Shark Tank is a show all about amazing ideas (and some not so amazing ideas). One of the key elements any potential investor asks is if the company has a patent. They also refer to it as a proprietary technology, which essentially states that no competitor can easily mimic the process or product that makes the business unique. Patents rest at the heart of modern business, and they are incredibly important.
A woman appeared in an early episode of Shark Tank Season 3 and said that she established her patent, but she began working overseas. Through that process, her procedures and ideas were sold by her manufacturer to a competitor, hence, they broke the patent business law so the matter should be clear. Unfortunately, it rarely ever is; she had to take proactive action to build from this exploitative decision by the manufacturer.
It was unfortunate that this woman was taken advantage of, but in the world of business these things can happen. Below are three ways a business owner can use business law to protect their most valuable asset–their idea.
* They need to assess who could potentially breach their patent. Foreign manufacturers are especially willing to do so because they are much less likely to face a consequence from American patent law.
* They also need to explore ways in which a competitor can circumvent that patent. Is it possible for a competitor to make an easy change and file a separate new patent? If this is possible, the original brand needs to file that patent as well.
* They need to expand their pool of patents. For example, they have one strong idea and a patent; they could patent other related ideas and items for future use, which can help add equity to their brand. If they choose to expand into those fields, then they have the patent lined up.
If a business is successful and has a great idea behind it, patent exploiting will happen, so professionals need to not just file their patent but remain proactive about it. Visit website to discover new ways to explore patent law and build a brand. Some very smart business leaders have been made by poor patent decisions.
