Entrepreneurs are an extremely inventive group of people — some of whom are inventors! Invention, after all, is a great way of pursuing the American Dream. It can lead to a new business, and even a whole new market (i.e., when Ford invented cars). However, inventors may not always expect to become inventors. For example, Joy Mangano, a busy mom, never got a mechanical engineering degree but invented a mop that could self-wring. She now has over 100 patents with a multibillion-dollar business empire.

But everyone has heard of a horror story where an inventor didn’t legally protect their invention in time, and a larger corporation took advantage of them. These stories still happen because of apprehension about the legal process or legal fees — but we want to remind our entrepreneurs and inventors that the costs of not getting patents in time can be an even more expensive loss. Without proper legal protection of your inventions, however, you may discover that large corporations may copy your technology and sell it at a lower price without any apprehension. Because of their vast resources, it’s much easier for them to create scale economies and sell a product for a lower price than most small business entrepreneurs and inventors can. Also, there’s always the potential of another competitor patenting your idea before you do.

In addition to legal protection, there are other ways to protect your invention. For example, you can keep your invention confidential until you have filed for patent protection. You can also use non-disclosure agreements (NDAs) with potential investors or partners to ensure that they don’t steal your idea.

Another way to protect your invention is to build a strong brand around it. This can help you establish yourself as the leader in your industry and make it more difficult for competitors to copy your product. You can also use marketing techniques like social media and content marketing to build buzz around your product and create demand.

Finally, it’s important to remember that inventing is not just about creating something new — it’s also about solving problems. By identifying problems in your industry or community and coming up with innovative solutions, you can create products that people really need and want. This will help you build a loyal customer base and establish yourself as an expert in your field.