Got an innovative business idea
that you'd like to keep as your own? Every day, entrepreneurs just like you
come up with brilliant business ideas that they want to protect, but don't know
where or how to get started.
Defining idea ownership, or "intellectual
property"
This legal term refers to any original idea,
knowledge or concept that has never been introduced by anyone else in the past.
This can be a new product idea, a unique process, or a concept that you are
introducing to the market. It can also be a new brand, name or business
tagline.
While it can be easy to protect
tangible business assets with insurance, there are other steps to take for
protecting intellectual property from your competitors that you need to be
aware of. These most often involve trademarks, copyrights, and patents.
Steps for Protecting Business
Ideas
1. Research the new idea or concept before
launching it. There may be a chance that your idea is not brand new and that
you may need to be careful not to infringe on another business's patent for an
idea. Consult with a patent or copyright lawyer who specializes in researching
databases of trade ideas and names.
2. Legally establish your ownership and rights to
use the idea openly in the market. This means filing the proper trademark,
copyright or patent paperwork to the courts for approval. Make sure to have
your documentation that you have already researched this to speed up the
process. Have the court retain an official record of this approval.
3.
Publish your idea in
an industry recognized format online and in a print journal or other
publication. This can involve writing a case history of your idea, how it's new
and improved, and who was responsible for developing this idea. Give all key
team members public credit for their portion of the idea, with a plan to share
this with your business network.
4.
Display all
representations of your idea with the industry recognized symbol, based on your
legal documentation. For example, a copyrighted idea will include a © as well
as the date, the name of your company, plus a statement of your right to use
this idea for your business purposes.
5.
Maintain all records
of initial ideas along with enhancements and updates. This is especially
important if you are in the business of frequently updating technology or
research products. Having a history and recording - this is important for those
who will run your company years after you leave.
If you choose to come up with an idea to improve an existing product or process that is not your own, then you will need to purchase the rights from the owner to use and make modifications to it first. Never attempt to steal another's idea, even if it's an old one and you think it's past the legally recognized time passage from its creation. Protecting your business ideas should be the number one priority because a competitor can easily swoop in and use it if you don't take the above steps.
About the Author:
Jennifer Motian works in patent sales. She’s been consulting businesses for over
10 years.
2 comments:
Oh god that post hit home for me. I wasted a year and a half chasing so many different ideas that I spread myself too thing. Those with an entrepreneurial mindset find it hard to stick to one thing – and I still do – but I have to keep reminding myself to stick to one thing at a time. Otherwise I’d get no where. This post is a nice reminder for me to stay on track – but wish I had read it years ago :)
Allen, I am happy that the post had actually helped you. I try my best to get posts and articles that will be of some help to onlookers.
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