So you have an idea! You have been thinking about certain plans since many days or even months or even years, you also have ideations for the same. But you do not know how far that idea is going to work or whether that idea would fetch you money. Turning an idea into money is a very tuff task for everyone.
Consider you are not having a 3D printer in your basement. You’ve never put a product on the shelf at Walmart. How do you get that idea out of your head and into hands of the customer? Every product you have ever purchased started in the exact same place. Below are the three steps you can make your idea into product protect.
Protect it:
There are the lot of ways to protect Intellectual Property Right. For many product patents are the great place to start but only if you have an invention that is new and novel. A patent has to be novel-no one can ever have publicly invented, published, or used inventions before. If it is novel, you may be able to file the provisional application. The provisional application may, lack many of the formalities of full patent application. They also cost significantly less, making them a great first for individual inventors. Intellectual property includes more patents. Any computer code you write is protected by copyright the moment you type it, though it is always the good idea to register it. Make sure to annotate your source code with a copyright notice.
What if your idea is not new app or product on the shelf? your world famous flatbread cheese steak sandwiches, for example, cannot be protected by patent or copyright. You may, however, be able to stop someone from calling them phlat philles. A phlat Philly is more than the sandwich. It’s the flattened Liberty Bell logo on the wrapper and the cup of fresh daily cheese sauce for dipping or drizzling. As you build that brand, protect it with a trademark registration. Put a ™ next to that flat Liberty Bell; it puts everyone on notice that phlat Philly is your trademark. Anyone can make a flatbread cheesesteak, so make sure you’re the only one who can make a phlat Philly.
Validate it
Intellectual Property law exists so that inventors, authors, and entrepreneurs, don’t have to keep their original work secrets to protect them. If someone steals your work, then intellectual property protection in place start talking. The first talk to people whom you think might buy your product. Find out if your product or service is something they would buy. Find out how much they are willing to pay for it. All Intellectual Property Protection in the world is worthless if it is for a product or service that no one wants to buy. Investors, Licensees, Partners wants to see validation that people outside of your family think your product or service is great.
License it
After you have a conversation with the potential buyers, talk to the partners you will need to produce your product. Intellectual Property licensing is a favored business model among corporations and investors. It is efficient. why build a factory, recruit a sales team, or rent a warehouse when there already is an existing company with everything necessary to bring out product to market? All that company needs is your product. Companies license Intellectual property, not ideas. Your intellectual property is more than your protection from potential partners if they take your idea. It is an asset that existing companies will pay to use. The way you turn that great idea into money in the bank is to collect royalties on your patented dog toy. Or to receive an annual fee to license your software code. It’s your partnership in the phlat Philly franchise.
