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How should I protect my idea

posted Jun 16, 2013, 7:52 AM by David Khorram   [ updated Jun 19, 2013, 4:56 PM ]

Thanks to the JOBS Act and the rise of sites like Kickstarter, Indiegogo , RocketHub, 
CrowdFunding is extremely hot.  

You also have decided to CrowdFund your idea, thus by doing so you are planning to tell the world about what you have been dreaming  or even building.

The question now is it safe to share your idea with the world? 

Well,  on CrowdFundingSoftlaunch platform and your web page , we suggest only 2.5 minutes worth of sharing ( like a movie preview trailer) . We suggest you share enough to raise interest, anticipation and your crowd followed  and not more.

Remember Ideas are a Dime a Dozen. People ( you ) Who Implement Them are Priceless

But,  finally when you launch your project in a Crowd Funding portal , you stand on an internet pedestal and using social media portals ( your loud speakers ) share your idea and project withe the world . That is the reality of it .

The world has become  more connected through online social networks, it’s easy for you and any entrepreneurs to share too much information on crowdfunding sites about their best ideas

 Actually, you should assume that crowdfunding sites including 
CrowdFundingSoftlaunch are visited not only by potential project backers , investors, potential resources , but by potential competitors and copycats.So what should you  know and do before sharing your idea on the web ?

We highly suggest you consult with your business and IP attorney .

We are not an attorney or expert in IP issues ( our disclaimer )  but we suggest  consulting corporate counsel, here are some issues to be aware of and action steps to help safeguard your valuable idea and  intellectual property.
  1. Increase your rate of innovation that competitors and copycats can not catch up. Make sure, they are always two steps behind
  2. Do your SWOT analysis
  3. Share enough to raise the interest and fund and not much more 
  4. Prior to posting completed scripts or other works online, We recommend entrepreneurs to file a federal copyright registration on the “work.” The application and process is fast and inexpensive, and it usually doesn’t require an attorney’s assistance. Registering a new work online with the U.S. Copyright Office costs only $45, or $500 for expedited processing.
  5.  Protect your patent applications. According to U.S. Patent law, inventors must file a provisional or nonprovisional patent application in the U.S. Within one year after first disclosing the invention to the public or making the invention available for commercial sale.
  6. Given the high-stakes, high-cost nature of patent applications, it’s probably best for entrepreneurs to file patent applications first, then determine what information is prudent to disclose at crowdfunding sites later on. 
  7. Explore copyright potential. Crowdfunding sites have been popular vehicles to raise funds for documentary and independent film projects, plays, video games, mobile games, online Web series and many non-profit interests. To entice potential donors, entertainment-oriented project producers may post treatment summaries or completed scripts to help demonstrate that the project is “real” or provide potential funders with a better understanding of the creative nature of the proposed project.