The smart way to protect your business idea

The unique idea and turn it into a business. Image: businessnewsdaily.com

You must understand that an idea that makes a product and services can be successfully marketed and sold very important for protection, especially protection of the law. Industrial spies or competitors are secretly carried a foreign country is very likely to steal an idea or technology that is being developed by a person or a research institution and by a company. 

Do you have an idea that will generate millions of dollars in profits a year, even every month? Well, your idea is in dire need of protection.

A song, movie, novel, or comic book is usually protected by the laws on copyright, and the creator of such protection in the country and abroad. A novelist or songwriter could make a fortune as it gets royalties from their creations. If you managed to find or create a product in the field of technology, then you need patent protection, then you can get the protection of the patent laws. You need to understand about what is meant by patent; the invention must not be a scientific or mathematical discovery, method or theory, or a way of playing game, performing a mental act or doing business.

Protect your invention with a patent. Image: mithought.com

Understanding patent

Just as a song or comic, then the findings in the field of technology or food technology must be ensured an original idea and unique before you are entitled to get a patent protection. You must register with ideas and products that you find to the patent office. You can register your patent rights in foreign countries and of course in our own country. 

Patent office will check the authenticity of the patents that you submitted. Once granted the owner of the patent can then use civil law to take legal action in order to prevent someone else from using, making or selling the invention without permission. You can sue anyone who imitates technologies, services or products that you create.

If you find a unique and original idea in the field of technology and services, and invention that you do by yourself or with your colleagues, yet sometimes you need the cooperation with a company or investor to make the invention that you can make money. In this process you should make an agreement document that should not be the only benefit the investors only. My advice, please do not sell your invention with a once in a lifetime price for it, you should make sure that you can enjoy the sharing of fees as long as possible. If you do not understand the legal aspects, then you need a lawyer to give you advice and assist you when making agreements with the investors. In a fair deal, then each party should certainly enjoy equal rights and obligations, and bind to each other.

Before tying yourself to an agreement with a company, make sure that you have done research on the investor or the owner of the company and the reputation of a company, so you will get a fair deal, and you get paid appropriately. This research can be done online, also from business magazines, even you also need to investigate whether the investor or the company has a poor track record, especially in regard to patent or copyright issues.

Inventor and entrepreneur mindset

According to the website wikiHow, patents are expensive, and usually require Thousands of dollars in filing fees, plus attorney's fees. Some inventors choose to try to sell an idea without a patent, so they can avoid the costly process and still earn money from the idea. It is commonplace in the minds of investors, and then you have to be vigilant and do not be quick to give up. There are many companies who have good intentions and ethics more business you can trust. Therefore, when you are presenting or demonstrating your invention, you have to maintain that you can maintain the confidentiality of your invention tightly.

                     Protect your ideas with a binding agreement. Image: advantagebizmag.com

If possible, make a more fruitful cooperation for the long term; if you get a business partner who eventually invites you as a shareholder in the company. Your idea will be developed further with new invention or improvements, and the resulting product or service can be a registered trademark. In this case not only recognized your skills as a researcher with a variety of great discovery, but you are also going to be an entrepreneur like Thomas Edison, the inventor of the light bulb. Please understand a researcher usually eccentric, but for a while you have to think as well as a successful entrepreneur candidate. You do not just think about the protection of patents and royalties, you should be able to think and act out of the box, in this case think like an entrepreneur.

Even if you do not successfully get a business partner who believes in the implementation of your invention, then you do not give up because there is still a way out. You can search for a venture capital company or you can use your own capital, or seek funding from financial institutions such as banks. If you can make a proposal that is feasible and bankable, and profitable business, then you will be able to realize your dream to make your invention as a profitable product or service.

If an inventor also at once had a mindset like an entrepreneur, then you not only make a profit for yourself, then you will be able to open up jobs for many people in your country, even to expand abroad. You have changed from the genius became extraordinary because you have added value to millions of people.