We all know that it’s not always easy being the inventor. You’re always being looked at as if you have something new to contribute. You get requests for patents and funding, even if your product or process is pretty good. In order to keep your dream alive, you need to come up with a good business plan.
A good business plan will help protect you against what are called “intellectual property thieves” – people who obtain the rights to use your invention without permission. When we refer to” Intellectual property thieves “we mean people who sneak out of a client’s or customer’s invention, copy it, and sell it illegally. (You should also set up a confidentiality agreement and a non-disclosure agreement.)
While many inventors start their businesses with grand plans, they often lose the money needed to make those ideas a reality. If you’re going to be successful in the invention industry, it’s important to set aside enough money to fund the projects, and to protect yourself from liability if your invention is infringed upon. Without these protections, you might find yourself working under contract to an unreliable source. This can happen if the client does not carry proper intellectual property laws into the business. (This is a very common problem with start-up companies, and is a frequent reason why new businesses fail.)
The key to coming up with a good idea is to brainstorm everything first. The more time and energy you invest into coming up with a good idea, the less likely it will be stolen by another competitor. While there is a lot of competition in the invention to market, there is also a lot of collaboration – innovation happening between inventors, who come up with better ways to make the product or process better.
Good ideas don’t always sell well, though. Sometimes it takes a new invention idea with a proven track record to generate sales for the inventor. In the case of the invention industry, where innovations happen every day, it is even more important to have a good idea to bring in business. It makes sense, then, to spend some quality time looking at the various ways that new inventions are being made.
If you feel as though you might be ready for a new invention, but are unsure of what is out there, don’t hesitate to talk to some professionals. Your local university may have some helpful resources to help you learn about the different kinds of inventions that are out there. Additionally, your patent attorney may be able to give you tips for inventors on how to go about filing for a patent. Keep in mind that the patent process can be a lengthy and complicated one, and that you should make sure that you are prepared to put in the time and effort to get your new ideas patented.