Your ideas are the backbone of your startup. But if you’re not careful, people might try to steal your intellectual property (IP) and copy your products. That’s why it’s so important to get a patent. These allow you to protect your IP legally, keeping your competitors at bay. Let’s take a closer look at the importance of a patent for startups and some tips you can use to obtain one.
Maintain The Secrecy
At the beginning of your startup journey you likely won’t have a patent. Because of this, you need to be careful about how you show your product to potential investors. There are two reasons for this. First, if you share how your product works, the US law dictates that you have a year to file the patent. If you don’t file within this timeframe, you might not be able to get a patent at all.
Secondly, if you freely discuss and demonstrate how it works, someone might steal your idea. Fighting back against this type of theft can be difficult, as you will need to prove that you developed the IP first.
Thankfully, there is an easy way to keep people from discussing your invention. Many startups like to use confidentiality agreements. If people choose to violate these agreements, you will be entitled to sue them. It can also help to put employee agreements in place. These signify that the IP belongs to the business, not the person or team that created the product.
Be Clear On Your IP First
Choosing the right time to file your patent can be difficult. It is usually better if you have a clear IP first. When you initially come up with the idea, you can file for a provisional patent. This offers some protection while you fine-tune your product. But this type of patent only lasts for a year. After this time is up, you need to file the complete patent.
The problem is that your complete patent needs to build on what was outlined in your provisional patent. If you start testing and decide to go in a completely different direction, you might need to start from square one. This will end up costing you time and money.
Know What Is Out There
There are around 3.34 million patents in the United States. Because of this, it’s important to do a prior art search. This will tell you what patents have been filed for similar products. Your startup patent attorney can help you with this research.
Likely, parts of your IP will already be patented. If you make your patent too broad, it could be rejected. Or other companies might launch a challenge, creating a legal nightmare. But that doesn’t mean that you can’t file a patent. It just means that you will need a part-patent, to protect the elements that make your idea unique.
Consider Filing Multiple Patents
Usually, a patent covers just one IP. For a key product, this might not be enough. With a few slight tweaks, a competitor can copy your idea. That’s why large companies often have thousands of patents, covering every conceivable aspect of their products. As a startup, you might not have enough funds to file dozens of patents. But it still pays to consult with your startup patent attorney to ensure that your idea is securely protected.
Deciding Where To File Your Patent
Just because you have a patent in the US doesn’t mean that your product is protected in Japan. For each jurisdiction, you will need to file a new patent. Which countries you focus your attention on depends on your budget and where you intend to market your products.
As you can imagine, this can quickly get complex as each country has a different approach to patent law. A good startup patent attorney will help you navigate these complexities. Generally, if you file a patent in one country, you’ll have a year to file patents in other jurisdictions.
Monitor Your Competitors
Filing a patent for startup is just the beginning. You still need to monitor your competitors. If they try copying your products, you can use the patent to shut them down. But that’s not all, patents are public information. By monitoring what patents your competitors are filing, you can start to guess what strategies they are taking. For example, a sudden flurry of patents might indicate that they are planning to launch a new product. With this information, you can stay one step ahead.
Conclusion
Protecting your IP is critical to any startup. The last thing you want is for someone else to come along and steal your valuable ideas. Investors realize this and they won’t fund businesses that haven’t protected their IP. Thankfully, getting a patent for startups doesn’t need to be a difficult process, as long as you follow the best practices.
