Everyone dreams of inventing something and then getting rich. But for those inventors that really have a practical idea that they need to get to market, there are steps in the process that should be followed. It is just as important to protect your idea as it is to market it. Any inventor knows you need an idea, seed money and then a production plan.
Protect Your Idea
Think about what you have invented and then think about how someone can steal it from you. Watch and learn about design and manufacturing. Think about what makes your idea special. How is it different from what is already in the market? What about your process makes it unique? And when you think that you have the idea ready to go, make sure to visit an attorney to have them advise you on the process to protect your idea.
Find Seed Money
A great place to go for this is the SBIR/STTR program. The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) are programs that were started to help small businesses innovate and meet the Federal government’s needs. They are designed to encourage domestic small businesses to engage in Federal Research/Research and Development ( R&D) with the potential for commercialization. For an inventor, it is a three step process to get you from idea to production.
Develop the Production Plan
Production of your invention is part of the SBIR/STTR program as well. Phase III of the SBIR/STTR process is commercialization. This is truly an inventor’s dream. It allows for the idea to grow and for it to be placed into production. The inventor can obtain Phase III funds, or even a production contract where the federal government purchases the production of the invention.
ABOUT THE AUTHOR: Carolyn Dragseth is an attorney with over 25 years of experience in Contracts, Business and IP law. She is a member of the National Business Association Leadership Council. She currently resides in Louisiana and is an active member of the Entrepreneurial community. She enjoys writing, horseback riding and hiking. She can be reached at firstname.lastname@example.org or at 225-888-0015.
This is not intended to be legal advice, please contact an attorney if you are in need of legal assistance.