The entrepreneurial road is not easy, and protecting your business idea can be no exception. It’s important to take the time to protect your ideas through a variety of means that will help you avoid theft or infringement by someone else who wants to profit off of your hard work. Here are three legal tips to make sure you do not lose ownership of your product, service, or invention.
1) Consult an attorney before filing any patent applications for new ideas. Developing any new idea, including a business invention, can be challenging and requires considerable time. Consult with an attorney before filing anything grounded in intellectual property law to protect your idea from theft or exploitation by another party.
2) Use a nondisclosure agreement (NDA). Nondisclosure agreements (NDAs) can protect both parties in a business agreement. NDAs are often used to prevent an organization from using another company’s intellectual property without permission.
3) Protecting all records related to the development process with intellectual property rights and patents.
History is filled with ideas stolen. Make sure you follow these recommendations to protect your invention. Even if it is not completed, someday it may will.