by Paul Lalley

Created on: July 22, 2008   Last Updated: October 31, 2008

You have an idea. A good idea. No, a great idea! You may not have all the pieces in place but the concept is a good one, it's been scrutinized, tested, analyzed, reverse-engineered and vetted. So now what?

Well, you can't copyright an idea. Ideas are all around you. Innovation is more than a buzzword, it's a business mantra. So, how do you turn that great idea into capital money that provides an improved standard of living for you and your family?

The road from concept to capital is bumpy. There are scam artists, pitfalls unseen by the uninitiated and challenges that will, no doubt, be new to you. However, if that concept is a good one (and it is) you must take the initial steps toward greater financial security and reward for your far-horizon thinking.

Formalize the Concept

Put it in writing. Fill in as many blanks as possible. Questions to consider at this first stage of concept development include:

What benefits does this product or service deliver to the end user?

What problems does this product or service solve and for whom? The "for whom" part is the target demographic for the concept the ideal buyer.

Do you have title (ownership) of the idea or concept? Researchers in both the academic and business realms may not have complete, legal ownership of an idea. By contract, the idea may actually belong to the institution paying your salary. Good to check that out early.

If the concept is, indeed, the intellectual property of an institution, contact the university's office of commercialization for details on submitting your concept for peer review and consideration for university cooperation in bringing the concept or product to market.

If you're certain the idea is wholly your own, prepare a formal report describing the product specifications, schematics, illustrations, test results and other data. This report should be as detailed and as professional as you can make it.

Have the report dated and notarized. Make copies and keep them in a secure place.

Do NOT tell others about your idea. Again, you can't copyright an idea and at this early stage, you still don't own anything at least not legally. Intellectual property (your idea) theft is common in highly competitive or vertical markets so keep your idea under wraps for the moment.

Your Partner? Your University? Your Employer?

If your concept is, in fact owned in part by your employer a university or business you already have a partner. Chances are, there's a clause in your work contract or university regulations that claims

• 1
• 2
• 3
• Next Page >>