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Vicki S. Gruber is a partner at the Law Offices of Vicki S. Gruber PC in Farmingdale. Gruber’s IP expertise concentrates on licensing after the client’s idea/product has already been protected.

The development of a new idea or product requires not only protection of the intellectual property rights, but financial resources to bring the product to market and marketing expertise to assess and ensure its commercial success, Gruber noted.

"Creating physical prototypes and manufacturing distribution samples can be quite costly and innovators without access to sufficient funds may wish to bring in other investors, whether family, friends or outsiders, who believe in the new product," she said. "This may spur the individual inventor to contemplate forming a business entity in order to enter into a financing agreement."

At this stage the inventor should seek legal advice to select the appropriate type of entity and to prepare an agreement that spells out the terms of the investment, including what each investor hopes to receive in return for his or her investment, Gruber said.

Inventors who do not have marketing expertise may also consider hiring a marketing representative to test the waters for the new product or idea. "They should be sure to seek out a marketing representative with experience in the specific industry in which the innovation will be marketed," she said.

Also, consider whether you are going to manufacture this product, set-up a joint venture or license it out, she said. "Spend time thinking about the future of your idea/product—it helps with steps along the way."

Before a party places any money into an idea do some research to make sure that someone else hasn’t launched the idea first.

"You may think it is a novel idea," Gruber said, "But when you Google it—627 variations of it may appear."

The Law Offices of Vicki Gruber concentrates in the areas of corporate and securities law. Its services help clients form and manage businesses and to engage in commercial transactions including licensing; distribution and supply agreements; executive compensation and stock option plans; mergers and acquisitions; joint ventures and strategic alliances; and to address corporate governance issues.

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