The products that you use in your day to day life, either it’s a pen or a torch, all initiated with an Idea…
An idea can be any thought generated in your mind intentionally or unintentionally and is intangible. An idea is your property that no one can touch or steal from you as it is generated from your intellect of brain!
Now, if you got an idea, it’s logical that you would like to convert it into a product or an innovation. This article will help you if you want to transform your mere thought into an innovation!
Recording or Writing your idea:
The first thing that you need to do is organizing, assembling and structuring your thoughts or idea by writing or sketching it on a piece of paper or by recording it in a tangible form if let’s say it’s a song or music.
Protecting your Idea:
Now, you have structured your thoughts but what if somebody steals your idea?
There exist many examples when someone’s idea for a movie story or a song has been stolen.
Nobody wants that! Right?
So, the next important step is to protect your idea by using intellectual property rights! But Can an Idea be protected?
And the answer is No!
An idea cannot be protected using intellectual property rights because you cannot claim a right for something that doesn’t exist.
But that doesn’t mean that your idea is not valuable. No innovation can happen without an idea.
To get these rights you must show some kind of manifestation of your Idea!
There are different kind of intellectual property rights like patent, copyright, trademark and trade-secret. Find out under what kind of rights your idea falls. For e.g. Novel, poems, or any artistic work falls under copyrights. Logos fall under trademark and design of devices fall under design patent rights. Off-course Novelty and originality are the main criteria to get these rights.
Now since you know your intellectual property, you can contact any IP office for applying for the legal protection of your idea. You may also hire an attorney or an experienced person to file an intellectual property rights (IPR) application.
Validation of the Idea
Before filing an IPR application you can also validate your idea yourself using smart tools available online. For example, let’s say you want to file a patent application for your idea. Before filing the application, you can verify the novelty of your idea using “XLPAT Novelty Checker” tool.
Novelty Checker tool
- Performs an automated search
- Worldwide coverage
- Maps patent as well as non-patent literature.
- Has an “Ideation” feature which helps you analyze the strength of your idea, top countries, top companies that are working on similar concepts. Also, it can help you to identify the white spaces so that you can modify your idea accordingly.
Bringing your idea to life and earning money:
Now, it’s the time to bring your idea to life, introduce it to the world and to earn money from your newly obtained IP rights. There are mainly three ways to make money from your IP.
- Use your IP to create a product, and then sell it in the market.
- License your rights to others so that you can get royalties on their every sale.
- Sell full ownership of your IP to other parties for a one-time fee.