Steps in securing your invention

You may believe that the difficult portion of the process is over once you’ve come up with a product or prototype idea. Unfortunately, you are mistaken. As you work to bring your product to market, one of the most onerous challenges you’ll encounter is protecting your idea. If you don’t take the necessary safeguards while you pitch your product and word spreads, it will be tough to protect yourself. Consider these three critical procedures and suggestions for safeguarding your idea.

Begin the Patent Filing Process

The patent procedure, believe it or not, takes a long time to finish. The lifecycle of your product will go through many modifications and upgrades during this time, therefore it’s better to start the patenting procedure as soon as feasible. “Patents are issued by the United States Patent and Trademark Office,” according to the Department of Commerce. They allow their owners to prevent others from producing, selling, offering for sale, or importing a patent-protected innovation.” You should be familiar with the following key phrases and steps that will aid you in the patent application process.

  • Pre-filing: Conduct a simple patent search before filing to check that a similar patent has not previously been filed. This will save you time and money by preventing you from wasting time on a product that you have no possibility of producing.
  • File a Provisional Application: While this does not result in a patent, it does provide you with a filing date with the Patent Office and the right to mark your property as “patent pending.” A provisional application allows you to work on your product for another year.
  • Maintenance Fees for Patents: To keep your patent, you’ll have to pay fees along the road. Make sure these payments are paid before your patent expires. If you don’t, others will be able to produce your product without repercussions.

Use A Nondisclosure Agreement

The best way to protect your creation is to obtain a patent. If you’re unable to do so, requiring individuals to sign a nondisclosure agreement is another option for providing protection. Even if you can obtain a patent, nondisclosure agreements can give an extra layer of protection and may help you avoid a lengthy legal struggle by discouraging individuals from sharing or stealing your invention.

The following factors are commonly emphasized in nondisclosure agreements:

  • What Can’t Be Shared and What Must Be Kept Private: You should make a clear distinction between secret and non-confidential material. On the contrary, you should spell out exactly what isn’t covered. If the data isn’t unique and was created without your knowledge, it shouldn’t be secured.
  • What You Expect of the Person Signing the Agreement: In most cases, you expect the signing party to not break the agreement, incite others to break the agreement, or incite others to illegally obtain the sensitive information. You should nevertheless spell out these terms in writing to ensure that everyone understands them.
  • How Long Will the Nondisclosure Last? You should specify how long the nondisclosure will last. To allow yourself enough time to finish the innovation, you’ll want the nondisclosure to last longer. In the United States, the average period of nondisclosure is five years.

If someone violates their nondisclosure agreement and causes you financial loss, you can sue them and seek damages. You must also be aware of what the other person anticipates from you. You may be requested to sign a mutual nondisclosure agreement, which means the other party will also share confidential information with you. You could be sued for civil damages or patent infringement if you enter a mutual nondisclosure agreement and use this material.

Always be wary of who you put your trust in.

Money, unfortunately, is a powerful motivation. If you haven’t yet secured a patent or asked them to sign a nondisclosure agreement, trusting your best friends or even family members can be a mistake. They may think the steps are excessive, but they should understand that you’re trying to protect something you’ve invested a lot of time and effort in. Even if you believe you can trust them, revealing your invention’s secret with them before you’ve protected it can be quite costly. They could take your idea and market it as their own, putting you out of business.