You might wonder if it is ok to discuss the details of your invention with a potential investor and/or business partner before you file your patent application. Here is the short answer. You should not do this.
So how can you start marketing your invention without jeopardizing your rights? To protect your invention, consider two common strategies used by inventors, amateur and professional alike. First, you can file a provisional patent application and second, you can have a nondisclosure agreement signed.
You can disclose this information but at least file a provisional patent before you disclose your invention to anyone. “Prior art” is considered to be any invention which is made public before an application is filed. The definition of the term “prior art” is not uniform at the international level. In many countries, “Prior art” refers to any information which has been made available to the public anywhere in the world by written or oral disclosure before the filing date.
In countries where the above definition of the term “prior art” is used, an applicant’s public disclosure of an invention prior to filing a patent application would prevent him/her from obtaining a valid patent. Some countries do allow for a grace period, usually between 6 and 12 months. This grace period provides a safeguard for applicants who disclosed their inventions before filing a patent application.
If disclosing your invention before filing a patent application cannot be avoided – for example, to a potential investor or a business partner, then any disclosure should be accompanied by a confidentiality or non-disclosure agreement (NDA). NDAs and similar confidentiality agreements make clear, in writing, that your invention is confidential and the parties that are receiving the privilege to know about it must not release any information to others without your permission. It is important to keep in mind that not everyone will be willing to enter into such an agreement. Be careful because you could even find yourself signing an agreement stating that your idea is not a secret, thereby insulating them from potential liability. Also keep in mind that applying early for patent protection might be helpful if you need to seek financial support to commercialize your invention.
Hire an attorney to help you decide what is best in your situation.