I received a call from a panicky and distraught woman who has a product idea this afternoon. She began showing her idea to potential licensees without taking the simplest precautions to protect what she had imagined. Was she too hurried? Did she think she couldn’t afford to file for even a provisional patent application? Let me make one thing clear: although I don’t believe hiring a patent attorney and filing for a patent is a good first step, I do believe there are a few simple and inexpensive precautions every inventor should take to protect their idea. And to be frank, if you feel you can’t afford to take these steps, you probably shouldn’t jump in the game of innovation. I don’t mean to sound harsh, but if you fail to protect your idea in any way, there is a much greater likelihood someone will attempt to rip you off. You should wait until it’s the right time to invest in these precautions.
What are the simple precautions I advocate? First, filing a provisional patent application with the United States Patent and Trademark Office. Filing a PPA costs $110. I recommend buying a patent software program to help you, like Michael Nustal’s “Patent Wizard.” When you file a PPA, you earn a year worth’s of protection on your idea before having to decide if you want to file for a real patent. After a year, you will be able to determine if your idea is worth investing heavily into. Too many people rush out and hire a patent attorney to help them file for a patent before figuring out if their idea even merits such time and money. Do people want to buy your idea? Until you can answer this question thoughtfully and with evidence, don’t file for a patent. Use the tools the USPTO has provided us! Not doing so doesn’t make sense.
Second, make sure everyone you work with signs a non-disclosure agreement. This is a simple way to ensure that the conversations and information that transpire between you and a potential licensee or worker doesn’t go any further.
If you find yourself in a position where you cannot afford these simple measures, you should wait to show your idea until you can.
Stephen Key is a successful award-winning inventor who has licensed over 20 products in the past 30 years. He is a board member of Accudial Pharmaceuticals, Inc. and has a new book "One Simple Idea: Turn your dreams into a licensing goldmine while letting others do the work," from McGraw-Hill. Along with business partner Andrew Krauss, Stephen runs inventRight, a company dedicated to education. Teaching inventors and entrepreneurs the skills needed to successfully license their ideas. You can listen to the weekly radio show on inventing.
One Simple Idea is available in book stores and online book retailers nationwide. When you buy the book you get access to our our database of over 1400 companies looking for ideas as well as other bonus materials. Visit www.inventright.com to learn more.
