Many successful entrepreneurs rush to market with their new technology or service in today’s business environment before fully developing it. While this may seem like a viable option, it is essential to take the time to brainstorm and develop your product idea before beginning development.
Taking the time to ensure that you have an evident vision of what will be produced and how it will benefit different groups of people involved in its production is key in securing your place in the market. Additionally, protecting your ideas from theft and infringement is key when protecting your business. It’s a good idea to consult with a Norwood Law Firm: business law attorney in Oklahoma.
Do you Have a Business Idea?
Have you ever had a brilliant business idea but then discovered that someone else had already thought of it and decided to launch it? If so, you’re not alone.
In fact, many people have this same experience every single day—it’s just the reality of being an innovator in the world today. The good news is that protecting your ideas doesn’t have to be difficult or expensive. Here are some easy things you can do to protect your ideas in bite-sized chunks.
Start With the Patent
You may be tempted to think that patents are only for people who have a lot of money or work in the technology space. This couldn’t be further from the truth.
Patents cover any product, software package, or method of doing business—literally anything under the sun that is new and useful. For example, if you have an idea for a new smartphone app that would be a better replacement for your current one, you can apply for a patent to protect your idea.
Similarly, if you have an idea for a new process at work that allows you to streamline your workflow and get more done with less effort, you can also apply for a patent to protect your idea. In fact, millions of people worldwide are applying for patents every year to protect their ideas.
Trademark Your Business Name & Slogan
If you plan to open a business, you should immediately register your business name and slogan with the government. No matter how great the idea is, someone else could steal it and beat you to the punch if it doesn’t have the proper legal protection.
That’s why it’s smart to register your business name and slogan with both the state and federal government so they can serve as proof of ownership. If someone comes around later claiming that they thought of the same idea, you can prove in court that they aren’t telling the truth.
Talk With a Lawyer
If you have an awesome idea but don’t want to deal with the hassle of getting a patent, you should consider talking with a lawyer about it. Many business ideas can be patented and trademarked in the same package—it just depends on your specific idea.
If your idea can be patented and trademarked together as one package, it’s often less expensive than going through the motions of getting separate patents and trademarks for each part of your business.
When Can You Protect a Business Idea?
For an idea to be protected, it must be considered confidential. It must also be an idea that is currently not available to the public. Many people who choose to use the patent system to protect their product ideas may find themselves in situations where an item has already been patented.
In this situation, it is important to review the existing patents that have similar products or services. You may be able to find a way around any conflicting patents by using different features or options on your own product or service.
Using various methods such as patents, trademarks, trade secrets, copyrights, and licensing, you can protect your product or service ideas. These methods are useful tools in protecting your ideas from infringers and help to develop a name for you or your business.
In addition to the types of knowledge protection mentioned above, another method is preserving the confidentiality of your ideas. People may have the information about how your product design works could be used by an infringer to try and make their own product work similarly. Using non-disclosure contracts can ensure that your intellectual property is protected from those who wish to take advantage of your idea.