If your business is
built on a truly original idea, one of the first steps you need to take is
to get a legal protection of that idea.
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You need to consider the protection of your intellectual property early
in the formation of the business. It is heartbreaking to find that the idea
you’ve worked so hard to conceptualize and develop is stolen by other
people and companies. You end up losing your product, and most importantly,
your profits as well! Plus, failure to protect your proprietary information
could lead to complex and expensive legal actions later on.
The best course of action is to visit your country’s patent and
trademark office. In the U.S., patent grant provides "the right to
exclude others from making, using, offering for sale, or selling" the
invention in the United States or "importing" the invention into
the United States.
Before you can patent an idea or a product, it must meet various tests.
First, only the concrete embodiment of an invention or an idea is patentable.
You must build a working model and test it in the environment in which it is
supposed to work. Second, you must be the first to conceive the idea, and it
must be different from what already exists. The idea must not have been
described in a printed publication elsewhere.
The process of patenting your invention takes time and money. At present,
the average patent application takes about 24.6 months. The patent usually
lasts for 20 years for utility and plant patents; and 14 years for design
patents.
The costs can range between $1,000 and $100,000, depending on the
complexity of your idea. While expensive, you will find that aggressively
pursuing patents is an integral long-term strategy that pays off.
Find a qualified, experienced patent attorney to help you apply for a
patent. Patent applications, are best handled through attorneys who
specialize in the protection of intellectual property. Subtle variations in
the wording of an application may greatly increase or diminish the
protection afforded by your patent. If you are uncertain about incurring
this expense, you might consider at least spending an hour or two with an
experienced patent attorney to discuss the pros and cons of proceeding with
your application, and if your idea is indeed worth protecting.
Keep extensive records tracking the development of your idea. You
could use a log book or a bound book where you can put all kinds of
documentation to show how the idea evolved from each design sketch to
every minor change, dating every single step to create a complete picture of
the product's development. This record is critical to prove the evolution of
your idea.
Conduct an extensive research to find out if there are similar
patents. Called a “patentability search,” you will be looking for
published articles and issued patents that may be similar to your product
idea. The key is to make sure that your product idea is novel and that your
invention does not violate the patent rights of anyone else. Document the
search in your log book. You can seek the help of a patent attorney or
patentability search companies in your research, subject to your budget.
Document where, how and to whom you showed your idea. You will
invariably talk about your idea and product to someone else, whether with
possible financiers, manufacturers, and partners or to participants in your
market research activities.
In fact, patent lawyers would even advise you not to discuss your idea
with anyone before you begin the process of applying for patents. In
countries like Australia, it will be harder to obtain a patent for your
product if you publicly discuss, publish, demonstrate or sell your product
before you file a patent application. Be sure to check the rules governing
the patent application process in your country.
If you must do so, ask him or her to sign a non-disclosure agreement
before you discuss or show your idea. Also ask the person to initial and
date the page of your sketches in your logbook. These tools can give you
ammunition in the event that the other party copies or steals your idea.
Document every phone conversations, patent applications, and brainstorming
sessions.
Watch out, though, for some companies that may require you to sign a
waiver requiring you to give up your rights when you present any
confidential information to them.
Do your own market research. Why waste tons of money on getting a
patent if your product is not marketable in the first place? You need to
verify whether your product idea can really give you the millions that you’ve
hoped for.
Remember, every time you present your idea to somebody else, you run the
risk of your idea being stolen and copied by somebody else. Litigation costs
are not cheap; so make sure they agree in writing not to discuss your idea
with anyone else.
Explore the possibility of developing the product yourself, or
licensing someone else to make the product for you. Consult a licensing
expert on how you can reap the rewards of a commercially viable idea without
exposing yourself to the hazards involved in manufacturing and marketing the
product yourself.
Not all patented products and idea can bring in the millions. But
having an armor to protect your property can give you the confidence to
pursue the full commercial potentials of your product.
About the Author:
Steve
Ma. Reyna is a staff
writer of Power Homebiz Guides.
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