Learn everything you need to know about contracts including NDA’s and partnership agreements. Dont relax when it comes to contracts and be sure to get professional legal advice.

May 24, 2015

Why patent an idea?

The most obvious answer to this question is, of course, to protect your idea. Based on the nature of your idea, there may be people ready and willing to patent your idea if you have not already done so. The application for a patent gives the owner of the idea the best opportunity to profit from the idea while, simultaneously, preventing others from copying it for their own benefit. However, although a patent prevents others from copying your idea, you do not have to have patent an idea to be able to exploit it. It has often been said that […]
May 16, 2015

Protect Your Invention Ideas without a Patent

You might be thinking, “How do I make my idea a reality without sharing it with others?” At some point, you will need to share your ideas with designers, manufacturers, distributors and marketing experts. The most common way of protecting your idea is, of course, to get a patent. Unfortunately, this process can be costly and patents can sometimes take years to be approved. There are, however, other cost effective strategies you can use to protect your idea from being stolen. Agreements There are a few legal tools to help protect your idea that include a Non-Disclosure Agreement, a Non-Compete […]
March 25, 2015

Business Plan for Inventors

As an inventor, we hope that your goal is to manufacture and sell your invention, transforming your idea into a reality. As ideas become products that fill needs in the market, the greatest accomplishment for any inventor is in seeing success firsthand from a product he or she developed. Besides, it is pretty incredible to see your product on the store shelf. When you make the decision to manufacture and sell your invention you are, essentially, making the choice to start your own business. And, with any good business, you need a plan in place to outline your priorities, finances, […]
March 25, 2015

Should You Start Up A Business?

So, you have an incredible idea. In fact, you think it is the best idea and could make you not only successful but famous as well. Does this mean that you should start a business today? No. Not yet. People start businesses for one reason and that is to be able to sell a product and pay taxes on that product. At this point in the process, all you have is an idea. Without a tangible product, you do not have a viable product to sell. In fact, beyond the idea in your head or a potential sketch on paper, […]
March 25, 2015

Inventors and Accountancy

Everyone has to do it; yes, even you. Keeping your accounting books up to date is vital to ensure your success and legitimacy in the world of business both now and for your future. Accounting, which is also commonly known as bookkeeping, is a necessary business practice that establishes your credibility while ensuring the maintenance of your budget by closely monitoring expenditures and profits. Generally, if you have any shareholders, partners or investors, they can legally request to view the business’s accounting books at any time with little notice. Providing this information quickly and transparently is the greatest acknowledgement that […]
March 3, 2015

Will Big Companies Steal My Idea?

So, you came up with a great idea that no one else has thought of yet. What do you do with it? There are two directions you can follow: 1. You either do all of the hard work yourself by getting the design, manufacturing, marketing and sales completed on your own. OR 2. You can approach some of the larger companies already present in the market selling similar products and try and pitch your ideas to them. Remember : No matter how great the invention, there are always inventors who fail to successfully get their products to market and, as […]
March 3, 2015

Non-Disclosure Agreement

A non-disclosure agreement (NDA) is also known as a confidentiality agreement which is a legal contract between you and another party preventing them from sharing your information or invention with others. To be able to share new knowledge and original work requires a lot of trust. It is essential to consider confidentiality before seeking a company to develop your ideas. What is a Non-Disclosure Agreement? A Non-Disclosure Agreement (NDA) is a low cost way to protect your business. When you and another party sign a NDA it’s an agreement that allows you to openly talk about the idea or the […]
March 3, 2015

Inventors and Business Partners

Business partners often join together in business with very little paperwork and planning which tends to cause problems in the long run. Most of the time, business partnerships end in tragedy that is characterized by anger over unmet expectations and false promises, which results in the potential loss of the business and relationships. To avoid these issues, ensure that you have a professional working relationship with your business partners. Here are a few suggestions. Financial Goals Are you both working toward the same goals? Be sure to discuss where you see your product going and, more importantly, how much you […]
December 25, 2014

Protect your invention ideas without a patent

You might be thinking, “How do I make my idea a reality without sharing it with others?” At some point, you will need to share your ideas with designers, manufacturers, distributors and marketing experts. The most common way of protecting your idea is, of course, to obtain a patent. This process, however, can be costly, not to mention time consuming as they can potentially take years to be approved. There are other cost effective strategies that you can use to protect your idea from being stolen. Agreements There are a few legal tools to help protect your idea. These tools […]
July 9, 2012

Types of NDA’s

Typically there are two types of NDA’s, a unilateral or one sided agreement and a mutual agreement. One Sided Agreement Most NDA’s are one sided and used by the inventor to protect themselves from any information that is disclosed to another party. Mutual Agreement Im sure you could guess this one. A mutual NDA is written to protect both parties who need to disclose information to each other. This mutual NDA is typically used when 2 parties are looking to merge or form a joint venture.