- Ideas are money, and are stolen just as frequently
- But you can start protecting yours from day one, before receiving a patent or registration
- Make sure your business conversations don't make you vulnerable
- How to ensure you can trust your partners
From William Shakespeare to Facebook, no idea is too great to be appropriated by light-fingered opportunists. To make sure your next million dollar idea isn't stolen or copied, we enlisted the help of specialists in "idea security" to find out how you can avoid becoming a hard luck story.
Protection begins from day one
Protect yourself in advance of receiving a patent for your intellectual property, and one effective solution can be a provisional patent application (PPA). "A strong PPA will include potential workaround variations of the idea, manufacturing techniques that will be used to produce the idea, technical drawings, and a description of how the idea will be used," says Stephen Key, a specialist in licensing and entrepreneurship. "Filing multiple PPAs helps establish perceived ownership."
Make your ownership public immediately
Rather than trying to avoid attention, flag ideas as your own even at an early stage. "Use the right symbols in your media and marketing material alerts," recommends David Bloom, head of Safeguard iP, a specialist Intellectual Property (IP) insurance broker. Patent and design numbers can be added later, but always keep on top of renewals, advises Bloom. "To ensure the continued protection of designs, trademarks and patents, don't forget to pay renewal fees. Registered rights will expire if businesses fail to pay on time," he said.