Inventors create new products for people to use and are held with high esteem because their work mademany people’s lives better.
Because of the value of their inventions, many inventors made more money than they could imagine. However, there are some inventors who were not lucky enough because of different reasons.One is how they manage their financial resources. Although they may be geniuses in their own field, some are “financial illiterates.”
To help inventors manage their financial resources and preserve their wealth, the Technology Application and Promotion Institute (TAPI) of the Department of Science and Technology (DOST) sponsored a two-day forum cum workshop on Entrepreneurship and Financial Management for Inventors until tomorrow, November 16, 2016. This event is in collaboration with the Filipino Inventors Society, Inc., a long time partner of the DOST.
This forum coincides with the holding of the 73rd Annual National Inventors Week that kicked off on November 14 and ran until November 18, 2016 at the DOST Compound, Bicutan, Taguig City.
Mr. Edwin M. Suson, an associate professor at the College of Business Administration of the University of Santo Tomas and a financial advisor and trainor, gave valuable tips to the inventors present during the forum.
Among the nuggets of wisdom Mr. Suson shared with the participants were as follows: financial planning process, setting financial goals, budgeting and financial strategies, prudent resource utilization, investing in mutual funds and other high-yielding financial instruments, wealth creation through asset management, among others.
On the other hand, Mr. Generoso S. David, Department Manager of the Land Bank of the Philippines, shared his expertise in fund sourcing. During his talk Mr. David discussed the many loan facilities of Land Bank and how inventors can avail of its services to finance their inventions for commercialization.