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3 Major Ways To Protect Your Business Ideas

We all get great ideas from time to time but don’t always follow through with them. However, if your idea is based on your business and you feel it could go the distance you will want to protect it as fast as possible. This is primarily because without legal protection anyone could take your idea as their own and develop it to fruition. The good news is that you can contact an intellectual property company to help you make wise choices for your business. It’s a simple process that will ensure the security of your ideas now and in the future.  Here are a few tips for getting started.

Trade Secret

This phrase is only really used when discussing a company secret and is a good way to keep your company-specific ideas protected. If you say that it’s a company secret, you can maintain it without contractual obligations. Of course, contracts are still a good idea! One of the best trade secret examples out there is Coca-Cola. They have never patented their secret ingredients for their formula for sodas, and, yet, all they have to do is keep the information controlled in-house. You could go down this route and save yourself some cash.

Non-Disclosure or Confidentiality Agreement

The next step of idea protection could be the NDA route. This is an agreement laid out for the terms of secrecy for your idea, and it lasts for a specified period of time. You can use the help of an intellectual property company here, or an attorney to make sure that your idea stays confidential. You will also be able to get customized NDAs to keep people from talking about what they know. You should always consider how much you give away when you do need to talk about your product or idea with other people. You could keep much of it quiet without giving away the main ideas and keep it confidential.

Patents

The last piece of the protective puzzle is patents. You may have heard of companies acquiring a patent for their product ideas. These are the legal rights of ownership of the intellectual property. There are plant patents, design patents and utility patents and any one of these could suit your product or idea. Once it’s granted, you have ownership of that patent for a specified time. It can take time for patents to come through, so get some advice before you apply for one.

 

About Madeline

Madeline is a mid-west mom of three who spends most of her time refilling ice trays and changing toilet paper...just kidding. She is a high school guidance counselor, all around funny gal, and a writer. Her first book, Be Happy Already!", is in the works.

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