Uh Oh! Ideas Are Not Protectable Intellectual Property. Here Are 7 Other Ways To Keep Your Brainchild Safe
One of the challenges inventors and founders face is that an idea alone is not protectable intellectual property. That’s right - copyrights, trademarks and patents need not apply. Take Uber, for example, they had this great ride app share idea, but after time, similar apps were launched by competitors.
Not all is lost though! When an idea is the basis of your company, there are clever ways to create a wall of protection, even if the idea itself is still fair game.
1) Trademarks. Filing applications for trademark registrations will protect your brand name and logo, as well as any additional brands you use. There can be many! In fact, Uber has about 140.
2) Trade Secrets. Utilizing trade secrets can help you shield certain practices, processes and information. Coca-Cola and KFC have their recipes under lock and key, guarded day and night.
3) Patents. Filing patent applications is a great way to keep your idea from being copied successfully, especially if you have certain technologies that maximize the function of your idea. Uber, for example, has over 1,000 patents.
4) NDAs. Have a lawyer draft Non-Disclosure Agreements for you to use with business contacts, employees or contractors. For any company, new or old, it is inevitable to be in a setting where you have to share unprotected ideas, whether it be daily operations with employees, pitching to investors, or working out a potential acquisition.
5) Copyrights. The design of your app, website, photos and marketing materials are all copyrightable. This can offer an extra layer of protection against copycats.
6) Security! Bolster your security measures, especially for emails and data storage. Depending on your needs, that could be just regularly updating your email passwords, or encrypting messages and adding two-factor authentication for logging in to your management systems.
7) Use Discretion. Be careful who you share your idea with. This one might seem a little obvious, but it does not hurt to add this as a reminder. Having a great idea can be exciting, so it is natural to want to talk all about it.
So remember that with small pieces of Intellectual Property protection, you can keep your brain child safe. It has been working for Uber all these years later!