If you have built up your business on an original and innovative idea, then it is very important you get your idea protected legally. It is very disheartening to see your idea stolen by other companies; you will end up losing not only your idea but also lose your profits and will end up facing complex legal actions. This article will give you information on how to protect an idea.
How to protect an idea through patents
You need to visit the patents and trademarks office in your country. In the US, a patent provides you with the right to exclude other parties from using, making or selling your invention in US. However, before your idea can be patented, it needs to pass through various tests. You need to have a working model of your invention ready to obtain a patent. Another important thing to remember is that the idea or product should be original and different from existing products in the market.
The entire patenting process takes a lot of time and money; about 24.6 months on an average. The patent lasts for 20 years for utility patents and 14 years in the case of design patents. It may cost you anywhere between $1,000 and $100,000, depending on your idea or invention; it will eventually pay off in the end.
There are few quick steps to protect an idea and check that it is innovative. They are as follows:
- Hire an experienced attorney/lawyer who will help you in applying for the patent. If you don’t want to or cannot spend money on their fees, at least meet with them to discuss about the course of action that you need to take.
- You need to keep a written record and document your idea by writing a description of your idea for others to understand how it works. Keep updating and revising this document as it will help you prove your idea’s evolution.
- Perform an online search on Google to find out information about your idea and check if there are any similar products already existing in the market. You must ensure that your idea does not violate the patents rights of anybody else.
- Conduct a market research from a customer’s point of view and identify the manufacturers who are most likely to market inventions like yours.
- You may also initiate a patent application before proceeding further as this will stop others from filing a similar patent after your date of filing. One more advantage of this is that there may be companies who like your idea so much that they may continue the patent process on your behalf, if the initial filing has already been done.
How to protect an idea in conversation
There are four strict rules that you must follow regarding the communication of your idea. These rules will tell you with whom and when should you discuss your invention ideas. Talk about your idea with others only when:
- You have obtained the patent or have at least got a patent pending status.
- You are working with a qualified lawyer for the patent application process.
- The person who you are discussing your invention with is bound by a confidentiality agreement.
- You are going to hire that person, with whom you are talking about your idea, to help you create the product.
If even one of these conditions is not met, it will mean that your idea is at great risk of getting sabotaged
Follow these simple tips to increase your chances of protecting your idea and turning it into a successful business venture.
Related Tags: how to present an idea and not get it stolden
Related Content: