Should I invest money to try to protect my invention idea?

By Nina Kaufman • Aug 23, 2010

Opinions expressed by Entrepreneur contributors are their own.

Or should I just rush and make sure I'm the first to monetize it?

Being first to market does not always guarantee that you'll have the leverage you're seeking. Especially if you spend all of your money on getting to market and have none left over to fend off interlopers or to make changes once you get customer feedback.

A good place to start is by having a consultation (at least) with an intellectual property attorney to see what you have that can be protected. It's also important to estimate the costs and time frames for protection.

If your invention doesn't squarely fall within the normal IP protection parameters, than at least you'll know how and where to place your emphasis (and your money).

Nina Kaufman

Nina L. Kaufman, Esq. is an award-winning New York City attorney, edutainer and author. Under her Ask The Business Lawyer brand, she reaches thousands of entrepreneurs and small business owners with her legal services, professional speaking, information products, and LexAppeal weekly ezine. She also writes the Making It Legal blog.

Editor's Pick

After Her Brother's Death in Iraq Became News, a PR Strategist Learned Firsthand Why the Way We Tell Stories Matters — and It Changed Her Career

A Leader's Most Powerful Tool Is Executive Capital. Here's What It Is — and How to Earn It.

One Man's Casual Side Hustle Became an International Phenomenon — And It's on Track to See $15 Million in Revenue This Year

3 Reasons to Keep Posting on LinkedIn, Even If Nobody Is Engaging With You

6 Time-Saving Tips to Know Before Starting a Side Hustle This Summer

Why a Strong Chief Financial Officer Is Crucial for Your Franchise — and What to Look for When Hiring One

Most Popular

See all

Fundraising

Working Remote? These Are the Biggest Dos and Don'ts of Video Conferencing

As more and more businesses go remote, these are ways to be more effective and efficient on conference calls.

By Bryan Lovgren

Growing a Business

The Best Way to Run a Business Meeting

All too often, meetings run longer than they should and fail to keep attendees engaged. Here's how to run a meeting the right way.

By Jacqueline Whitmore

Starting a Business

5 Tips For Launching a Business While Keeping Your Day Job

Launching a business while holding down a 9-to-5 is no small feat. It's a common path for aspiring entrepreneurs, but it's not without its challenges.

By Nikita Fedorov