1. ECE362 Principles of Design
Project Budgeting
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2. Development Grant = $$$
Product Development
Product Idea
Product
Specifications
Technical
Model
Stage 1 – Product Idea, Product Specifications, &
Technical Model
Stage 2 – Intellectual Property, Mkt Analysis & Business Models
Intellectual
Property
Market
Analysis
Business
Model
Planning &
Scheduling
Test Plan
Project
Management
Stage 3 – Scheduling &
Planning, Test Plan, & Project Management
Stage 4 – Budget,
Social Impact, Person. & Proposal Completion
Budget &
Resources
Social
Impact
Personnel
Qualifications
Development Grant = $$$
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3. Project Budgeting The purpose of a budget is to explain…
“the personnel who will be expending effort on this project and what they will need to spend in order to accomplish the goals and objectives”
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4. Project Budgeting
Preparing a project budget is a very important task in writing a proposal.
Costs must be reasonable;
Costs must be allocable to the project;
Costs must be given consistent treatment through application of generally accepted accounting principles;
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5. Lemelson Budget
List the equipment and other resources necessary for the project.
Indicate whether your institution will provide access to these resources and, if not, other means you will use to access them.
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6. Lemelson Budget
Include a budget in tabular format (maximum grant award is $20,000).
Eligible line items include:
• Equipment
Supplies
• Travel
• Technical services
• Expenses related to performing patent searches, disclosures and applications, or creating marketing or business plans
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7. Lemelson Budget Ineligible expenses include Overhead Faculty salaries
Stipends totaling over $3,000 per person or $7,500 per project
Publicity expenses
Legal and other expenses of business formation and operation
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8. Lemelson Budget
The E-Team faculty advisor is responsible for tracking, directing, and reporting the disbursement of grant funds, and is the principal investigator of record.
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9. Lemelson Budget
Budget Narrative: Appears in appendix (due to 5 page limitation of proposal).
Justifies the need for the costs of each item.
Explains the method and the rationale used for estimating and calculating costs.
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10. Lemelson RHIT (in kind) ITEM Patent Search
Provisional Patent Application
Professional Market Research
Technical Advisor
Non-expendable Equipment
Prototype expendable supplies
Office and Laboratory space
Telephone services
Computer services (machines and network)
Invited seminar speakers
Short courses, workshops
Travel (Conference, trade show)
Copying services
Library and Databases
Stipend (very restrictive limitations)
Consultants (very restrictive limitations)
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11. Assignments
INDIVIDUAL ASSIGNMENT – Chapters 4 & 7 of “Teamwork and Project Management,” Smith Tuesday, January 20
TEAM ASSIGNMENT – Obtain Faculty Technical Advisor, Thursday, January 22
TEAM ASSIGNMENT – 1st Draft Project Budget, Friday, January 23
TEAM ASSIGNMENT – Team Personnel Statement
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