Creative people are always coming up with great ideas for things that can “make a fortune.”  Unfortunately, some great ideas need other people to make them happen—a designer, manufacturer, marketer…or some other resource.  Because of the need to share the idea to get others to make it happen, many entrepreneurs stop the process before they begin for fear of someone in the pipeline stealing their ideas.

So, how do you protect an idea?

You cannot patent an idea, although there are things related to an idea you can protect.  You can patent-protect a machine or a process for making something.  You can protect a visual appearance of an object—its ornamentation—with a design patent.  You can register a trademark for the fanciful name you apply to an object or a line of products, (but only if you at least make some efforts to sell the stuff). You can register a “service mark” if the thing for sale is a service, not goods.   If it is writing, you can copyright it; in the case of software, only specific code, not an algorithm, can be protected.

There are many nuances concerning what you can protect when, for how long, where, etc., and how you go about applying.  Avoid trouble by consulting an attorney who specializes in “intellectual property” and do it early in your process to keep the costs down.

Regardless of whether your idea has components that fit the criteria for pursuing a patent, which is not a quick or inexpensive proposition, you may want to do some marketing research first to determine if the investment you will need to make—time and money—is worth it.  Will the ROI be there?

Now the question comes up again—how do you do market research without tipping your cards and telling others of your great idea?

The best suggestion is to work with a third party—a negotiator (similar to an agent for an author or entertainer) — who is willing to sign a non-disclosure agreement to represent you.      All negotiation is about emotions, pretty raw ones, and is usually most successful when emotions are removed from the equation by a third party who is invested in representing you but more objective.  Plus, a third party implies that you are more serious than self-promotion-—your idea is worthy of the investment in professional representation.

The negotiator, who will act as your agent, should not only be excited about your idea, but needs to get inside your head in order to represent you well.  Do your homework and share as much about your idea or concept as possible with him or her.  Also discuss where you wish to be on the supply chain.

For instance, if your idea for a product is geared toward dog owners, decide if you want to manufacture, market at wholesale, market at retail, or just design the product.  Which pieces of the chain do you want to spin off or contract with others to join your “team”?

If, for instance, all you want to do is be the idea generator, then you will need other people to do the rest.  That means you or your negotiator/agent will need to find and negotiate with the players who will do the design, engineering, manufacturing, marketing, etc.

In reality, at this point, your negotiator also wears the marketing hat, since marketing your idea to potential “partners” or “suppliers” is really no different from marketing    already-existing products.  You need to clearly paint the picture of the market’s viability, profitability, and the “what’s in it for them.”

You should also think about presenting your concept to more than one company or person in the same role, so you will be able to compare the offers they may make.    While you ultimately only need one manufacturer, for instance, there is nothing wrong with contacting several.   (A good negotiator will get these other parties to sign non-disclosure documents as well, to ideally reduce your risk of “idea theft.”)

The bottom line is do not stop before you start—thinking that sharing your idea with others will land you with nothing.  If the alternative is to keep it in your brain and do nothing, you end up with nothing anyway.  What is the worse that can happen?

Remember, there are legions of ideas that made a ton of money for the folks who thought them up.  Think Hula-Hoops®, Pet Rocks®, the intermittent windshield wiper, and Mickey Mouse®.  These inventors took the risk and put the right team together, to make their ideas realities…profitable ones, at that.  You can, too.  Good luck.

©2005 Philip L. Marcus

Phil Marcus is a consulting negotiator and business growth consultant, and founder of The Negotiation Pro in Columbia, Maryland.  Write info@NegotiationPro.com or call 301-498-4766.

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