From ideas to development to the finished product, inventions are the end result of serious hard work.
It is no doubt each entrepreneur invests in their creations financially, physically and emotionally in order to produce, in their eyes, the perfect invention.
However, as an entrepreneur you will need to think beyond the creation of something new and novel, for the reason that what is new and novel is always changing. Your invention could be idiosyncratic today, but someone else could reproduce the exact same invention tomorrow. As a result your strengths as a niche player in the market is compromised.
Therefore, it is not only important for entrepreneurs to be innovative in their creations, but they must also be one step ahead in protecting their best interests. The reality of the hyper-competitive world manifests itself in copycats and plagiarists waiting for the right opportunity to capitalise on someone else’s original ideas.
Think less about sharing, and more about protecting. Here are five ideas to get you started on safeguarding your inventions:
Keep details about your invention to yourself.
It is not advisable to disclose your invention, either privately or publicly, in person or online, to any third party uninvolved in the processes of your invention. This includes the name of your invention, the manufacturing processes, the technique of your invention and any details related to your invention. Should you wish to do so out of necessity, you must take precautions prior to doing so, including signing a non-disclosure agreement (NDA).
We will be discussing the importance of NDAs later in this article.
Know your invention.
To ensure complete protection of your invention you will need to be able to describe your invention with great detail. You must describe your invention to the level of detail compliant to the laws governing intellectual property in your particular region. It is essential to comprehend the manufacturing techniques and procedures related to your invention. The stage of patent searching for your patent application will be better supported the more information you provide. Take the extra steps to determine the specifics related to your invention for your own benefit.
Sign a Non-Disclosure Agreement (NDA).
If you wish to maintain a competitive advantage, an NDA is necessary prior to disclosing your invention to the people or organisations you wish to work with. From recipes to formulas to projects, a well-drafted NDA will determine all the confidential information you wish to protect. A detailed and comprehensive NDA will equip you with legal protection from infringement of your intellectual property.
Breaching an NDA is punishable by law. An NDA will provide you with the legal right to take the person in question to court in order to seek the appropriate penalty. It is advisable to seek a licensing attorney to draft NDAs on your behalf to ensure all your requirements are met.
Intellectual property knowledge is your friend.
The realm of intellectual property can appear intimidating to a newcomer without prior knowledge to the field. However, if you are serious about protecting your best assets, learning about intellectual property laws specific to your invention is crucial. This puts you one step ahead of your competitors who may not realise only intellectual property laws can legally protect what is theirs.
Have you been approached by individuals and businesses who have requested to work with you and your invention? Great! But prior to disclosing your invention to others, you must recognise and utilise the intellectual property laws that will give your invention the protection it needs. That means you will need to put yourself in a position whereby you will be able to sue third parties who attempt or have stolen your invention.
Having the law working on your side is the only way. And for that to happen you will need to patent your invention.
Looking to patent? Hire an intellectual property agent.
An intellectual property agent can be the most valuable person in your team. Should you be unsure as to where to begin to patent your invention, hiring an intellectual property agent is the next best step to your patenting journey.
The task of an intellectual property agent is to take over and oversee the patenting process of your invention, from the beginning to the end. An agent can conduct a patent search and ensure all the paperwork for filing an application is accurate, complete and secured. They can also advise you on the necessary documents that you will require prior to reaching an agreement about the ownership of the invention in question. A good agent can and will defend your invention should any third party infringements occur.
Hiring an intellectual property agent is fundamental to your business as it allows you as an entrepreneur to learn about the nitty gritty with regards to protecting your invention.
The greatest thing you can do to safeguard your ideas is to patent your invention. Act in your best interests today.
Quality Oracle are proud of 28 years of professional experience in patent registration and protection. Let’s take your business to the next level, together.