S13 E33 The lifecycle of an invention with Wayne Carroll and Scott Gibson | Leveraging Inspiration

"The lifecycle of an invention is like a thrilling mystery novel, starting with a secret and ending with a brand that stands the test of time. Buckle up and let's dive into this captivating journey!" As a small business owner, you are writing the story of your business day by day. As you understand intellectual property you can write your story with greater success and competitive advantages. Secrecy: Every invention begins as a secret, locked away in the inventor's mind or laboratory. This phase allows the creator to refine the idea, work out the kinks, and ensure its uniqueness and potential value. Patents: Once the inventor is ready to share some aspects of their invention with the world, they can file for a patent. Publications: As part of the patent process, some details of the invention become publicly available through published patents. Sales and Commercialization: To bring the invention to market, the inventor may choose to sell or license their patented technology to businesses interested in manufacturing or distributing the product. Trademarks: While patents protect the technical aspects of an invention for a limited time, trademarks safeguard the brand associated with the invention. By registering a trademark, such as a logo, name, or slogan, the inventor can establish a recognizable identity in the marketplace that extends beyond the patent's expiration. Trademarks provide long-term protection and help build brand loyalty and consumer trust. To make the most of the invention lifecycle for your small business, take the following action steps: Conduct a Patent Search: Before investing time and resources into an invention, conduct a thorough patent search to ensure it's unique and hasn't already been patented. File for a Patent: If your invention is novel and has market potential, consult with a patent attorney or agent to help you navigate the patent application process. Explore Licensing and Commercialization Opportunities: Consider whether licensing or partnering with established businesses is viable for bringing your invention to market. Protect your Brand: As your invention gains recognition, register trademarks to protect your brand identity. Take the first step towards understanding and protecting your intellectual property by scheduling a free consultation with the team at Inspired Idea Solutions Law Firm.

In our next episode, we are discussing When in the life cycle of patenting to start selling your new product.

BIO: Wayne Carroll founded Inspired Idea Solutions Law Firm in 2013, an IP boutique law firm focused on helping small businesses with intellectual property. At Inspired Idea Solutions, we use a proven process for obtaining IP rights that focuses on aligning the business strategy of small business clients with their IP strategy. We help small businesses implement a strategy to ensure they own and leverage their intellectual property. We also have clear expectations with zero hidden fees.

In addition to his legal work, Wayne is an Eagle Scout and actively volunteers with the Boy Scouts of America. He is also a proud father of six children and enjoys playing pickleball. Wayne's extensive experience and expertise in intellectual property law make him a highly respected attorney and a valuable asset to clients seeking protection for their intellectual property rights. Wayne can be reached at 480-741-2440 or Wayne@inspiredideasolutions.com. You can also connect with Wayne on LinkedIn.

Schedule an appointment with Wayne Carroll for a strategy session on protecting and leveraging your intellectual property.

Episode link: https://play.headliner.app/episode/15303151?utm_source=youtube