How can a Great Idea be Patented by a Small Business Owner?

 

It has been a proven fact that innovative ideas are most of the time stolen. Therefore nowadays it is imperative for business owners to protect their business ideas by applying for patents. So instead of letting someone hijack your idea, it is important to protect it right from the word go.

What is a Patent?

A Patent is a right given to a patentee over a new/ novel or original invention for a limited period of time i.e. for 20 years. A patentable material includes manufactured articles, machines, industrial processes, and chemical compositions. 

There are three types of patents that can be issued-

• The Utility Patents are granted to anyone who invented a new or useful process thereof.

• The Design Patent is given to inventors of new or novel ornamental deigns for an article of manufacture.

• The plant patents are given to those who have invented or discovers and asexually reproodces any distinctive and new variety of plants.

The fact that one cannot patent the business idea like niche online jewellery store or a new chain of themed spas. One can however patent the method of doing so.

It is to be noted that a patent is not a trademark, as a service mark or a copyright. Most essentially it is recommended that one must seek legal advice when applying for a patent. Since patents are diverse and complex one may end up spending too much time and money on their patent, along with losing one’s valuable ideas, if you don’t properly complete the procedure.

How can a Patent Benefit a Business/Business Owner?

A patent registration provides an exclusive right to the business owner to make the product, get some sales and to make sure that your ideas are well liked before applying for a patent.

If you fllw the above mentioned advice then you are eligible to apply for a patent registration. Through patent registration a business or a business owner has an exclusive right to take legal action against any entity that tries to steal your intellectual property.

Value Accrual

Patent registration increases the value of the company’s profile. It is also possible to sell it to a consumer. It can be licensed to other interested parties for a percentage of their future sales. Patents will in future open up new revenue streams and help in improving a company’s financial ability.

How can a Business Owner Patent a Great Business Idea?

It is essential for a business owner to patent their business idea if-

• You are confident that their idea meets the standard and requirements of a patent, and

• You have checked to see if there are any other patents that have already been submitted.

One should disclose the nature of the invention when applying for a patent. One should also provide a detailed written description and must submit drawings or renderings.

Other ways to protect your ideas

Following are the other ways to protect your ideas-

• You can add patent and Design numbers later, but you need to renew your registration from time to time. We recommend the business owner to not forget to pay renewal fees to ensure the continuity of designs, Trademarks, and patents. If the company fails to pay the renewal fees on time, then the registered rights will expire.

• It is advised to document the idea which you have in your mind.

• You can ask people to sign an NDA so that it cannot get copied and stolen by others without your permission. 

• Build an IP culture. Experts suggest that companies can organize an IP awareness programme amongst the organization to create awareness of the IP and issues related to it. You can be responsible for the registration, security and maximization of the IP for one person in the company or you can assign that role to an IP expert.

• File a pending Patent. You can file PPA for a minimal fee. Within a year this will safeguard the project, giving you time to raise money or to validate the concept.