Walter Devins, Attorney
Congrats! You have come up with the better mousetrap, or the better business model for selling mousetraps, but how do you protect your idea from thieving industrialists?
Most people have heard of patents; essentially 20 year monopolies granted by the Government for inventions/ideas. However, patents aren’t always the right answer for every business, nor practical. $10,000 is the low end for the price of a US patent. If you have decided that a patent is not right for your idea or if you need to vet out the idea more in order to determine if a patent is worth it, you NEED to consider a Non-Disclosure and Confidentiality Agreement (CNDA).
What is a CNDA? Basically its an agreement between two parties where each agrees to share secrets and to keep those secrets. Its pretty much that simple, of course anything can be made more complicated.
When should you consider using a CNDA? Anytime you are going to share information that you consider a secret and that has potential value to a partner, consultant, investor, or potential customer. A CNDA will help protect your ideas and it will also bring some credibility to your company as CNDA’s are very common in Corporations in the US. You’ll seem less like an amateur if you use a CNDA.
If you would like to act and look smart contact our firm to help your business.
Harrison & Devins, PA