Keep quiet to strike gold with bright idea
01 June 2009
People who have a great idea for a novel invention should take it forward before someone else beats them to it, according to the Bright Idea Handbook, a Which? essential guide.
A survey for the book* found that 15 per cent of people have had a bright idea for an invention, but only one in ten of those people actually took their idea forward.
Of those budding entrepreneurs who left their idea on the shelf, one fifth claimed that someone else took their idea forward.
The main reason people gave for not doing anything with their idea was lack of time (23 per cent), while one in eight didn’t advance their idea for fear of being laughed at**.
Michael Gardner, author of The Bright Idea handbook, from Which? says:
“Many of us have an idea for an invention, but aren’t brave enough or don’t have the know-how to do anything about it. With a bit of help, it doesn’t have to be an impossible dream and if you strike gold with your idea, you could be the one having the last laugh!”
Michael’s top tips for a successful invention:
- Keep quiet! - resist the temptation to tell others about your invention or idea until you've investigated it further and protected your rights
- Check your rights - establish what types of Intellectual Property rights could apply to your invention or idea
- Protect it - take the necessary steps to protect your rights against exploitation and copying by others (e.g. see a patent agent)
- Know your market - focus on the commercial viability of your invention or idea, and don’t become blinded by how great you think it is
- Do research – carry out some market research and prepare a robust and realistic business plan for taking your invention or idea forward commercially, and follow it.
-Ends-
Notes to Editor
*1,982 UK adults aged 16 and over were interviewed in their homes between 9 and 16 February 2009.
**12% didn’t take their idea forward as they were concerned that people would laugh/think it was stupid.
The Bright Idea handbook, from Which?, can be ordered on 01903 828557 (£10.99, p&p free) or at www.which.co.uk or bought from bookshops.
Review copies of The Bright Idea handbook are available. Please contact sarah.gartside@which.co.uk or 0207 770 7562.
About the author
Michael Gardner is a leading lawyer in the field of intellectual property law and brand protection. He acts for a diverse range of clients, from well-known brands to small start-ups.
About the book
You have a great idea, but just how do you profit from it? And what should you do to make sure no one copies it? The Bright Idea Handbook shows you how to develop your idea, protect it, pitch for financial backing and ultimately turn it into a profitable business.
There can be many hurdles on the road to commercial success, from asserting your rights as creator of the idea, through to getting the funding and market launch you need.
The Bright Idea Handbook provides practical, step-by-step guidance for understanding intellectual property law and tips on how to find and use the best lawyer to help you. The book also outlines how to make the pitch of a lifetime, plan your advertising and marketing strategy and get distribution of your product or service up and running. There are tips for tackling infringement of your idea and how to make the most of the protection you do have through franchises and licenses.
Aimed at anyone who has ever considered entering the Dragons’ Den, or even had just a seedling idea, The Bright Idea Handbook will help turn budding inventors' dreams into a reality!