Any successful business requires innovative thinking to succeed. Creative-minded people come up with creative business ideas from time to time. Such innovative ideas have the potential of making the business successful. Unfortunately, many cunning people steal the opinions of others and pass off lucrative business ideas as their brainchild. As a result, people with genuine creative brains do not receive due credit.
Thus, veterans claim that creative people should protect their business idea with a patent. A patent is a legal document that ensures the owner's exclusive rights over an idea for a fixed time. Now, many people are not sure how to patent an idea.
Steps For Protecting A Business Idea
Acquiring a patent for a business idea involves many steps. Any innovative business idea must be protected. A positive business idea helps business people reap the rewards. So, greedy profit-lovers should not be allowed to take credit for a quirky, profitable business idea. Technically speaking, it is impossible to patent a business idea, but the method of doing the business may be patented. Now is the right time to know how to patent a business idea. The procedure is as follows-
Publicize The Ownership
A patent holder should display a correct brand logo in the media. It needs to be evident that an owner is speaking regarding the patented product.
Every patent needs renewal after a fixed time. So, the renewal fees must be paid on time. The patent holder has to flaunt a patent across all social media platforms so that nobody even tries to infringe it.
Document Every Conversation
Any communication about the patented business idea should be done through emails. If someone well-known tries to steal the patent, the emails may be used to lodge a case of patent infringement against the culprit.
Encourage Collaborators To Sign An NCA
NCA Stands For Non-Competent Agreement. A patent holder should encourage the collaborators to sign a non-competent agreement, agreeing not to launch a rival business within a particular time.
Request Outsiders To Sign A Non-Disclosure Agreement
A non-disclosure agreement or NDA maintains privacy about business deals. So, the patent holders are within their rights to request people for signing a non-disclosure agreement. Any people with whom the business idea needed to be discussed, at any phase, might be asked to sign a non-disclosure agreement. It protects against idea theft.
Form an IP Culture
An IP awareness policy needs to be created throughout the business. In such a context, it is of utmost importance to file a patent-pending application. It takes a small sum of $100 to file a patent-pending application.
A patent-pending application protects a business-related idea for a year. Business people might use that year to validate the concept or develop their business.
Check Whether A Business Idea Qualifies For A Patent
The patent-holders need to do adequate research about the concept. After a thorough investigation, they may determine whether it adheres to the existing business laws. They also need to do market research. The research should highlight whether the patented idea will generate revenue after it develops into a full-fledged business.
The business idea should be new, non-obvious and useful. After the concept develops into a full-fledged product, it should be designed for practical use. The idea should be too unique, and any similar image should not be available in the market.
Prepare a Prototype Of The Invention At The Time Of Patent Filing
A prototype is used to highlight all the features in the inventor's journal. The prototype creates something tangible to display to potential inventors. Hence, it is advised to prepare a prototype of the invention while filing for the patent.
Follow Guidelines While Creating a Prototype:
The process of developing a prototype may bring to light the defects in the design of the business. A few guidelines while creating the prototype are as follows-
- Drawing a diagram of the idea in the inventor's journal
- Developing a mock-up through a 3D model
- Creating a fully functional model
A few businessmen might find a prototype too expensive to be affordable. They might substitute the real-life prototype for computerized ones.
Understand the Cost And The Patent Type-
The procedure of dealing with a patent application is expensive. New business people might need to look for investors or take a loan to pay for the patent.
There are three types of patents. They are as follows-
- Utility patents
- Plant patent
- Design patent.
The businessmen need to understand which patent will be most suitable for their business idea. They should apply after they figure it out.
Understand a Provisional Patent’s Concept
A few businessmen may want to file a provisional patent initially. A provisional patent is a document that the businessmen file with the USPTO. It allows the businessmen to apply for an early filing date for the non-provisional patent. It also provides a "patent pending" status to the relevant documents.
Hire an Experienced Patent Attorney
The experienced patent attorneys ensure that the patent protects the business idea. They make the patent application language strong enough to confirm a monopoly of the image to the businessman. A patent equips the businessmen with the right to exclude others.
Patent attorneys understand the technical jargon of certain industries. So, they know the best language to use while filing a patent. They are capable enough to draft out the application of the patent and add required illustrations or diagrams.
They can also help the businessmen determine whether an idea qualifies for a patent. Patent attorneys are qualified to understand whether the idea happens to be new and non-obvious. There are a host of differences between a patent agent and a patent attorney.
Conclusion:
We hope that this article answers the question of how to patent a business idea. A business idea that has a patent has higher chance of succeeding in the commercial sector.