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Posted on: 15 June 2015

When you're in the conceptual stages of a new business venture, the design and development can be overwhelming. During this process, it's easy to lose sight of the integrity of your product concepts and designs. If you don't take the steps to protect your ideas, you face the risk that a competitor or a would-be investor might steal them.

Here are a few things to keep in mind when you are in the early development stages of a business or a product:

Information Sharing Isn't Always Good

One of the most important parts of securing financing and investments for your new business is pitching your business or product idea to people who have the money you need. When you design your financing presentations, you need to strike a balance between the information that is necessary and the details that make it unique. Don't reveal any information that isn't essential for the financing presentation, because that puts you at greater risk of concept theft.

Non-Disclosure Agreements are Essential

If you find that you need to reveal confidential or essential details about your product or concept, you need to be sure that the information is protected. The best way to do this is to request a signed non-disclosure agreement prior to any information being provided. Non-disclosure agreements prevent the individual from telling anyone else about your idea, protecting the integrity of your designs.

Provisional Patents Can Help

Many business owners and entrepreneurs put off the idea of applying for patents because they are expensive. If you don't have the budget for a full patent application right now, that doesn't mean you're out of luck. Talk to a patent attorney about filing for a provisional patent to protect your information temporarily. Most provisional patents provide you with concept protection for a temporary period from the date that you file.

Just keep in mind that you can't renew a provisional patent, so you'll want to apply for the full patent protection before the time runs out. A patent attorney can help you understand exactly what protections you're provided and may provide assistance filing out the patent application.

Intellectual property theft, including product concepts and designs, can be costly for an entrepreneur. It can be exceptionally difficult when the company that steals the information is a successful entity that can beat you to market. With the tips here, you can take the steps necessary to protect your concepts until you're able to bring your ideas to the consumer market.

To learn more, contact a company like Kaufhold & Dix Patent Law.