Loose Lips Sink Patents: Protect Your Invention with an NDA

Transcript

loose lips sync patents how can you protect your big idea or invention with the non-disclosure agreement patents protect inventions but before a patent is filed non-disclosure agreements or ndas are vital for keeping your ideas confidential here's how ndas help innovators and businesses protect their inventions during development I'm Julie king of King Patt and business law and this week I'm talking about how using ndas can help you keep your intellectual property business secrets and financial Secrets confidential when people think of inventions they think of patents patents are great for protecting inventions but a patent isn't always the best way to protect an invention whether a patent is wise or not an NDA is one of the most important tools sometimes more important than the patent in protecting an invention here's why ndas are a must for patent protection ndas are the best protection to guard unpatented inventions by ensuring confidentiality before filing a patent application or if you never file one ndas help ensure that your invention stays confidential when discussing it with potential investors manufacturers or collaborators did you know it matters when the public learns about your invention or big idea one of the most important aspect ects of an invention NDA is preventing public disclosure this is essential for keeping your invention private to maintain its novelty early public disclosure can jeopardize your ability to secure a patent because you only have 12 months after the public knows about it to file an application and what counts as the public knowing about it may surprise you ndas keep those discussions private preserving the novelty of your invention nda's also help clarify y ownership by establishing who owns the intellectual property when you're working with Partners ndas can clarify ownership of intellectual property when you're working with contractors or employees ensuring All rights to the invention remain with the original Creator or the person to whom the creator has assigned the rights NDA is enhance negotiations too they Foster trust with potential investors or manufacturers ndas facilitate open discussions by creating a secure environment for sharing technical details fostering trust between the parties here's where ndas help when a patent isn't the best idea for businesses with unique processes or secret formulas like Coca-Cola's recipe ndas protect these valuable assets from being disclosed or exploited by competitors with things like this sometimes the NDA is a far more effective tool than a patent for protecting these kinds of things because a patent application almost always becomes public public and a granted patent only lasts 20 years that's why Coca-Cola didn't apply for a patent for their formula and why bottlers are literally sworn to secrecy in non-disclosure agreements about the formula non-disclosure agreements are an essential step in the patent process not using ndas effectively with inventions can cost you the opportunity to even get a patent lead to fights over ownership or destroy competitive advantage work with a patent attorney to ensure your NDA covers all necessary aspects today's key takeaway is that an NDA is a mus have before sharing your invention or big idea with anyone protect your patent rights early and find out whether the NDA is a better tool in the long run than a patent and finally here's a pro tip not all Nas are the same or effective for every situation always consult an experienced lawyer to draft an n tailored to your needs for inventions you really want to use a patent attorney because the ndas to protect inventions should have different terms specific to inventions that one for protecting something else say a business transaction may not have a non-disclosure agreement or NDA is a must have before sharing your invention or big idea with anyone protect your patent right F early and find out whether an NDA is perhaps a better tool in the long run than a patent and here's a pro tip not all ndas are the same or effective for every situation always consult an experienced lawyer to draft an NDA tailored to your needs for inventions you really want to use a patent attorney because the NDA to protect inventions should have different terms specific to inventions that one for protecting something else may not have