Nothing is more valuable - or less tangible - than a good idea. But its value depends on its exclusivity. So how do you protect your idea? And what can you do if you think someone's stolen it?
A good idea can be the basis of a business empire, give you a head start on your competition, open up whole new markets and potentially make you a fortune. Its your intellectual property.
Protecting that property can be an expensive business - but losing it can be even more costly.
Here's a list of things to consider when it comes to securing your IP:
- Be clear in contracts. Ensure employment and consultancy contracts state your ownership of all IP developed for you.
- Know the territory. Use patent searches early on, to check whether your idea is already 'owned' by someone else.
- Maintain a log of developments - dated and signed copies of drawings and drafts, for example.
- Stay quiet. Keep new inventions secret until you have decided whether their commercial viability justifies the cost of patent protection.
- Exploit the market. Instead of patenting your idea, it might be better to quickly capture a niche market, discouraging competition.
- Consider an 'initial patent application'. This gives you time to develop or sell the idea. Contact a patent agent for advice.
- Contact a trademark agent for advice on trademark searches and registration to ensure that any trademark you develop is properly protected.
- Think ahead. Make sure your IP will be protected internationally and for long enough into the future. Patents can be renewed for a fee.
- Look at parts too. New designs for a part of a product could be worth specific protection.
- Choose your battles. Enforce your rights, but think carefully about the strength of your case before pursuing expensive legal action.
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