It also provides an opportunity for some ``blue sky thinking''. That can involve goal-setting for the forthcoming year, setting some medium-term goals or even contemplating a completely new venture. Many a new business idea has spawned over a couple of beers or glasses of pinot around the campfire.
If you do come up with that great new business idea and come back to town bursting with entrepreneurial zeal, think carefully about what your first steps will be in bringing about this great new venture. One of the things I always tell clients when discussing a new concept is to explain the essence of it to me in laypersons terms. If you can't communicate the key points of your idea to someone outside your industry or area of expertise, you will have difficulty getting funders and advisers on board to assist you with the process.
Second, you need to have a clear understanding of how you will monetise the concept. This is particularly the case with software products such as mobile phone apps where the popularity can be enormous, but the ability to generate revenue very limited.
Third, you will need to demonstrate relatively early in the process that you have a product or service that is workable. Have you created a working prototype which enables you to demonstrate the product? Is there any external certification or testing required in order to bring the product or service to market?
Fourth, have you taken appropriate steps to maximise your ability to protect any intellectual property in the concept? Many people understand the concept of a patent but few realise that intellectual property protection extends to a number of other types of property which might not be patentable but are still worth protecting. It is very important at an early stage to ensure that any discussions you have with any third parties such as suppliers or testers are conducted under the protection of a confidentiality or non-disclosure agreement. This preserves your right to patent any intellectual property which might evolve from the process but also ensures that those who you wish to collaborate with don't become your competitors.
Finally, if you are working with others you need to have a clear picture of how your respective contributions will be rewarded should the concept proceed. It is important to be upfront about this from the beginning. Even a very simple email exchange which sets out an understanding on this is better than nothing. Think about the relative contributions the different parties are making and make an assessment of what percentage of the total concept those contributions reflect.
It is also important to make sure that there is a shared intention to take the concept forward to market, working with each other rather than external parties.
Any agreement can be negotiated as the concept develops but if there is no agreement, it can be very difficult to prove your entitlement after the fact.
If you follow these simple rules, your pathway to successful commercialisation will hopefully be much smoother and devoid of battles which could have been avoided. Go forth and innovate!
Sally Peart is a partner in Marks & Worth Lawyers and IP Specialists and advises a wide range of businesses on aspects of commercial and intellectual property law.
