, then you can usually get the remaining pieces to fall into line. The challenge is to do this quickly and efficiently. Time is often the worst enemy.
Inventors and scientists can get stuck on their own invention or its application. It's their "baby", and they see it as the "next big thing." They can fail to see that the market is shifting and a change in strategy or the application may be needed in order to be competitive. There is often a delicate balance between the value of tenacity and the need to be nimble and adjust to a changing environment. Tenacity is important, but there are other times when the best option is to either pivot or move on.
One of the first and most important decisions for any independent, new enterprise is the legal entity. The two most commonly used are the C corporation and the LLC. Each has advantages and disadvantages. For example, a significant potential advantage of the LLC structure is that tax losses flow through to the shareholders. On the other hand, the C corporation affords more flexibility in structuring financings. Subsequent changes are difficult, time consuming, and expensive, so this decision should be made very carefully. This is especially true when converting from a C corporation to an LLC.