Wednesday, March 27, 2013

5 THINGS EVERY BUSINESS NEEDS TO KNOW TO PROTECT YOUR IDEAS


Every Business has IP. Every business has potential Intellectual Property (IP) that needs identifying and protecting, even at the idea stage. IP is not just for tech businesses or inventors. Your name or product name, branding, and customer lists are all valuable IP assets and need protection.

Patents are not the only Intellectual Property Protection. Many inventors understand patent requirements and process. However, patents are
not a necessity in every case and trade secrets should be considered for protection. Do not forget to consider the need to research any names for trademark purposes.

Not everyone will sign a NDA. We have all heard that everyone should sign a Non-Disclosure Agreement (NDA) but some potential investors may not be able to sign. Consider giving enough information to explain your concept but not enough to have someone replicate your entire process or product.

Mailing an idea to yourself does not work. Envelopes can be steamed open or mailed empty with ideas inserted later. Your brilliant idea needs to be uploaded and time-stamped by an independent 3rd party, like a notary.

You don’t know what you have until it’s gone. When starting a business, growing or hiring, or raising capital, the first step is to know what you have by identifying all your valuable IP assets. Don’t wait until it’s too late,
especially with secrets, the time is now to discover what your valuable IP.

Applying for funding or pitching is daunting and difficult. Starting a business can be intimidating. You don’t know what you don’t know. Traklight makes it easy to get in the know about your intellectual property (IP) and protect your ideas. Started by entrepreneurs, for entrepreneurs, Traklight transforms a once confusing, expensive process into easy, affordable steps, saving time and money with attorneys later.