How to Protect Your Business Idea

In this exciting video, Evan Carmichael dives deep into the crucial steps entrepreneurs must take to protect their innovative ideas, focusing on a very intriguing query from a viewer, Michael, who's on the brink of launching a game-changing toy. Michael, who has already secured a provisional patent and is finalizing a utility patent, seeks advice on safeguarding his invention from copycats while navigating the competitive landscape of the adult toy industry. Evan emphasizes the importance of not just obtaining a patent but also building a robust marketing strategy and creating a movement to ensure the product's success.

Evan outlines two key strategies for protecting inventions: patents, which prevent others from replicating your exact idea, and trade secrets, akin to Coca-Cola's legendary formula, which are kept confidential to maintain competitive advantage. He shares invaluable insights on the necessity of going beyond merely holding a patent. Drawing from his experience and stories heard at an inventors' conference, Evan highlights the pitfalls of failing to commercialize and market an invention effectively, pointing out that many patents end up being underutilized due to lack of action from the inventors.

Lastly, Evan offers practical advice on leveraging partnerships, especially with law firms, to navigate the financial and legal challenges of patenting and commercializing an invention. He stresses the significance of choosing between being an inventor and building a company, as both paths require distinct approaches and commitments. For Michael and others in similar situations, Evan suggests structuring deals that not only ease the financial burden but also facilitate connections with industry giants, thereby transforming a unique idea into a revolutionary product that could dominate the adult toy market. This video is a must-watch for anyone looking to make a mark with their innovations while protecting their intellectual property.

Like this video? Please give it a thumbs up below and/or leave a comment - Thank you!!!

Help me caption & translate this video!

Michael:
"Ok great, what if you have sex toy? I have a provisional patent on a sex toy I finalizing the utility patent as we speak, my question is how do you prevent them from stealing taking your idea? The reason I'm asking I have a wife that doesn't work and two daughters 6 y/and 3 months, and finishing up my computer science bachelor's degree, I lost retirement and I had to start over again job wise. In American it's the guy with the biggest pocket book that wins over the little guy. I don't have a enough money to get a patent lawyer nor an accountant. I can't get loan for the backing, maybe 120k what's wrong with crowd funding? I 'm looking into indiegogo, and kick-starter, however, kickstarters frowns upon sex toys. Indiegogo is a bit loser in there terms and agreement. At all possible how do I connect you, and I fight a battle that I can't when. And all super possible who should I contact is that adult toy industry J :P"

[KazerOnYoutube]

You know, this really helps ^^
My YouTube channel is mainly animation with original stuff, but so far I have been having people stealing my ideas and art. Even though I'm pretty young, my parents still care A LOT about my art and animation, so they would probably go as far as copyrighting my ideas. I really do think I'm going to go far in the animation world, so this video is the most help that I have right now.

[weili]

Smart advice: partner with patent attorney to commercial your idea

[LushModz]

My volume was full blast, now I’m grounded...

[trevadadeva]

You are just so awesome! I love your videos. It's almost like we all have this internal fire when we initially have an idea, but the work is too great that is over powers the the fantasy, so the fire goes out. Staying committed to see something through is rough. I used to think it was only me (silly of me to think I was the only one), but it's true for so many people. I just feel we're way too comfortable.

[surepowersolutions]

Thank you very much.. This man knows. I’ve been an inventor my whole life and patents are good but an idea/invention too market is 1% inspiration 99% perspiration. Great advice on partnering with your IP or patent attorney. Thanks again 👍

[lardosian]

In a way is it kinda impossible, for example in the electronic music industry you have Behringer literally re-creating other classic hardware instruments from companies like Roland, Korg, Moog and selling at half the price. For example they cloned the legendary Roland TR808 drum machine and called it the RD8, retails at 300 quid, the real one costs 3, 000 secondhand, Roland tries to sue but cannot as the names and design are just slightly different!

[kellerr]

Not all ideas involve physical inventions. Some ideas are simply a process. So how do we protect them?

For example, Let's say I am the guy that came up with the idea of the wheel. Nobody has anything like it; they all pull stuff around on sleds.

I don't want to build a wheel, I don't want to demonstrate the wheel, I just want to describe the wheel and let others do the hard work. Since they have no idea how to do it yet, my idea has a dollar value, but the Patent laws almost demand that I have more than that, and I'm perfectly content letting the secret to the cure for cancer die with me in my old age, if I can't figure out a way to protect my initial steps.

[seiedmehdihoseininodeh]

THANK YOU.
Evan Hi. please tell us how to introduce ourselves and our profession to the people who are in a group (ex. people who are praying in the cathedral) since they are good potentials.
constraints:
We dont want to talk one by one.
Setting up a booth in front of the complex is not allowed.
In other words, how to inform them that we are doing what they want?

[monkeyblue]

I was worrieb about this to, because I have an idea for a website service and want to fund it by crowdfunding and of course then it is public :D but I don't think so anymore, because as I explored it needs lot of time to plan and prepare everything, so I do this in detail and even if someone wants to steal the idea, when I publish on the crowdfunding site, they will be slower to publish the site than me :)

[ritaamoah]

My hommie, please next video got to be on explaining all the types of insurance (you know that too really helps)

[wiafedaniel]

Please can I license and idea if I immediately think of it. Or without building a prototype of it

[nikghelani]

Hi Evan, You are a great man. Your speech is very effective. I have an Idea about the product and I want to present it to my bosses who are eventually gonna be my partners. I have no knowledge or connection to get my product patent. How do I present it to them and get the best deal including stopping it from being stolen without patenting. If there is any way, please let me know.
Thanks,
Nik

[andreyrussian]

The only way to protect idea is to show chain of events that forced inventor to develop certain conclusion aka idea.

[thisandthat]

Ok say we dont go down the market route..bcus of time and never ending fees..what would suggest is the route B. Thanks bash

[brailiant]

how do you get started with a lawyer for my idea. do you have a video for that?

[danielgutierrez]

How about.. Are there such contracts agreements to share your ideas/inventions to someone or a company that can sign FIRST before letting them see what you are sharing to negotiate; so this contract can prevent from them/anyone steeling it and give you the power to sue if they do...?


This would help alot for us who do this. Especially if it goes by law, then it gives us more of a comfort ability and security to share typically with anybody. Of course to the right people.

[t]

Hi Need help! got a website idea - cant say much - i have no idea where to start! all i have done is email the idea to myself so its timestamped! HELP!

[rsslle]

I have an idea but i dont have the product or anyway of making it. I know the idea is huge and i dont want someone to take it from me. what do i do? I have no money or connections just a brilliant idea! I like the partner idea.

[kumarar]

How can we take a Patent for idea or theory, but I want to Discuss with any TEACHER but before that I need to protect it ..any website?

[MuhammadBey]

I have an idea for a product that can protect millions of people, but i do not have the ability to make the product, but i can outline the idea in writing, can i copyright an idea BEFORE i try to make relationships with people who can help me make the product?
Thanks