Congratulations! You have created an invention that has the potential to generate profits. Now what? In these scenarios, inventors generally must find a company to license the rights to. These licensees are often the best way to market and monetize an invention. However, this can be a risky process since inventors run the risk of their invention being stolen without a patent in place. While hiring a patent attorney in Scottsdale will help your odds in winning a case if your ideas are stolen, there are additional steps you can take to protect your invention.
Apply for a Provisional Patent
If you believe that you can obtain a patent for your invention, file a provisional patent application. This will keep most businesses and licensees from stealing ideas especially when they realize that the invention is patent pending. It is important to note that a provisional patent application must be prepared carefully. If the invention description is incomplete or lacking critical details, the invention may be considered incomplete.
What if the Invention is Not Patentable?
In some cases an invention may not be patentable. A nondisclosure agreement can be used in situations like these to keep licensees from using your ideas. The agreement will help ensure that you will have the ability to sue if a company steals your invention. When you put together a nondisclosure agreement there are important components which should be included. An accurate description of the confidential information, any objections from the potential licensee, and a time frame for how long the agreement will stay in place.
When a Nondisclosure Agreement is Not Possible
Some licensees may not agree to a nondisclosure agreement. This can put inventors and their inventions at serious risk. If you find yourself in this scenario, evaluate the licensee’s reputation. It is not advisable to work with a company who will not sign a nondisclosure agreement and also has a bad reputation in the business world.