Here we have our suggestions and turn on Intellectual property through our personal experience of I.P.Lawyers, Patents, Trademarks, Design Right and Copyright. We have a few unique suggestions as a small business that has had a crash course in I.P. and the various pitfalls of I.P. from; facing a lengthy & costly patenting process to obtain a patent and dealing with a trademark infringement challenge with one of the worlds biggest internet brands & succeeding.
Please consider the following question and statements:
Do you need your idea protected or not, and what are you prepared to gamble? Finances & Time?
No.1 Are you prepared to invest the time and resources to obtain a patent for your idea or product? If so you need a realistic financial plan and funds for a lengthy & costly legal process that realistically may take 4 to 5 years before you see a return on your investment. This does not guarantee a water tight patent that hasn’t already been super ceded or become out of date before you get it to market. But with a good idea and patent you could potentially have a very lucrative & legally protected product long term.
No.2 Alternatively with the same resources, finance, time and energy forget a patent & take the risk of being the first product & brand to market. Could you prototype, tool and manufacture the product and saturate the market before the competition catch on. And invest in building a brand synonymous to the product and identifiable to the consumer, start turning a profit and create something more powerful than a patent.
Before even looking at developing a product and considering a patent ask yourself?
What is your Long term goal?
To establish a business around a product? Manufacture?
Or License the product? Sell product/ concept? Build a range of products?
Do you have a Budget for the following?
IP; Intellectual property i.e. patents & protection of idea.
Business Plan, Manufacturing, Marketing
Do you have a time scale?
IP: Trademark & Patent
Completion Date/ Co. Sale
Do you have experience in this market or business?
Do you have routes to market?
Contacts in manufacturing/retail?
Existing company/customer base?
How are you protecting your idea?
Have you disclosed details of your product to any 3rd parties?
Do you have a confidentiality agreement?
Do you have an IP Lawyer?
Have you filed Design rights?
Have you filed for a Trademark?
Have you filed a Patent?
If you are looking at developing a textile product please feel free to contact us for details on our business consultancy rates and services. Why not see if we are the right match for your project?