There are a number of steps to take when setting out to develop and commercialise an invention, so it is important to do things in the correct order and at the right time in order to maximise opportunity and to minimise risk and costs. Wayfair Group’s services cover all aspects of product invention, advice on protection by Patent and market development together with licencing.

The first issue is how to protect an idea, which in turn leads to confidentiality and disclosure.  Naturally, you can discuss your idea with family and friends, but it is important to remind them that the conversation is confidential and should not be discussed with anyone else.  If discussed with anyone outside family and friends, a Non-Disclosure Agreement (NDA) is advisable, both as a record and as a reminder of the other party’s obligations.  Conversations with Patent Attorneys do not require an NDA as such conversations are privileged.

You can discuss your idea with a Patent Attorney at any stage but generally, you would not file a Patent Application until your invention is fully developed.  While an initial filing is relatively cheap, later steps in the process become progressively more expensive.  All such costs have to be paid when due, or the case will be compromised.  So, while it is important to take steps to protect your idea, you need to be very cautious about paying large Patent fees without knowing that your idea has real commercial value.

Once the invention is complete, consider filing a Patent Application, and how you are going to exploit your idea in order to make money.  If you have time, experience and capital, you may choose to start your own business to exploit the idea but you should recognise that there are risks and difficulties to be overcome if you should choose this route.

An alternative lower risk path is to licence your idea to a well established company (or companies) that have the brand image and capabilities needed for your idea.  You would do this in exchange for royalty income paid to you as the licensor.

Wayfair is experienced in all of the necessary steps in the process and over the last 15 years we have helped many inventors to licence their inventions.  We have a 3,000 strong international network of Associates through whom we can identify appropriate companies, and make contact with the right individuals to ensure a proper understanding of your idea in the right context.

Where there is interest, we can negotiate a licence agreement that will secure the best outcome for you.

If you would like to discuss an invention with us, or indeed learn more about how we might help you, let us email a Non-Disclosure Agreement (NDA) to you to protect your interests, and to allow a comprehensive no-commitment discussion.