Inventions are the creative ideas of a businessman that become a national brand. But every business person must figure out how to protect their invention from theft. Behind every creative mind is a lot of hard work and research. If that idea is stolen or somebody has taken it and executed it, it is very frustrating and painful.
To secure your invention, there are various strategies and techniques. If you apply, then the fear of theft must be less. These strategies include patenting your invention, trademarking, copyrighting, and more. Let's discuss how you can protect your invention from theft when pitching it.
Basic Need To Protect Your Invention From Theft
Once you have invented a product that you believe will be profitable for your business, at the same time, you think that thieves or your competitors can steal your invention. To avoid this problem, you can license your product to another entity, like a business or a manufacturer. When your product is licensed, your process will start for launching your product into the market.
- Go for mass production
- Do advertising
- Selling
After licensing your idea, revealing too much information in the market is easy, but the fear of stealing your idea increases. If you reveal your idea, the company you are pitching may work on your idea without paying you. So for that, there are several strategies that you must know to save your idea.
Fruitful Strategies That Help To Protect Your Invention
Business is not so accessible; you must sort out many things. To make a business on top, you must launch or invent new things that make life easy for every common person. Look at some strategies and techniques to help a business person make a secret invention.
- Trade Secret: The trade secret is beneficial when your idea can be kept secret. It is the least expensive strategy, so that every business person could take it. It only works when you have a method to manufacture a device and want to sell it at a trade show. Trade secrets can be done according to legal guidelines. When someone illegally steals your trade secret while following legal guidelines. Then the holder takes immediate action, which includes injunctions and monetary damages. You can also sign a contract, like a nondisclosure agreement, if you have a partner.
- Copyrights: It is the second least expensive strategy that helps to protect your invention from theft. If you are manufacturing a product or artwork that is your invention, you can go for a copyright. It is done by filling out a form that controls work reproduction, publishing, selling, or distribution. Copyrights are used by most artists, authors, or content creators. It is a tangible medium that helps to protect your work, but you need to register a copyright with the U.S. copyright office. You still have law rights, but registering a copyright adds to some additional rights that help to take legal action. It can be your artwork, a musical song, and many more.
- Trademarks: It is one of the best techniques to protect your invention from theft. The capability of a trademark helps to prohibit others from using a name or design that defines your brand name. It would be best if you were granted a trademark by the United States Patent and Trademark Office. You must consider their four steps, which include the following:
- Fanciful
- Arbitrary
- Suggestive
- Descriptive
Descriptive cannot be trademarked because a person doesn't need to register, which has limited trademarked rights.
- Patents: Another technique to protect your invention from theft is to go for patents. Trade secrets and Patents are almost similar. If you can keep your idea a secret from your competitors, then you can go for a trademark; otherwise, you should go for a Patent so that no one can claim your idea for its success. Patents work for twenty years, but on the other side, Trade secrets work forever for businesses to make a brand name.
Conclusion
While doing business, you must know how to protect your invention from theft while pitching it. If you start a company and want to become a brand, many competitors in the market must steal your idea and make theirs without paying you.
Before bringing your idea to the market, go for legal guidelines so that it will become profitable for your company. To protect your idea, you must consider the strategies mentioned above or techniques that help to protect your idea. After understanding these techniques, choose the best one for your company to save your idea and, on the other hand, make sure that the one you choose will be within your budget. It will help save your invention and set up a successful business or brand.
