Can i patent my idea first before meeting with an investor?

by **vaiveatoish** » Sat Jul 28, 2012 11:07 pm

i am afraid that they might steal my idea after i present it to them.

by **abelard29** » Sat Jul 28, 2012 11:15 pm

Yeah that's the whole idea behind patenting...

by **laureano97** » Sat Jul 28, 2012 11:19 pm

Depends on the category of invention you have entered in to, what exactly was the idea?

by **ring** » Sat Jul 28, 2012 11:22 pm

You can file for a provisional patent. It is cheaper and easier. Then you can legally claim that your invention is "patent pending", and you will have a year to file a real patent application.

Please team up with someone who has more experience than you do, or at least find an advisor. Investors are not in the business of stealing ideas. They invest primarily in the team. They want people who can execute the plan. Asking for a non-disclosure agreement is the #1 way to make yourself look like an amateur. (The #2 ways is to talk about how it is a billion-dollar market, and if we can get just 2% of that market...)

Patents and other competitive advantages are nice, but they're not investing in a patent. They're investing in the people who can make money with the patent.

by **augustus** » Sat Jul 28, 2012 11:24 pm

You need to understand the process of patenting a product. It takes months and months, if not a year or more, to even file a patent for a product. When a product says "patent pending" that means it has been applied for. The approval process takes YEARS. Currently, the US Patent Office is so far behind I believe it is something like 3-5 years to actually secure a patent. Cost of a patent is easily into the $7,000 range, and that's for a basic one. The language, drawings and everything else involved in a patent application are very specialized and can only be done by patent lawyers.

Do you really think all of the above cost and time is worth it to prepare for one investor meeting?

With all due respect to your idea, I can tell you from experience, 95% of all new product ideas stink and are utterly worthless. Out of the other 5% a very small number are really viable. Have your meeting and see what happens. If the investor thinks its worth pursuing then you MAY want to go to the trouble of patenting it. But that's another question.

by **siwili** » Sat Jul 28, 2012 11:37 pm

Keep records of everything you do with your invention, dates, details etc. Sign a potential investor to a confidentiality agreement

by **adare** » Sat Jul 28, 2012 11:42 pm

Listen to Frank - don't listen to Raysor.

by **christos** » Sat Jul 28, 2012 11:43 pm

I like @Franks advice as well. I will add this though...If I were to apply for a patent in Canada for an invention idea I had, that patent would not have any weight in the USA...I would have to apply for a patent there as well to cover myself if the idea was really worth it. I think that an American patent might not carry weight in Canada for the same reason.

Make sure you find a good advisor on patents to pilot you through this. Often that first application is all that is necessary as you see "patent pending" on products for years.

by **crom** » Sat Jul 28, 2012 11:51 pm

Yes, you can patent your idea at any time, and I would suggest you do so before meeting with prospective investors.

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