How Can A Small Business Owner Patent A Great Idea?

Rather than allowing someone else to profit from your brilliant concept, one should learn to safeguard their ideas from the start. It has been demonstrated that unique and ingenious ideas have been copied or outright stolen throughout history. Even though Nikola Tesla invented the radio, Guglielmo Marconi has been attributed with inventing it. But that’s not all. John Fitch gave Robert Fulton the idea for the steamboat engine. Even though Lizzie Magie invented “Monopoly” in 1903, Clarence patented it in the 1930s. Microsoft, Google, and Samsung have all been accused of stealing ideas from Apple. It’s rather simple for a business owner to protect a wonderful concept these days.

Applying for a patent is one of the most effective ways. So, rather than allowing someone else to steal your concept, it’s critical to safeguard it from the start.

What is a patent?

A patent is a limited-duration property right related to an invention issued by the United States Patent and Trademark Office in exchange for the invention’s public disclosure.

Manufactured goods, machines, industrial processes, and chemical compounds are patentable materials. The length of a patent’s protection is determined by the type of patent awarded.

There are three sorts of patents that can be issued: invention patents, utility patents, and design patents.

1. Utility patents are granted to anyone who creates a new and useful technique, machine, article of manufacture, composition of matter, and any new and useful improvement thereof.
2. A design patent is granted to the creators of fresh, unique, and ornamental designs for a manufactured item.
3. Plant patents are granted to anyone who invents or discovers a new and distinct plant variety and reproduces it asexually.

The reality is that a company idea, such as a specialty online jewellery store or a new chain of themed spas, cannot be technically patented. The way of doing business, on the other hand, can be patented.

Furthermore, it is important to be aware that patents are publicly available and that the USPTO does not enforce patents once they have been awarded; this is the responsibility of the patent holders.

Finally, a patent isn’t the same as a trademark, service mark, or copyright. Essentially, it is advised that one should acquire legal guidance and assistance when applying for a patent. Because patents are diverse and difficult, if you don’t properly complete the method, you may waste too much time and money on your patent and lose your precious ideas.

What is the value of a patent to a company?

Make sure obtaining a patent is the correct decision or the right moment for your business before you start researching and hiring lawyers.

A new company must:

1. Make the product
2. Get some sales
3. Ensure that your ideas are liked
4. And then get a patent.

If you follow the above guidelines and are eligible to apply for a patent, the patent will provide security to both you and your investors.

If you ever wish to sell your invention or technique to another company, a patent can help you negotiate a good price for it.

In its most basic form, a patent allows you to sue anyone who attempts to steal your intellectual property.

Value Accrual

Another reason to consider the patent application is that holding patents boosts an undertaking’s prospective value. They are assets that appreciate value over time and raise a company’s book value, making it more appealing. It’s also possible to sell it to a consumer. It can be licensed to other interested parties for a percentage of their future sales. Patents will, in any event, open up new revenue streams and improve a company’s financial stability.

Patents, trademarks, and copyrights work together to safeguard your company’s financial and intellectual assets. Proper research and application of these instruments can help to ensure future budgetary success and growth. There’s no excuse not to file for a patent now that the process is becoming more convenient.

How can one patent a great idea?

It’s a smart idea to file for a patent if you’re confident that their idea meets the standards and requirements for a patent, and you’ve checked to see if any other patents have already been submitted.

When applying for a patent, the nature of the innovation should be disclosed. In addition, a full written explanation and drawings or renderings must be sent.

Other ways to protect your ideas

• You can add patent and design numbers later, but you must keep track of renewals. We encourage you to remember to pay renewal fees to ensure that your designs, trademarks, and patents are protected in the future. Registered rights will expire if corporations do not pay on time.
• Keeping track of everything. According to experts, companies should maintain a note of every email communication they have about their concept.
• People are being asked to sign non-disclosure agreements (NDAs). Before discussing your thoughts with anyone else, have them sign a Non-Disclosure Agreement (NDA). Even if it’s a buddy or coworker, this applies. It may be awkward to ask, but it will protect you from theft in the end.
• Request that employees or collaborators sign NCAs. Employees and contractors will be prohibited from starting a competitive firm within a certain duration if they sign a Non-Compete Agreement.
• Create an IP culture. Experts recommend that the corporation implement an IP awareness program throughout the organization to ensure that all employees know the importance of intellectual property and the difficulties that come with it. You can either make one person in the company responsible for IP registration, security, and maximizing, or you can delegate that responsibility to an IP expert.
• Obtain a patent-in-progress. A PPA can be filed for a little price. This will protect the project for a year, allowing you time to collect funds or validate the concept.