A proposal for a business includes many elements including pointers like MISSION and VISION of the business in 5 years time. For any business proposal it includes all the fundamental information such as the product or the services offered, the target audience, and a novel business marketing strategy that gives a company an advantage over its competitors is known as a business concept.
“New Idea Reveals How To Sell High Ticket Patent Business Ideas…Even If Nobody’s Ever Heard Of You”
A business concept may involve a new product or service or it may simply comprise a unique approach to marketing or delivering an already existing product.
Idea for business Innovation
Got a great concept for business? Great you have already taken the first step for a successful business !! Once a concept is developed, it is incorporated into a business plan.
Now you must be wondering what if someone else comes up with something similar? Idea for business must be protected.
Running a successful business is not a solo sport. We work with and through other people. In order to get off to a flying start, an entrepreneur needs investors, vendors, employees and may be a partner or a mentor. Thus eventually you have to discuss your idea with the masses. But what if someone steals your idea?
Ideas and concepts are valuable and throughout history innovative concepts have been copied or stolen.
“Idea theft” is an ongoing concern for many business owners and startups. A competitor could steal the idea and put it to use themselves. Instead of letting other party go away with your great concept and make a fortune, you should protect your concept by filing a patent.
As per the Patent laws, a mathematical or business model or algorithms or a computer programme per se are not inventions and hence are not patentable. HOWEVER, a hardware component to the flow diagram can make the overall business concept patentable. For a technology to be patentable, the technology must be incorporated into a new product or a process, involving an inventive step and should be capable of being made or used in an industry. For example Blockchain Technology, the talk of the town in itself is not patentable but if it is incorporated into a device it is patentable.
Similarlyideas and concepts themselves cannot be patented.
But when you take a concept and turn it into an invention or process that meets specific criteria and requirements, it can be patented. A patent can help you remain competitive in your field and give you an edge on your rivals.
You can apply for a Utility patent or a Design patent based on the nature of your invention. Utility patents are granted to inventions that pertains to a new and useful process or useful improvements of a process, machine, article of manufacture or composition of matter. Design patents are given for new and original designs for an article of manufacture.
You can file a provisional patent application or a non-provisional application with full specification of your invention. A provisional patent application is a quick way to protect your invention if it is in the abstract stage. It will establish an early filing date. But a patent will be issued only after a provisional application is accompanied with the complete specification within 12 months from the date of filing of the provisional application. If the complete specification is not filed, the application shall be deemed to be abandoned.
Make sure your invention is novel, non-obvious and has a commercial value.
Every complete patent specification shall fully describe the invention and its operation or use and the method by which it is performed.
For example, an individual has an idea pertaining to a software that can be used for buying & selling property and has the expertise to transform that idea into an invention that is a mobile application. With such an idea provisional application can be filed for that mobile application and later complete specification can be submitted which fully and particularly describes the invention and its operation or use and the detailed method of performing the same.
If your concept fulfills all the requirements to apply for a patent, and there are no other previously filed patents, then it’s time to apply for your patent.Patent filing requires money. Patents have filing fees and maintenance fees over the life of the patent and a large amount of money is required for the defence of the patent. If your idea fulfills all the requirements to apply for a patent, and there are no other previously filed patents, then it’s time to apply for your patent. But before filing a patent make sure that the patent generates enough profit to justify the expenses associated with its filing.
It is advisable to seek legal counsel and advice before filing a patent and get patent professional involved for writing and filing patent.
Patent filing in India involves the following steps for Idea for business protection-
i) Pen down your invention with as much detail as possible including drawings/ diagrams that explain the working or concept of invention. Brainstorm terms that effectively describe your invention along with their synonyms.
ii) Next step is to find out if the invention meets all the patentability criteria for the country in which the patent application is to be filed. Check the patentability of your invention by performing a search for similar technologies. A detailed patentability search helps determine the chances of getting a patent. Conduct In-depth review of patents as well as non-patent literature and electronic publications like books, journals, websites, technical catalogs and conference for similarity to your invention.
iii) If your invention is novel and meets all the patentability criteria, draft the provisional/ non-provisional application depending on the stage of your invention. If you are at the stage where you have complete information about your invention then you can directly go for complete specification. However if the invention is still in the development mode and tests are underway, it is a good idea to quickly file a provisional application to establish priority. Filing of the provisional application gives you 12 months of time to test and finalize your invention and file the complete application.
iv) Up on filing the complete specification along with application for patent, the application is published after 18 months of first filing. This is an automatic event and you need not make any request. However, if you wish to get your application published earlier, you can make a request for early publication (Form 9) and your application will ordinarily be published in 1 month from the request.
v) A request for examination is filed after which the patent application is examined. by a patent examiner and the examiner creates a First Examination Report (FER). During the process of examination, the examiner will closely inspect the application to ensure that the application is in accordance with the patent act and rules. The examiner also performs a search to understand similar technologies to ascertain if the invention would satisfy the patentability criteria. Based on the analysis, the examiner will issue an Examination Report to the applicant, stating the grounds for objections.
vi) Once, the First Examination Report is issued by the examiner, the patent applicant needs to successfully overcome the objections to receive a patent grant. The inventor and patent professional create and send a response to the examination in order to clear all the objections of the examiner. The whole process may involve responding to examination reports, appearing for hearing, etc. The ideal opportunity for putting an application all together for grant is 6 months (earlier 12 months) from the date on which the FER is issued to the applicant. However, this 6 month period can be extended for a period of 3 months by the applicant by filing a request for extension of time (Form 4).
vii) After all the objections are cleared, the patent is granted and is published in the patent journal.
Client Testimonial for Protecting Idea for Business:
Director at Wide Range International
June 24, 2017, Rajiv worked with Prity Khastgir IPR in different groups
It’s my absolute pleasure to recommend Ms. Prity Khastgir as a seasoned patent and trademark attorney in Intellectual Property portfolio research, cross border technology transactions, license agreements, etc. Prity and I are business-friends and are known to each other for quite some time now. I thoroughly enjoyed my time working with Prity, and came to know her as a truly valuable asset to absolutely any team. The grasp on subject matter is absolutely great along with a ability to summarise even the complexly wired matter pertains to IOTs and mobile applications, Software Development, Therapeutic Bilologics, Food Science, etc. She is honest, dependable, and incredibly hard-working. Beyond that she exhibit a “Keep It Simple and Straight” principle. Along with her undeniable talent, Prity has always been an absolute joy to work with. She is a true team player, and always manages to foster positive discussions and bring the best out of people around her
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Aanchal Verma, An enthusistic, adaptive, fast-learning person with a passion to develop new skills and solve new challenges.
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We are a niche patent consultancy & legal advisory firm based in India providing qualitative legal & technology law solutions for businesses in the Internet of Things (Iot), mobile application, pharma, biotechnology, life sciences, medical device, food tech, biomedical, chemical, healthcare, & other innovation based industries.
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