Legal Question in Intellectual Property in New York

Re: How to Profit From Idea

There are a number of steps you have to complete before you move forward. None are particularly difficult though they are a bit time consuming and require you to make some choices. First you have to reduce your idea to a writing so you can refine it in the process. You also need to formulate your idea to the extent possible. That is, you need to capture it as a recipe or algorithm to the extent possible. In doing this, you'll determine more easily if you wish to seek patent or trade secret protection for your idea. Based on that determination, you'll know how to craft your non-disclosure/non-compete agreement which is essential before you disclose the idea in any particularity to any third-parties. Then you can begin the process of ensuring your intellectual property protection (again, patent or trade secret of your formulation) while getting the third-parties to agree to meet to discuss your idea (after, of course, executing the non-disclosure/non-compete agreement you've crafted.

This may sound like a lot of work and, to compared to some tasks, it is. But, to protect yourself, you need to undergo these procedures to ensure you are making the right decisions at each step.

Assuming a producer/distributor wants to proceed with you, you will then likely want to form a corporation or LLC to undertake the business and thus protect your personal assets.

You could, of course, also explore the process of manufacturing and distributing your product yourself which is of course somewhat difficult but not by any means impossible. Doing this permits you to "prove the concept" which will go a long way towards getting really productive meetings with third-parties as well as eventually driving up your price -- always a good outcome for the entrepreneur.

I've worked with other start-up food and beverage companies and would be happy to discuss how my office can help you, too. Feel free to get in touch if you'd like a no-cost consultation.

Re: How to Profit From Idea

I assume there is a legal question here.

If your idea is patentable, you could Patent it and then approach distributors. That would likely be the strongest legal protection, but it is expensive and time consuming. We would need a search to determine patentability.

Idea protection is based upon contract. You ask them to sign a non disclosure agreement or write an email or letter confirming an oral promise not to use or disclose your idea without agreement and compensation.

These doctrines don't tell you how to sell it, which is not a legal question, but a busniess one. It's also one that requires more information and consultataion to really answer in practice.

You need to ally with knowledgeable people and work together.

Just make sure you've protected your work so teh "big guy" don't just take it for nothing.