Home    Subscribe    Write for Us    FAQ    Contact    HubGarden    Login

5 Things First Time Inventors Should Know About Protecting Their Ideas

by Alex W (follow)
Business (99)      Entrepreneur (9)      Inventor (1)      Inventions (1)      IP (1)      IntellectualProperty (1)      Patents (1)     
1. Without intellectual property protection, your ideas may be copied by others

Economists tell us that copying is good for the economy because it leads to increased competition in the marketplace and to lower prices for consumers. Whilst copying may be good for the economy, it’s not good for inventors to have their ideas taken and prices driven down before they have an opportunity to make a profit.

2. There are different types of intellectual property protection

The owner of a patent has the right to stop others making, using and/or selling (etc) the invention covered by the patent. The invention could be product and/or a method. Standard patents last for up to 20 years. Many countries have shorter term patents intended to cover ‘lesser’ inventions. The Australian innovation patent lasts for up to eight years.

The owner of a design registration (AKA design patent) has the right to stop others making, using and/or selling (etc) products covered by the registration. Australian design registrations last for up to 10 years and cover the appearance of a product. Design registrations cannot be used stop competitors making, using and/or selling products that look different to the registered design, even if the competitor’s product incorporates copied functional features.

Trade marks can be registered in relation to selected goods and/or services. The owner of a trade mark registration has the right to stop others using the registered trade mark as a trade mark in relation to the selected goods and/or services. A trade mark is sign, such as a name and/or a logo, that can be used to give a purchaser an indication of the origin of the goods and/or services.



Chain Rammer Patent

Chain Rammer Patent - via Wikimedia Commons

3. It’s important to keep the idea secret

General speaking, an invention and design must be kept secret until a patent application and/or a design application has been filed, if patent or design protection is of interest. If not, your patent or design protection could be ruled invalid.
Australia, the US and Canada have grace periods for applying for patent protection. These are best viewed as fall-back options that may allow you to salvage the situation if you’ve failed to keep the secret.

4. Intellectual property protection isn’t enough

Patent, design and trade mark protection should be part of a broader business plan. IP protection by itself will not lead to revenue. Typically, it’s a long road from a good idea, even a good patented idea, to a profitable business.

Turning a good idea into profit will likely involve finding a manufacturer, establishing distribution channels and marketing. All of this will take time, money and hard work. It’s important to budget for this before starting on a project that you can’t afford to follow through. Even if you plan to sell your idea, say selling your patent application at an early stage, finding a buyer isn’t as easy as it sounds.

5. A good adviser can make all the difference

Any attempt to navigate the intellectual property system without the aid of an experienced professional adviser is unlikely to be successful. Talk to a number of advisers before settling on one.

Typically, IP advisers are highly specialised. One patent attorney may focus on mechanical inventions whilst another specialises in organic chemistry. If patent protection is of interest, it’s important to find a patent attorney with a background that matches your invention.

Indeed, it may well be appropriate to settle on more than one adviser. In the past, most patent attorneys were also trade marks attorneys. This is no longer true. So if trade mark protection is of interest, that may well require a different adviser with a different set of skills.

Ten questions to help you choose a patent attorney
How to protect your IP

#Business
#Entrepreneur
#Inventor
#Inventions
#IP
#IntellectualProperty
#Patents
I like this Article - 2
[ print friendly ]
More Articles by Alex W
%%Image via %% For some companies travelling for business is just simply unavoidable
1 like
Small and medium sized businesses often have a hard time managing their social media programs
4 likes
**5 Ways to stave off disasters at your small business' first event** Planning a large event, suc...
1 like
view all articles by Alex W
Articles by Alex W on Other Hubs
ID: 36017
[ Submit a Comment ]
Trending Articles
%%Image via %% For some companies travelling for business is just simply unavoidable
1 like
When starting a business, it is hard to gain exposure, which is essential to make money
5 likes
Many people who have worked for larger corporations revel in the idea of starting a small business
5 likes
So, you want to run your own business but you fear giving up that “perfect” job that keeps the bills...
6 likes
There is a new “buzz” in the air – having a business that costs next to nothing to set up, working m...
2 likes
Rina Chia is the %%'Business Boss'%% behind Take 2 Markets, an innovative concept giving ladies the ...
7 likes
Whether your business website sells a product or service or is simply an online space which explains...
7 likes
Many people dream of being their own boss, having the flexibility to work whenever and wherever they...
1 like
Unless you have been hiding under a rock, you have no doubt heard people talk about "Social Media"
7 likes
Kate Iselin, a female entrepreneur with a flair for fashion, design, feminism and current affairs, s...
7 likes
Categories
Trending on Other Hubs
 
Copyright 2012,2013,2014,2015,2016 On Topic Media PTY LTD. ABN 18113479226. mobile version