How do I legally protect my idea before selling or licensing it to a company?

Question

I have a makeup product idea that I want to sell or license, not the product itself. It is influenced by a product that was recently launched. Therefore, I want to sell/license to the company that launched said product. After some research, I contacted a patent attorney who explained that you can only patent a product and not an idea. Which leads me to this inquiry, how do I legally protect my idea? Do I need an NDA?

Damossy Legal Consults · Accepted Answer

Patents are most frequently used to protect inventions. With a patent, you have the right to take legal action against anyone who uses or sells your inventions without your permission. To get a patent you must have an invention that is new – not a modification – so check thoroughly before you apply for a patent.

Patent is an exclusive right granted for an invention of a product or process, that provides a new way of doing something and the law that governs this right in Nigeria is the Patents and Designs Act.

Under the Patent and Design Act, a combination of lines and colours or any three-dimensional form with or without colours is recognized as an industrial design and can thus be protected. There's a catch though. The catch is that such design must not have been in the public domain. Once again, this does not take into account the dynamism of the fashion industry that relies on trends and public acceptance of creative works. So there is protection, but with a limitation. Registration of a patent in Nigeria is carried out at the Trademarks, Patents and Designs Registry in Abuja. I can help you do this.

Non Disclosure Agreements (NDA)

Most creatives will be familiar with what an NDA is but might not realize the importance of this seemingly procedural agreement. An NDA is an agreement that protects confidential information that might pass between parties to the agreement.

Apart from the fact that an NDA provides protection from disclosure of intellectual property (including trade secrets, proprietary information, and other confidential information), it also provides for more legal protections and options if another party does infringe on a patent or otherwise use protected information. Sign an NDA before sharing that business idea, model, design, beat or song.

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P.O OHIKHENA &amp; Co · Answer

Good day,

A patent will not be applicable since it's still an idea. You can go into an MOU(Memorandum of understanding) with the said company and also an NDA.

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CO-dunni Law Office · Answer

You need to sign a nondisclosure agreement with the Company. Contact me by visiting my profile and send us a message.

How do I legally protect my idea before selling or licensing it to a company?

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