Patents: Their value is dependent on your business model. A design patent in furniture is going to have little value because it’s easy to work around. A single mechanical utility patent is more valuable. Multiple patents covering different elements (electronics, software, mechanics) is very valuable, especially in a product where there is no real substitute. Having said that, developing that kind of a product requires a development team, attorneys and deep pockets.
However, as I hit 15 years in design this year, I now know that you can go out and raise that capital. Mind you, you will have to put down 10~20% of your own cash, but a sound business plan and good selling can raise you a good chunk of change.