- Register your idea
Contact a patent or intellectual property attorney and register your idea. It is important that the exact and minute details of your product are written down and registered to distinguish it from any similar ideas. It is also important to consider where your product may end up in the future and if there are any overseas laws or regulations that you need to consider.
- Don’t talk about it
Before you have had the chance to adequately secure your intellectual property, avoiding discussing your idea. Be careful who you trust with this vital information and do not promote your idea in any sort of public forum. Until you have officially secured your intellectual property, anyone can take your idea and create it for themselves.
If you are working in a partnership, it is recommended that you speak with an attorney and sign non-disclosure agreements.
- Record your idea in detail
Ensuring you have detailed drawings, descriptions, plans and general records that can prove you have been working on your idea will help if anyone challenges intellectual property ownership. Ensure the information is dated to show when you were working on the idea.
- Apply for a trademark
Once you have a business name and logo for your idea, register an original trademark. A memorable trademark will help you stand out from any competitors and can help in promotion of your product in the future. You should also use the correct copyright symbols on all documentation and development of your product. This will further enhance your ownership of your idea.
- Get a patent
Patents can be purchased to cover a wide variety of physical products ideas and designs. While they can cost up to $200,000, if your idea is truly groundbreaking, it can be a very good investment for the future of the product.
- Make the investment
Securing your intellectual property rights can be costly and time consuming, however putting in the effort now may pay off significantly if any issues arise in the future.