How to Survive in the Lair

With another successful series of ‘Dragons Den’ (Series 9 BBC 2) now complete, I do think about what there is left to be invented, mainly so I can retire early…  But, even if I could think of a completely novel idea (which I am still working on), most of us would likely need assistance to develop it.  Dragons Den has to be admired for providing an opportunity to those who have the concept commitment and determination to start a new business, but just don’t have the cash flow or experience to make it work.

So lets assume you have the concept, and it has a unique selling point (if not, then back to the drawing board), you have a business plan covering all the usual, and now you think you need a ‘Dragon’ or an ‘Angel’ on board to set your product apart from the rest and develop your business. 

So what could help keep you ahead of the others?

Applying for a patent could protect your future business

The IPO website shows a clip of Dragons Den host Evan Davis talking about the importance of Intellectual Property (IP) and the emphasis placed upon it by the Dragons (http://www.ipo.gov.uk/dd2011).  From an investment angle this common sense.  It will not be attractive to plough money into a product for the competition to immediately produce its own version on the back of your development time and costs, and immediately making your product less saleable and yield a lower return.

A Patent is probably the best method of protection and tribute to a new invention, but obtaining it will involve a search of information already in the public domain, so that’s anywhere in the world!  One slip of your idea to someone could mean the end of any potential Patent.  You need to consider this when speaking one on one to potential investors and buyers and more so when pitching somewhere like Dragons Den where all discussions may all be broadcast to millions of people.  The answer – file for a Patent as early as you can so the start point is established, but if you really can’t, then only disclose your concept to a select few and only with a written confidentiality agreement in place.  

Protecting your Intellectual Property

Once developed, selling your product and building your brand will likely involve use of a trade name and logo.  They will possibly be your strongest marketing tools.  Registration of a Trade Mark will allow you to demonstrate a marketing strategy with firm grounding and you will then receive protection of it without having to prove you have established good will.  This is particularly useful in the early stages of your business as goodwill is not established overnight.

If you really don’t have any spare funds to obtain the protection you would in an ideal world, some works may automatically attract Copyright or Design Right protection.  To take advantage of these rights if they arise, make sure you have a fixed record of your work and date each version; you may need this as evidence later. 

The above is not exhaustive by any means, just a couple of things to think about amongst your endless list when embarking on a new project. 

Laura Wright is a solicitor specialising in Intellectual Property matters to discuss the topics in this blog please email Laura.  For further information and advice on our contentious and non-contentious Intellectual Property Services contact us to speak to another member of our Intellectual Property team.