Parts are coming in for prototypes of our new product. I will build several dozen and get them out to select customers for evaluation, criticism and feedback. Prior to that, I will be submitting a provisional patent application of what I perceive as a very unique physical embodiment of this product. This should sell into a large percent of our current customer base as well as gain us some new customers.

Despite out continuing tenuous cash position, the one thing we have of enormous value to our ongoing success and survival is a loyal customer base. This is an asset that cannot be assigned a monetary value but is priceless to our business. Seven years of building a base of happy customers who will buy our new product us one of those intangibles that grow as long as the company survives. It must be recognized and used to maximum advantage.

Hopefully, our new product will sell well -- but if not, our customers will tell us what needs to be tweaked to make it salable.

Speaking of intangibles, another commercially successful patented product will help boost our "intangibles" net worth. While my banker may think it's great, he still won't use it as collateral for a loan. It may make the company more attractive to investors however. I'm starting to think of selling some of the company to pay off debt and accelerate new product development. Anyone interested, give me a call. I have not put together a formal proposal as yet.

Those of you who have been following these columns know that my brother and I started Technacraft based on an idea he had that I was to reduce to practice and write a patent on. We are listed on the patent as co-inventors. Also, since the corporation paid for the time and fees associated with getting the patent, Technocraft has "shop rights" to the patent. Therefore, there are three entities that have a right to the patent.

If you find yourself in this situation, you should do what I didn't do. If you and your partner have a falling out, be sure he can't damage you with his rights.

Well, my brother sold a license to a large importer who now shows a cheap knockoff of our product in their catalog. How this will impact our business, I'm not sure. The product is not available until the end of April, so I only have a picture to go by, but there may be some trade dress and copyright issues that need investigating.

While I'm upset about this turn of events, it is my own damn fault and yet another hard lesson learned. I'm sure my brother thinks only his name should be on the patent since he thought of the basic concept. My response is that he invented this thing like Jules Verne invented the moon rocket. The patent was granted on the means and ideas I used while reducing this to practice. I'm sure we'll never agree. Learn from my mistakes and save yourself grief.