Retain Your Intellectual Property Rights When Going To Market

Many entrepreneurs with bright ideas often come unstuck when it comes to marketing these ideas effectively. If an individual or company does not have an adequate means of finding their target audience, they may fail. If you have ever seen the BBC tv series 'Dragon's Den' you will appreciate that many entrepreneurs fall down when they are questioned about what exactly their product and thus their company is worth.

In such cases, it can be very tempting to move too quickly, if a potential marketing partner comes into view. The entrepreneur suffering cash flow problems may see this partner as solving all their issues i.e. getting the product developed and sold.

It is at this time that you should seek to have a consultation with a specialised IP solicitor. Intellectual property can be protected if the correct agreements are in place; the converse is that a potentially very valuable idea can effectively be handed to others to enjoy and exploit, should those agreements not be sufficiently robust.

One anecdotal example of this was a gaming software company that sought a partner to take its latest development to market. The partner, who was a major plc, put forward a draft agreement suggesting the software company assign their patents, along with a series of other extended liabilities. By employing an IP Solicitor, the company was able to propose a significantly more equitable agreement that protected their rights and limited their liabilities going forward.

It really is a case of who you know rather than what you know, as protecting your intellectual property relies on utilising an IP Solicitor who is well versed in the legal issues involved, including copyright, trademarking and how to apply for and register patents. Even displaying the term 'patented application pending' will be crucial in securing business and being more competitive with rival companies.

The message is very clear through the law that has been developed: plan ahead and protect yourself, and the cost of that early advice will be repaid many times over. The wealthiest business men and woman internationally will ensure that their bright idea or new concept is legally protected by retaining an experienced IP lawyer.