The Crux of an Idea
There is an old saying that goes, “The world will beat a pathway to your door to buy a better mousetrap.”  The opportunity to cash in on an invention is one of the top dreams an entrepreneur can have.  All it takes is thinking up something useful that no one else has built.  But having an idea is a far cry from earning big bucks from its sale.  There are a number of steps one must follow to reach that goal.

What is a Patent?
A patent is defined as the exclusive right to control an invention.  Once a patent has been issued, the owner can prevent anyone else from using it, manufacturing it, or copying it without permission.  There are three basic patent types - utility patent, design patent, and plant patent - with each covering different methods and lasting for different lengths of time.  A utility patent is usually good for 20 years and covers machinery and processes.  A design patent is usually good for 14 years and covers a particular design that does not fall under the previous description.  A plant patent is usually good for 17 years and refers specifically to an inventor who has developed a new type of vegetation.  Generally speaking, once the period of a patent has expired, the item becomes public property.

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A trademark search can, in actuality, be many different things. In theory, a trademark search is performed to determine whether or not the mark you are hoping to use is already taken by another. This allows an individual to apply with a greater level of confidence for the use of a trademark with the United States Patent and Trademark Office (herein referred to as the USPTO). A trademark search is, ideally, a comprehensive, analytical way of researching a name, slogan or logo for prior use.

A trademark search can also be performed in a sloppy and ineffective manner, and may not protect you from potentially infringing upon another’s name or logo. This is why it’s important to ensure that the trademark research you have commissioned is done comprehensively and thoroughly!

It is not unusual for a trademark research company to charge hundreds of dollars for searching the USPTO, which you can do for free. Comprehensive research firms search Federal, State and Common Law records, which is a more logical and thorough way to research your name. When commissioning research on your name, it is important to ask the company you’re considering using to clarify what exactly their searches entail, each step of the way.

Companies may try and save money in other ways, including letting you pour through the raw data they collect without any summary of what it all means. It is important to be sure once you’ve decided to commission research on your name, that the information is compiled into an easily readable report. Examining the results of your research can sometimes be difficult, even when placed in an edited report. If you’re left to decipher the meaning of a company’s raw data, chances are you may under react or overreact to the results.

When searching your name, it is important that phonetic spellings of the name are searched, as well as vowel variations.

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At one point or another, we’ve all seen a product or business name with a small, encircled R floating next to it. You’ve probably wondered what this R symbol really means, and how exactly it got there in the first place. Most people will tell you that it means something to the effect of “registered,” but that’s only a small part of the significance behind the circled R.

It’s correct that this symbol does imply the term registered, but registered with whom, and how?

A “registered trademark”, or ®, refers to a name, slogan or logo that has been officially registered with the United States Patent and Trademark Office (USPTO). Registering a trademark is beneficial to a business because it publicly states that your trademark is registered with the USPTO and therefore, you have exclusive rights to that name within your industry. This means that if your business had a registered trademark, and you found another business of a similar nature utilizing your name or logo, you would *likely have the legal right to use your name!

Each time an individual applies for a trademark, the USPTO performs a cross reference check of their name and/or design for similarities among Federally registered or pending trademarks ONLY. The USPTO search is lacking in State trademark AND US National Common-Law databases. Because the USPTO protects names in this fashion, you do not run the risk of another business utilizing and possibly soiling the reputation of the company that you worked hard to build!

Once you have applied for your trademark, the USPTO will consider it a pending mark for up to 18 months. This is among the many reasons why it is important to apply for your trademark sooner versus later. The sooner you apply, the sooner it is that you will be doing business under a registered, protected name!

*This is dependent on if the name is truly available at the time of filing.

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One of the things that new business owners tend to be very scared of is someone else stealing their business idea. After all, they’ve spent a lot of time, effort, energy and money developing the idea and the last thing they want is someone stealing the business idea and developing it instead.

I’ve even known a new business owner who completely abandoned his idea when he found out that a competitor had started more or less the same idea as him a couple of months before – what a shame!

Let’s break this down a bit and look at some facts and then I’ll explain how to protect your business idea, but also why you shouldn’t be too afraid of other people finding out what it is.

Right now, at this moment, about 60% of the working population are sat in businesses all around the country dreaming about starting your own business. However, only about 3% of people actually will start their own business. Why is this?

Well the most common reason that people don’t start their own business is risk and fear of failure. It’s hard work and risky to develop a business idea and have the confidence to actually start up. And, I believe it takes a special type of person to actually have the courage to go for it.

So, don’t worry too much about other people finding out. Even if they think your idea is fantastic and the best thing since sliced bread, it would take someone in the 3% of the population to actually go for it. Chances are that the people who find out are in the 60% of people who dream about starting their own business, but never will or in the 37% of people who don’t have any aspirations at all to start their own business.

OK, I hear you cry – but what if I tell someone and they happen to be in the 3% of people who really want to start their own business and they steal my idea?

Well, yes there is a small possibility.

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Making money from your ideas requires a combination of disciplined actions and “good luck.” The disciplined actions include taking advantage of legal protections and using good business practices. “Good luck” has a way of finding those who pursue opportunities with preparation and persistence.

(1) Recognize the market potential for your idea.

Observation and experience can provide insight for a new solution to an old problem. For example, Ann Moore created the “rough draft” first Snugli for her own newborn after a stint in the Peace Corps. She based her approach on her observation of the quiet, contented babies carried in cloth carriers by their African moms. She recognized that she had a potential product with a large market (parents who want comfortable ways for transporting children).

Tip: To evaluate the market potential of your idea, ask yourself, who will buy it? What problem does it solve? Who are the competitors?

(2) Take steps to legally protect your idea.

There was no financial reward for the creator of the smiley face, Harvey Ball, because he did not take steps to legally protect his idea and it fell into the public domain for all of us to enjoy. Similarly, the inventor of the World Wide Web, Tim Berners-Lee, reaped no direct financial reward from his invention, although he has been awarded a knighthood for his pioneering work.

To maximize the revenue from a “hit” character, SpongeBob SquarePants, a multi-pronged strategy was used to protect the intellectual property. Copyright protection for the show and registering the trademark in multiple categories covers a broad spectrum of potential spin-off products. You can check online at www.uspto.gov and see that parent company Viacom registered the trademark in numerous categories, protecting its rights to the clothing, toys, games, etc.

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