As per the definition, a patent is a set of exclusive rights granted by a sovereign state to an inventor or assignee for a limited period of time in exchange for detailed public disclosure of the invention. An invention is a solution to a specific technological problem and is a product or a process. In simple words, it is a right exclusively given to a person for an invention which can be a product or a process. It is a right given by the government authority to exclude others from making, using or selling the same invention.
It is a natural phenomenon to fear that the idea might be copied or stolen by someone. But you just can’t sit with this fear. Sooner or later you have to go to an industry expert for asking them to evaluate your product or process. You need to get to the outer world and collaborate with a manufacturer or a distributor. But getting a patent for your product take years and cost you thousands of rupees. You can share your idea with different people but have to make sure of few things. Here are given few strategies to follow before sharing your idea with anyone.
- Do some research online.
Before sharing your product idea with anyone new, do some research. Search for their track record. Find out whether there are any complaints about their business practices? Get to know the work of their company and everything about them. We know that everything that you see online might not be true, but it is good to be satisfied from your side.
- Get a Non-disclosure agreement.
A Non-disclosure agreement is a contract between two parties promising of not sharing the information with third parties. When you are sharing your idea without patent protection then this is a must. Get the business to sign a non-disclosure agreement with you that commits them to confidentiality. An agreement which does not have an expiration date is more powerful than the one with an expiration date.
- Non-compete agreement.
When you hire someone for help, make him or she sign this agreement. This will help you as this prevent them from starting a business that would threaten yours by competing with your business within an established boundary.
- Work-for-hire agreement.
If you are hiring someone and taking their help to improve the product or service or to establish something then making sure to get this agreement done. This is an agreement which states that if the hired person has come up with any idea then you are the owner of it. However, you need to mention the name of the person who came up with a new idea or an improvement in the recent one as co-inventor. But the co-inventor will not have any right in your invention.
- Take help of trademark office.
For getting the patent protection you can file a provisional patent application online which will help you to establish your ownership.
- Maintain a beneficial relationship with your competitors.
YES, it’s necessary. If you want to protect your idea then you must have a mutually beneficial relationship with your competitors. Give business to your competitors and they will not create any interference in yours. Give them good profit and they won’t become a threat to you.
- Avoid revealing too much.
If you have to share your product idea with anyone, then only reveal the necessary information. Give only the necessary detail to convey your idea. A limited information can never be harmful. Avoid telling each and every detail about the product like how it works, its features and the needs.
- Trademark your name.
Company’s name is often linked with the idea. One way to protect your idea is to trademark your name. When you get your name trademark, then you are required to submit the necessary documents which will serve as a proof that your business idea was in work at the specified time.
- Follow your heart.
Whenever you are in danger it’s your instincts that start alarming you. When you see some person hearing your idea with great interest, ask yourself few questions. Ask yourself what is the motive behind his great interest? Is it to invest money or mere curiosity? Is the person trustworthy? This will help you to examine the person and will help you to take a decision. When explaining your idea to a newcomer, always reveal less as you possibly don’t know the motive and his past history.
- Write, write and write.
Try to document as much as you can. Written paper will serve as a proof in future if some crises occur. Keep an entry of all the meetings you had with third parties and all the details that you disclosed about your business. In this case, the chances of your idea being stolen decreases. Keep this log handy and overcome your fear.
