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thepatentdrawings-blog · 4 years ago

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How do I protect my business ideas?

In the last decade or so, the need for creating something which is not only bankable but is also an addition to the value of the society has increased. This demand has in turn led to the creation of several brilliant and innovative entrepreneurial setups in the market. However, with great ideas come great threats. Many times these entrepreneurs forget or probably are not aware of the fact that when they have a business idea, theymust protect it at all costs.

Hence, the most challenging question faced by several start-up companies is ‘How can I make sure nobody steals my million dollar idea?’ To answer the question, it all depends on your idea which is also called ‘Intellectual Property’ (IP) which includes almost any kind of original creation ranging between a novel, a logo, a song, or even a new process for developing films. Now, it is the duty of entrepreneurs to understand the basic principles of Intellectual Property toprotect their ideas fromthe aggressive and cut-throat competition that is prevalent in the market. The principles of intellectual property must be known by all companies, regardless of their size or the sector in which they are operating.

One must note that the rights of intellectual propertycan be about the most valuable assets that a company can own including the brand logo, the corporate identity, the various products, and services, or even processes that differentiate their commercial offer. It is essential for the success of the business that entrepreneurs should understand their rights and duties in order tosecure theirbusiness ideas.

As mentioned above, intellectual property plays a very crucial role in the success and profit rate of any business. But, the sector that is most commonly affected is the start-up industry. In the case of a start-up, the success rate is entirely dependent upon the innovation of the idea. Intellectual property has the following advantages that can help business entities to protect their ideas:

1. Intellectual property is an exclusive right that prevents third parties to produce, manufacture, or sell any innovation without the permission of the owner of the idea.

2. As the innovation is protected legally, there is no scope for competitors to adopt the same idea which in turn leads to the growth of the business.

3. Holding intellectual property rights showcase the innovators’ commitment towards the idea.

4. It allows consumers to demand and then consume innovative and different services and products.

5. It generates money by selling or licensing those products and services.

However, the process of protecting the ideas can seem daunting and complicated even if it has innumerable benefits. This leads to the ignorance of securing protection for the ideas by innovators. But, it must be noted that this process is worth the hard work and time devoted as it is in turn an asset to the company. The catch here is that the kind of intellectual property protection an entrepreneur needs is dependent on the nature of the business idea. Hence, it is necessary for businesses to decide which of their ideas fall into which of the options available, and then action must be taken to reduce the chances of losing protection.There are four main types of business ideas protection also known as intellectual property rights, namely, patent, trademark, and copyright. These intellectual property rights which can help you in securing your ideas are explained as follows:

1) PATENTS

A patent can protect the innovation created by an entrepreneur as it grants property rights to an invention, new products, and innovative processes. Getting a patent for your innovation will give you, the holder of the invention, the right to prevent others from making, using, importing, or selling your innovation without your permission. A patent is granted by the government which makes the idea property of the innovator. In India, a patent is granted for 20 years but must be renewed by the patentee every year by paying the renewal fee. Also, getting a patent for your idea allows you to license third parties to use your invention which in turn will generate royalties and thus provide you with an important source of revenue for the business. The procedure for getting a patent is a little complex. After the application is filed, a request for examination is made in order to examine the application by the Indian patent office. Later, a First Examination Report is issued, giving the applicant an opportunity to clear the objections that are raised in the report. The applicant has a period of 12 months to meet the requirements and if not, the application is marked as abandoned. If all the requirements are adhered to within the stipulated time period, the patent is granted. Patents can be further categorized into the following heads:

i. Patent utility

A patent utility is the most common type of patent that is sought byentrepreneurs and companies. Any useful improvement in any process, machinery, material composition, articles of manufacture is covered under patent utility. To apply for a utility patent, the innovation to be patented must be novel, innovative, and of having some value in terms of utilization. This patent lasts up to 20 years where the patentee must renew it on a yearly basis.

ii. Design patent

A design patent protects the unique visual qualities of any article including the shape and configuration. Here, it must be noted that the design must be different from the article itself as a design patent only protects the design. If the patentee wants to protect the structure or functions and features of an article, he or she can opt for utility patents.

iii. Plant patent

As the name indicates, a plant patent intends to protect plants along with any new and distinct variety of plants. For obtaining a plant patent, it is important for the plant to not be propagated by tubers as it cannot be found in an uncultivated state and must only be reproduced asexually, in order to ensure that the patentee can reproduce the plant.

2) TRADEMARK

A trademark is a sign that differentiates various products from each other and thus represents your business away. The owner of a trademark can get any form of a visual symbol like a label, combination of colors, brand name, number, tagline, or even a combination of all these elements protected so as to distinguish it from other similar goods or services originating from different businesses and also to identify their products and services. Only specific products of a certain class can be protected by trademarks as it is possible that other businesses register their marks that are identical or similar. For an applicant to get a trademark for his or her article, a clear representation of the mark and an identification of the class of products for which the mark is applied is necessary. It is important for a trademark to follow certain criteria such as the mark must not be descriptive, it must not include common last names or geographical names and it must not indicate royal patronage. The trademark is initially registered for 10 years and must be renewed within 6 months before the date of expiry of the registration. The procedure for getting a trademark is a little complex. After the application is filed, a request for examination is made in order to examine the application by the Indian Trademark Office. Later, a First Examination Report is issued, giving the applicant an opportunity to clear the objections that are raised in the report. The applicant must meet the requirements and if not, the application is marked as abandoned or is refused. If all the requirements are adhered to within the stipulated time period, the trademark is registered.

3) COPYRIGHT

A copyright protects the work of authorship and artistic work comprising of a painting, a sculpture, a drawing including a diagram, a map, a chart or plan, an engraving, a photograph, a work of architecture or artistic craftsmanship, dramatic work, literary work including computer programs, tables, compilations, and computer databases, musical work including music as well as graphical notations, sound recording, and cinematographic film. Copyright for any work created by a company or its employee is automatically owned by the company. In India, registration of copyright is treated as a record of a fact and thus registration is not mandatory. Thus, registration of a copyright is not a prerequisite for initiating action against infringement. The owner of a copyright has exclusive rights with regards to the usage, modification, performance, licensing, and display of the work. The work must be represented in a tangible means of expression such as a piece of paper in order to qualify as copyright. It is advisable to register the copyright as the copyright registration certificate is accepted as a "proof of ownership" in courts and by police authorities. The duration of copyright is the lifetime of the author or artist, and 60 years from the year following his or her death.

The question of what happens when someone steals your idea can be answered by infringement regulations that are available. It is up to you to enforce your patent, trademark, or copyright if any infringement occurs. You must constantly keep monitoring for infringements and with the help of lawyers, you can always enforce your rights through the courts.

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