Some of the content presented on our website has been generated with the assistance of Artificial Intelligence (AI). We ensure that all AI-generated content meets our high standards for accuracy and relevance.
Those who appear on the long-running TV show, Dragons Den, along with my other aspiring entrepreneurs up and down the county, have to be admired for having the vision, commitment and determination to start a new business. However, they often lack the cash flow or/and experience to make it work, which is why they appear on the show.
Let’s assume you have the concept, and it has a unique selling point, 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. What could help keep you ahead of the others?
Applying for a Patent could protect your new business
The importance of Intellectual Property (IP) is often spoken referred to on Dragons Den and from an investment angle, this is common sense. It is not an attractive proposition 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 be broadcast to millions of people. The answer – apply 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 IP
Once developed, selling your product and building your brand will likely involve the 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 a firm grounding and you will then receive protection for it without having to prove you have established goodwill. 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.
How can Nelsons help
If you require any advice on the above subjects, please contact a member of our Commerce & Technology team in Derby, Leicester, or Nottingham on 0800 024 1976 or via our online enquiry form.
Contact us